We work with the distributed ledger technology IOTA to establish new connectivity standards for the automotive industry.
Lindau, 26th October – together with our partners from Bayern Innovativ we were co-hosting the IOTA Forum at Lindau’s “Denkfabrik”. Of course, the forum was focusing on what drives trive.me every single day: future mobility. Our friends at the IOTA Foundation started with a conceptual overview to Machine Economy as well as technical deep dives.
Afterwards we established a Proof of Concept in a keynote speech by linking our product trive.park with the advantages of IOTA’s distributed ledger technology.
So what is IOTA?
In short: it is a transactional settlement and data integrity layer for the Internet of Things. It is based on a new blockless distributed ledger architecture: the “Tangle”, which is scalable, lightweight, requires no transaction fees – allowing free Micro-Payments. One major advantage of IOTA is the data integrity, as data is attached to transactions and trails in the Tangle are verified, which in return provides a consensus within a decentralized peer-to-peer system. Because of these features, IOTA and its Tangle are perfect for nanopayments and the Machine-to-Machine Economy.
Let us dive in to it a bit further. At trive.me we are super excited about the possibilities that come along with such a technology. Therefore, after a few days of coding we developed a simple prototype for our product trive.park, which we will share with you in the following:
1. The Open-Barrier Process
We started by generating a new address – a valid seed is required. Next, we sent a zero value-transaction with attached data. That data contains a structure, in which the action “openBarrier” is the trigger:
However, there has to be a possibility to listen to new messages on the Tangle, in order to react accordingly. For such a transaction stream, the IOTA Reference Implementation (IRI) implements ZeroMQ as a transaction listener. Alternatively, one can use the IOTA API “findTransactions” function. As soon as a new transaction is added to our address with the defined action “openBarrier”, the barrier will open.
2. The Payment Process
We generated a new payment address and sent it to our QR code generator. Next, we started looking for any incoming payments to this address. As soon as a new transaction is added, we know that an incoming payment is on the way. Then the QR code is hidden from the app to prevent further payments being sent to the same address.
As soon as a positive balance is detected, the app shows a confirmation message and enables the opening of the barrier.