IOTA announced yesterday a major platform release that will allow data monetization using micropayments through their DLT (distributed ledger technology). Microsoft, Fujitsu, Bosch, Deutsche Bank Telekom have all openly expressed their support for the platform by signing partnerships with IOTA.
IOTA has a proposed a better solution in Blockchain technology called ‘tangle’, which represents a way all the connected devices on the network to transfer, buy and sell various datasets while creating access to data that often sits unused, all with substantial security. A demo is set to be run through January, where companies can participate and partners will also get to have a say in how the platform continues to function.
IOTA co-founder David Sønstebø said in an official statement:
“The goal is to enable a combination of a business-to-business data economy, as well as enabling researchers and even hobbyists to participate. The beauty of enabling fine-granular trade access is that we really don’t know who or how it will be used, except that we know it is a completely new paradigm.”
The purpose of the tangle technology would be to allow large-scale proliferation of micro-payments for datasets, providing access to data and building a network for companies to use and access that data for improvements to the Internet of Things (IoT).