IOTA: Becoming the Industry Standard
The full article was originally published by Chris Mueller on HelloIOTA. Read the full article here.
Today, the IOTA Foundation has announced that it has partnered with eCl@ss which is the only ISO/IEC-compliant industry standard. Read the following article to find out why this is a huge step for IOTA in becoming the standard data protocol worldwide.
In the year 2000, eCl@ass e.V. was founded by the companies Siemens, BASF, AUDI / VW, e.on, SAP, Bayer, Degussa, Wacker, Infraserv Chemfidence and Solvay. The organization’s goal: To establish a standard for secure, electronic machine-to-machine exchange of product data and properties across features, values and units. From the beginning, the standard has been developed and developed in collaboration with the industry. Both the standards development process and the derivation formats and data modeling fundamentals are based on renowned, international standards. This alignment offers users a significantly higher investment security than pure industry standards. (source)
It might make sense to watch this video first in order to understand what eCl@ss is all about:
So think of eCl@ass as the standard language for industrial companies in order to enhance communication and eliminate misunderstandings.
IOTA now adds the feature for this standard which is needed to make the Internet of Things (IoT) happen: the layer on which this standardized information is communicated – especially from machine to machine (M2M)!
How is IOTA relevant here?
As Thorsten Kroke, general manager at eCl@ss puts it:
We look forward to collaborating with IOTA towards the development of new standards of device communication and complex payment processes in the Internet of Things. In conjunction with eCl@ss, the IOTA Tangle offers a clear and standardized description for IoT devices and products, meaning that IOTA and eCl@ss can be used together for any industry transaction. (source)
IOTA is especially relevant when it comes to M2M payments. In order to avoid fraud, the data which is processed needs to be tamper proof. Once stored on IOTA’s Tangle, the data cannot be altered anymore and is thus “safe”:
For example, companies could collect data on the current and average power consumption of their microprocessors, to determine needed software updates and fixes for the next generation of the product. Machines of different vendors could also request attributes of their peers, to directly identify compatible machine partners and their needs, such as current engine power consumption or whether certain modules/capabilities are present. (source)
But the real kicker is that this data can not only be sent in a tamper-proof fashion but can also be paid for on the spot. If machines cannot only talk to each other but also make payments, this opens the doors to what many know as the true Industry 4.0, or as Holger Köther, director of partnerships at the IOTA Foundation puts it: