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IOTA Launches DLT Framework to Manage Shared Devices

IOTA Launches DLT Framework to Manage Shared Devices

The team behind the IOTA network launched an open-source distributed ledger technology (DLT) framework that grants control over physical devices. IOTA Access’ useability made leading companies like Jaguar Land Rover and STMicroelectronics to express their interest in the project.

Nowadays, many different types of cryptocurrency continue to provide great use cases using blockchain technology. IOTA, for one, introduces IOTA Access to enable access control to any machine or device without the need to rely on a centralized system. This grants users and owners to access their devices or data stream in a remote, permissionless, contactless, and auditable manner.

Co-founder of IOTA Dominik Schiener further explained that:

Managing contracts in business often falls under the control of entire departments or legal teams. With IOTA Access, we manage the bulk of this work from embedded devices, platforms, or even a smartphone app.

Along with the launch of IOTA’s latest technology, the platform was also reported to partner with big companies worldwide. The British luxury carmaker Jaguar and European chipmaker STMicroelectronics are some of the companies that confirmed to be working with the crypto platform.

Furthermore, NTT Data, EDAG, RIDDLE&CODE, ETO Gruppe, and BiiLabs have supported the launch of IOTA Access. The partnership between IOTA and other corporations enables private industries to control specific machine functions, maintain transparency of controls through immutable audit trails, and easily integrate IOTA’s technology into their existing apps and platforms via APIs.

Moreover, like any other cryptocurrency in the crypto market, IOTA’s native token MIOTA was able to maintain its good position. Today, MIOTA traded at a high price of $0.288 with a price growth of +23.3% in the last seven days.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.