At the time of writing, the crypto currency market has suffered heavy losses and has been in a bear market since 2018. The sinking affected all currencies more or less the same. Apart from this commonality, the currencies have very different potentials and applications.
For example, Bitcoin has already been touted as a candidate for a global currency. Meanwhile, the view is more of an asset, comparable to gold.
In addition to the current weakness of the crypto market, the potential of some coins is enormous. This article focuses on a specific cryptocurrency developed for IoT and Industry 4.0 purposes: IOTA.
The basics of IOTA
IOTA as a collective term is more precisely divided into the crypto currency MIOTA and the IOTA Foundation, a non-profit organization. Since its founding in 2015, IOTA has been able to establish well-known partnerships. Examples are Volkswagen, Fujitsu, Telekom and Samsung.
Technically, it differs from most cryptocurrencies by the underlying technology. It is not a blockchain, but a directed acyclic graph (DAG). To send a transaction, two more transactions must be validated. Each box in the picture below is a transaction. In addition, a proof of employment must be provided.
A noteworthy feature of the tangle is that it can work offline and synchronize later. This is very important for IoT applications where 100% connectivity is not guaranteed. On the other hand, IOTA currently needs a central coordinator. However, this criticism should be eliminated in the medium term.
IOTA was specially developed for the secure communication and payment between two computers within the Internet of Things.
Now that we have hopefully shed some light on the fundamentals of IOTA, let's look at a possible scenario related to Industry 4.0.
One possible scenario – the challenge
In production, machines are the key to a successful digital transformation towards Industry 4.0.
More precisely, the mechanical engineers.
Over the decades, countless MES companies, standardization organizations and initiatives have chewed their teeth to open closed, proprietary systems. Especially in software integration, the machine builders are well paid each time to open their interfaces.
This has to change if conventional factories are to be converted into Clever Factories.
But Clever Not possible without software. And good software needs a good foundation: the Shopfloor Software Architecture.
Microservice architectures are very popular nowadays. In fact, they fit very well with the distributed world of Industry 4.0, as I showed in this article.
How can machine builders still be persuaded to open their APIs and interfaces? Even free?
The answer is the industrial data market.
One possible scenario – the Industrial Data Market Place
Industry 4.0 enthusiasts always talk about "machines that speak with machines". One possible scenario could be that they do so through a marketplace.
But what exactly does that mean?
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Post source: The possible role of IOTA in Industrie4.0
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