- The German technology company Siemens has referred to IOTA as a possible technology that could be used for a new patent.
- IOTA has already been mentioned as a possible technology basis in countless proof of concepts with other heavyweights of the tech industry.
IOTA is a complex cryptocurrency with extensive use cases in the automotive, logistics, energy and supply industries. Accordingly, well-known companies such as Bosch, Volkswagen, BMW, Jaguar, Landrover and several other heavyweights are already piloting the IOTA Tangle in corporate use. A new patent application shows that the German technology giant Siemens is also doing research on IOTA.
New patent application: IOTA multiple referenced
Siemens has already praised the potential of IOTA in the past and pointed out the versatile application possibilities of the new technology of the Tangle. Siemens AG and Siemens Healthcare have submitted 10 new patent applications in which IOTA is referenced multiple times, as data from the Espacenet Patent Research platform shows.
The patent refers to the creation of a distributed database system that is primarily built for large industrial companies and is supposed to be able to process, store and evaluate vast amounts of data and information. According to the patent, IOTA is a high-performance and powerful “block-less distributed database system” that could serve as a possible technology basis. The patent explains in detail (freely translated):
In particular, the functionalities of the blocks of a blockchain 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).
Within the patent applications, Byteball and IoT Chain (ITC) are also mentioned as further promising projects. Siemens concludes that a high transaction rate is important in order to be able to guarantee the flow of data at all times without delays. There are no transaction costs within the IOTA ecosystem and the Distributed Ledger is theoretically infinitely scalable. This distinguishes IOTA from other projects in the market, which rely on the blockchain and have not been able to develop sufficiently high-performance scaling solutions to date.
Volkswagen also sees potential in IOTA
A few days ago Crypto News Flash reported that Volkswagen also references IOTA as a powerful Distributed Ledger Technology (DLT) in a new patent application. Here too, the formulations were very broadly defined, leaving plenty of scope for design. However, it is about a software solution which, based on the DLT, can store large amounts of data in a decentralised and tamper-proof manner:
Another application of the technology is the integration of machine-to-machine (M2M) payments. This allows the secure documentation of when the vehicle has performed a vehicle application, cf. security systems such as multidimensional directed graphs, crypto-payment systems or IOTA.