- The IOTA Foundation signed a memorendum of understanding yesterday to cooperate with the FIWARE Foundation in the future.
- In particular, the context-dependent data management is to be made more effective by using the IOTA Tangle.
The IOTA Foundation had recently announced that it would take further steps towards Open Collaboration and thus decisively advance the further development of the IOTA ecosystem through the cooperation of various partners. Yesterday, the German start-up established a new partnership at the FIWARE summit in Berlin.
IOTA enters into partnership with FIWARE
On 23 October 2019, the FIWARE Foundation together with IOTA signed a formal Memorendum of Understanding for further cooperation. FIWARE is an open source initiative defining a universal set of standards for context data management which facilitate the development of Smart Solutions for different domains such as Smart Cities, Smart Industry, Smart Agrifood, and Smart Energy. The Foundation describes the core component, the Context Broker, as follows:
The Context Broker is surrounded by a suite of additional platform components, which may be supplying context data (from diverse sources such as a CRM system, social networks, mobile apps or IoT sensors for example), supporting processing, analysis and visualization of data or bringing support to data access control, publication or monetization.
The FIWARE Foundation has made far-reaching progress in the field of intelligent solutions through widespread dissemination and acceptance throughout Europe. Even the European Commission (EC) has officially adopted the FIWARE Context Broker Technology as the central CEF building block. At the beginning, the focus will be on developing context-dependent capabilities that spread across the tangle by integrating functions of the tangle into the FIWARE Context Broker.
Among other things, the following key competencies are required:
- Context-aware data management on the Tangle
- Scalable decentralization of FIWARE Context capabilities through the IOTA protocol
- Increased interoperability with IoT sensor integrations in mutual focal verticals
- Reduction of Dynamic Smart Solution developments through mutual development
- A heightened security landscape for existing FIWARE solutions through decentralization and immutability
- Large scale adoption potential through existing FIWARE integrations
Further fields of application of the technology and future goals
Both projects, IOTA and FIWARE, have a complex ecosystem that can be used in a wide variety of economic sectors. The CTO of the FIWARE Foundation describes that the new technologies are also used, for example, in food production or animal welfare:
We can verify context data shared with third-parties, and we can warrant the quality of data being stored in a distributed ledger. This is crucial in applications like those warranting the quality in food production, for example, the observation of certain parameters of animal welfare on farms, or when public administrations strive to ensure transparency of their processes
FIWARE also announced at the summit that FIWARE will establish and implement its own FIWARE Blockchain and Data Economy Tech Roadmap. These developments will be the first milestone in the upcoming partnership and will initially extend to demo integrations through creative mechanisms such as the FIWARE Lego World 2.0 Showcase.
IOTA affirms that the Foundation sees great synergy effects in joint research, as FIWARE has made great progress in the data industry in recent years:
We believe this and the FIWARE approach embodies much of the core values that we believe in at the IOTA Foundation around fee-free solutions, near real-time data sharing capabilities and global scaling. We look forward to bolstering their existing capabilities through the unique data and value mechanisms offered by the IOTA protocol and bridging our existing ecosystems. Together we can work towards enabling the true open trust layer for the Internet of Things, and the internet that IOTA is capable of delivering.
IOTA is a participant of the project +CityxChange, in which the development of a Smart City is to be researched. The further findings from the forthcoming cooperation with FIWARE can also be used for this and other projects. IOTA thus remains true to its new motto that IOTA presented during the announcement of the partnership with Linux, the Open Collaboration.
The price of MIOTA is following the current market trend and is down to a price of $0.2542 within the last 24 hours.