IOTA launches Industry Marketplace Hackathon for further development of decentralized marketplace

  • IOTA has announced that they have launched a developer competition based on the Industry Marketplace.
  • All participants are invited to program open source solutions on the Industry Marketplace to create value, explore new business models and/or building blocks on new topics.

In September, IOTA launched the Industry Marketplace, a manufacturer neutral marketplace for people and machines to buy and sell services, data and goods. The Industry Marketplace is an independent and decentralized platform. The Tangle enables interoperability between standardized, machine-readable contracts with a decentralized identity system that enables players to tender, offer and pay for services.

IOTA hosts developer competition

By combining different industry standards, IOTA meets the great challenge of interoperability because all participants communicate in a precise and unique language. People can communicate in the same language to understand each other, but machines need to “speak” the same language to speak, understand and execute commands.

The Industry Marketplace follows the Industry 4.0 language specifications, which define a clear order of messages exchanged within a tendering process and an explicit structure for each message. IOTA says:

The Industry Marketplace showcases IOTA’s vision of the Internet of Things and how “things” can act in their role as economic agents for human, organization and machine collaboration in a decentralized manner. The framework itself can be leveraged to build, expand upon or be integrated with existing applications.

The developer challenge is called the “Economy of Things Challenge” and is intended to bring together various projects that use the Industry Marketplace as a basis. There is no limit here.

The first step will be to explore preferred Uberford-X application cases and to what extent IOTA is compatible with standardized identifiers from eCl@ass. Uber-for-X refers to a private trip with a service such as Uber at a moderate fare to different destinations. IOTA acts as an interface between car, driver and customer.

IOTA describes the actual goal of the challenge as follows:

The objective of the eCl@ss challenge is to build an autonomous decision-making process for devices who can supply multiple goods & services. We challenge you to build a decision-making process for a device to automatically choose the best Service Requests based matching eCl@ass capabilities. Once the best is chosen a proposal should automatically be sent out to the requesting device.

IOTA seeks participants who develop a decision-making process for a device that automatically selects the best service requests based on the appropriate eCl@ass features. For more information on how to apply, please see the current blog post.

IOTA’s new partnerships

Most recently, IOTA entered into a partnership with the Future Farm Consortium, which aims to digitize agriculture. The IOTA Tange protocol will be used as a data pipeline and to ensure data integrity. The Future Farm project is a collaboration between key players in Norway such as Tine, Yara, Felleeskjøpet, the Norwegian University of Environmental and Life Sciences, Eurofins and inFuture.

The project covers the entire value chain, from cow’s milk production, grass harvesting to finished milk. The IOTA Tangle serves as the basis for creating data integrity and scalability for automation.

In addition, BiiLabs has partnered with Yallvend to release the world’s first vending machine upgrade kit that provides reliable ID authentication using IOTA Tangle technology. BiiLabs specializes in the development of distributed ledger technology to meet the challenges of the Internet of Everything.

The company uses IOTA technology, which is also used in vending machines. These have ID authentication using the decentralized identifiers (DIDs) of the IOTA Tangle protocol. This means that products with age restrictions can also be sold at unmanned machines.

The IOTA Tangle offers many different applications for industry and economy, which are piloted by more and more companies. So far, IOTA’s price has been unimpressed by this. Within the last 24 hours, IOTA has recorded a downward trend (- 1.85%) to a price of 0.1929 USD.

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About Author

Please follow me on Twitter for deep analysis. 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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