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IOTA chosen by EU as key innovator in funding programme

  • The European Union has selected IOTA as a Key Innovator in the H2020 +CityxChange research program.
  • The funding program includes a financial support of 80 billion Euro until the end of 2023.

IOTA has already participated in numerous funding programs for the research and further development of the Internet of Things and its possible use in the free economy and industry. More and more companies recognize the potential of the IOTA tangle and are piloting this new innovative technology in their own business processes.

EU choses IOTA as key innovator

As part of the EU’s Horizon 2020 research programme with a funding volume of more than 80 billion euros, +CityxChange has already started with IOTA in 2018. One of IOTA’s main tasks is the development of a decentralized energy trading marketplace where consumers and producers can trade energy P2P in a decentralized manner

The IOTA Foundation has teamed up with Powel (Utility Analytics), smartmpower (Smart Energy Grids) to research how local energy markets can be set up and thus positive energy blocks and districts (PEDs) can be implemented in a Smart City in the long term. The big goal is that the city of the future will be able to operate completely autonomously without the support of humans.

IOTA’s technology enables energy meters to communicate automatically and exchange important information. The energy can be requested and offered decentrally. All processes are handled via the Tangle, so the marketplace works completely decentralized without any middlemen.

In addition to the already complex field of energy trading, IOTA also takes on far-reaching tasks in the field of e-mobility. In cooperation with FourC, an M2M/IOT cloud infrastructure company, IOTA is working on the development of an infrastructure that enables users to book multimodal journeys via different transport providers and to pay and buy IOTA.

In order to process all payments smoothly and flawlessly, IOTA provides a seamless system that distributes all transactions to the right recipients via MAM payment channels. Among other things, the Trinity wallet is used so that users can easily manage their transactions and keep their MIOTA secure.

A few hours ago, the European Union awarded IOTA as a key innovator in the research project presented. In addition to IOTA, two Norwegian companies, Powel AS and ABB AS, were also selected as Key Innovators.

IOTA as a driver of innovation

In the last days and weeks the number of patents in which IOTA or the Tangle is referenced has risen to 188. The patents originate from a total of 76 different companies, including tech giants such as Bosch, Siemens, Ford and Volkswagen. Recently, Siemens was granted a patent for the use of IOTA in a database with highly sensitive data.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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