- The number of companies referencing IOTA in patents is growing rapidly.
- Some well-known personalities of the crypto scene see IOTA as the new industry standard for machines as soon as IOTA 2.0 is fully rolled out.
IOTA was developed as a cryptocurrency for machines and has shown a strong development since its official launch until today. The potential of the tangle technology does not go unnoticed even by tech giants, so that numerous other heavyweights will also be referencing IOTA or the IOTA Tangle in new patents in July. This shows that IOTA offers far-reaching applications in practice, which will increase even further with the release of IOTA 2.0.
Siemens and Sepra Inc. reference IOTA
The best-known patent applicant is the German tech giant Bosch. As early as 2018, Bosch bought an unknown amount of IOTA and submitted a payment system based on the IOTA Tangle to the German patent office. To date, IOTA has been referenced by a total of 76 different companies in 188 patents, according to the patent tracker.
Recently, Siemens AG was granted a new patent entitled “Methods, devices and system for the security-protected provision of data records”. The aim of the patent is the development of a system or infrastructure that can realize a security-protected data processing of sensor data or measurement data for specific objects.
IOTA is referenced as a suitable technology, as the tangle technology offers several advantages compared to the block chain. IOTA uses the Directed Acylic Graph (DAG), which guarantees security in the processing of transactions. The patent explains in detail:
This allows for example blockless distributed database systems, such as the IoT Chain (ITC), IOTA, and Byteball. In particular, the functionalities of the blocks of a block chain and the transactions are combined with each other in such a way that, for example, the transactions themselves secure the sequence or chain of transactions (of the distributed database system) (i.e. they are stored in a particularly secure manner).
A prominent use case where the IOTA Tangle collects and processes data is the Lidbot Sensor. This intelligent sensor is attached to waste bins and notifies the connected waste management company as soon as the bin or the trash can is full. The Lidbot sensor can therefore be used in a Smart City for example.
Sepra Inc. has also recognized the potential of IOTA and referenced the Tangle in a new patent application. The patent focuses on the transfer of additional information during a transaction. IOTA offers the possibility to transfer a value but also additional information within a transaction, so IOTA is perfectly suited to realize this goal.
Security is a top priority for IOTA
The high security of the code is also reflected in some of Siemens’ patent applications, such as the most recent patent filed on July 22, 2020, and David Sonstebø, a co-founder of IOTA, also describes on Twitter that transparency and security have high priority:
As IOTA is evolving closer and closer towards the goal of becoming a global standard security is our numero uno priority. Don’t trust words, check the code.