IOTA Unveils Decentralized and Autonomous Industry marketplace

In an effort to promote interconnectivity between humans, machines and machine-readable contracts, the IOTA Foundation has introduced the Industry Marketplace, a decentralized and autonomous marketplace powered by the IOTA Tangle distributed ledger technology (DLT) according to a blog post on September 19, 2019.

IOTA’s Decentralized Industry Marketplace Now Live 

IOTA, an internet-of-things (IoT) focused distributed ledger technology project, has joined forces with thought leaders, enterprises, standardization bodies, and leading academicians to introduce the Industry Marketplace.

Per its blog post, IOTA claims the newly launched Industry Marketplace is the world’s first genuinely decentralized and autonomous virtual marketplace specially formulated to significantly accelerate industrial automation and commercial machine interaction.

As stated on its website, the Industry Marketplace is vendor-neutral, enabling players in a vast array of industries to automate the trading of both physical and digital goods and services.

The team says the Industry Marketplace is based on specifications formulated by the Plattform Industrie 4.0, Germany’s central network for the advancement of digitalization in manufacturing. The Industry Marketplace uses distributed ledger technology, immutable audit logs, and standardized, machine-readable smart contracts and an integrated decentralized identity system to accelerate automation in industries.

The Industry Marketplace combines these features to facilitate secure communication and payments in the machine-to-machine (M2M) and IoT ecosystem, while also enabling decentralized exchange and ensuring the authenticity of all entities.

Enabling The Economy of Things

The IOTA Foundation has hinted that the Industry Marketplace represents an evolution of the IOTA data marketplace and it plans to collaborate with enterprises to develop an industry standard for decentralized data service and exchange.

“The industry marketplace aims to solve the issues surrounding the creation of a common standard language for an autonomous machine to machine communication. This is a critical part of Industry 4.0, where secure data exchange without the loss of key information for decision making are critical requirements,” said Thorsten Kroke, Head of Digital Processes and Standards at [email protected]

Holger Kother, Director of Partnerships of the IOTA Foundation reiterated that the launch of the Industry Marketplace will bring about secure automated trade in the manufacturing industry and IOTA’s Tangle distributed ledger will ensure stability and robustness of the marketplace and participants.

At present, the project participants include NEOCeption, WeWash, Helmut Schmidt University, Universitat Magdeburg and [email protected], with more partners to be added in the near future, says the IOTA Foundation.

In related news, on September 18, 2019, BTCManager informed that IOTA has launched Chronicle, its permanode solution designed to give Tangle node operators an unlimited amount of storage space.