IOTA Foundation gave good news to its community on Saturday, 15th December 2018. The results of its partnership effort with Audi was highlighted to a special crowd in Ingolstadt and Berlin.
Audi’s think tank, Audi Denkwerkstatt and the IOTA Foundation worked for four months in collaboration to better utilise IOTA’s technology such as the Internet of Things.
How did the collaboration work?
In the first few weeks, Audi worked on better understanding the problems in the automotive space, by interviewing experts and researching.
The next phase was the prototype finalization, the collection of user feedback and progressing to the ideal product.
IOTA Foundation’s team worked throughout the process in technological help, business models and use cases.
Malte Schönefeld from Audi declared:
”We really had a great time working with the folks from the IOTA Foundation. Exploring new topics is always exciting and it requires excellent team work and dedication to really get something done within six months.”
Janine Härtel & Jan Pauseback from IOTA completed:
“Audi Denkwerkstatt has a nice track record of projects and IOTA is proud to have been able to experience the work style and team spirit”
It is another proof that innovation requires collaboration and a hands-on mentality.”
IOTA stands for Internet of Things Application and works in the facilitation of transactions between devices on the Internet of Things (IoT). IOTA works on transactions without the block and chain, and so there’s no central ledger and no miners to power the network. The devices on the network randomly verify each other’s transactions which are known as Directed Acyclic Graph )DAG) which IOTA prefers calling Tangle.
IOTA’s Tangle grows as the network grows, and with free and fast transactions IOTA is seen to be making quite an impact.
The collaboration with Audi portrays how technology like IOTA needs to get down and dirty with a hands-on mentality which proves that human interaction is essential.
An interesting hint that Audi is aiming to use IOTA for the future of automation is when Audi is reported to have invested 14 billion Euros in e-mobility self-driving cars. Audi is defining itself to future-oriented products and services to stay attractive and relevant in the market.
IOTA’s native token MIOTA is in the green at the time of writing at $0.267417 with a market capitalisation of $743,294,729. It’s ranking of 12th position proves that technological capabilities and strong partnerships will help a Cryptocurrency achieve better results.
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