IOTA: A New Partner on the Block(chain) | EVRYTHNG
Celebrating a year of milestones
It has been a year since the launch of our Blockchain Integration Hub. A year full of milestones leading to real world deployments of products combining EVRYTHNG Active Digital IdentitiesTM and a mix of different blockchains. For instance, Almond launched FACT, a new drink brand digitized on the EVRYTHNG platform. Every FACT can tell the product’s unique story—where, when and how its ingredients were farmed, where and when it was packaged and its journey to store.
The EVRYTHNG Blockchain integration Hub helps brands simply and cost-effectively assess which blockchain solutions and capabilities are most appropriate for their business and then rapidly deploy. Consumer product brands can now experiment with the unique features of individual blockchains without the risk. By removing the risk, we allow brands to focus on the business benefits rather than the complexity of the technology. A win-win for the brand and the consumer.
Over the past year, we have created powerful integrations with some of the most recognized blockchains in the world including, OriginTrail, Tierion, BLOCKv, Bitcoin and Ethereum. This is why we are so excited to announce a strategic partnership with IOTA, a quite different kind of public distributed ledger technology (DLT), with a toolset and ecosystem targeted at IoT and supply chain use cases.
What’s so special about IOTA?
IOTA brings a whole new dimension to the EVRYTHNG Blockchain Integration Hub. As with other EVRYTHNG hub connectors, the IOTA integration allows consumer product brands to experiment with emerging DLT capabilities while relying on the scalability, interoperability and maturity of the EVRYTHNG platform. With IOTA’s unique distributed ledger technology, people and machines can transfer data or value without any transaction fees in a trustless, permissionless and decentralized environment. This last point is game changing for IoT and supply chain use cases. Currently, the fees charged by other public blockchains like, Ethereum and Bitcoin, put the technology out of reach for many brands.
IOTA is a big player in the emerging world of public blockchains with a consistent ranking among the largest blockchains in market capitalization. Interestingly, IOTA is also recognized as a blockchain without the blocks or the chain!
Instead of using a blockchain-based distributed ledger at its core, it uses a directed acyclic graph (DAG). This is why IOTA is a distributed ledger technology rather than a blockchain. This is important because it provides consumer product brands with more options, including: