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- The IOTA Foundation is part of the Digital Twin Consortium formed by the Object Management Group, Microsoft, Dell Technologies, among other important partners.
- The Digital Twin Consortium was formed to increase cooperation and collaboration between its partners across multi-industry sectors.
The Object Management Group (OMG) announced in a press release the formation of the Digital Twin Consortium founded together with Microsoft, Dell Technologies, Ansys, among others. Furthermore, it was revealed that the IOTA Foundation is one of the partners of the Digital Twin Consortium that joined the team. Other important partners include the United States Air Force Research Laboratory, Bentley Systems, Willow Technology, Geminus.AI, among others.
Digital Twins’ technology allows companies and entities to anticipate problems and possible solutions to different areas of their operations. For example, customer experience, innovation opportunities and performance. This technology consists of planning the future through simulations, the creation of virtual models and data analysis.
IOTA Foundation increases interoperability in multiple industries
According to the statement, the Digital Twin Consortium was formed to enable companies of different economy sectors to cooperate across multiple industries. That way, partners can learn, implement and develop practices that improve their work processes:
This new open membership organization will drive consistency in vocabulary, architecture, security and interoperability to help advance the use of digital twin technology in many industries from aerospace to natural resources.
According to the statement, any company, organization or entity that is interested in digital twins technology can apply for a membership. The partners will aim to accelerate the adoption of digital twins technology in the marketplace by establishing roadmaps and creating guidelines for the ecosystem. In addition, partners will seek to improve the interoperability of digital twins technology by creating practices for security, privacy and trust. Finally, the partners will seek to reduce the risk of key projects and demonstrate the value of digital twins technology by creating use cases and developing open source code.
As part of the consortium, steering committees will be established that will be composed of the partners and the founding members Ansys, Dell Technologies, Microsoft, Lendlease. These founding members will have permanent seats on the committees. The founding members will create working groups and the guiding roadmap for the partners.
Sam George, Corporate Vice President for Azure IoT, Microsoft Corp, said Microsoft joined with other market leaders to drive the use of digital twins technology in vertical markets. George went on to say that Microsoft is committed on building an open community to promote best practices in terms of interoperability. Vice President of Strategy and Technology Ecosystem for Dell, Vish Nandlall said:
Dell Technologies is proud to be one of the founding members of Digital Twin Consortium. As the rate of digital transformation continues to accelerate, industry-standard methods for Digital Twins are enabling large scale, highly efficient product development and life cycle management while also unlocking opportunities for new value creation. We are delighted to be part of this initiative as we work together with our industry peers to optimize the technologies that will shape the coming data decade for our customers and the broader ecosystem.
Finally, as a member of the consortium, the IOTA Foundation committed to using and implementing digital twins technology in its operations, supply chains, and practices and standards for the foundation and its clients. The other consortium partners have also committed to applying the above.
MIOTA’s price, at the time of publication, stands at $0.20 and has moved sideways (-1.49%) in the last 24 hours following general market sentiment.
