Data is the new oil – IOTA head engineer elaborates the IOTA vision

Talking at Computex in Taipei, Asia’s largest trade show, Edward Greve, the Head Engineer at IOTA, outlines the concept of IOTA and how it will address the problems that blockchain poses, using its Tangle. Tangle MAM promises integrity, security and privacy, and IOTA Token Flash Channels will be zero fees, real-time and ‘machine ready’.

Qubic, IOTA’s smart contract computing solution, uses the idea of a quorum to be much faster than Ethereum.

IOTA is a cryptocurrency designed for the internet of things [IoT] and IOTA envisions a future ‘Ledger of Everything’. IOTA aims to be a modular platform, to provide services tailored to the user.

Edward Greve, in his talk, simplifies and explains IOTA and its features to the audience, who seem quite new to the entire idea of blockchain technology. IOTA’s goal is to develop a standard for, and with, the industry-be it mobility, eHealth, global trade and supply chains, or energy.

Edward explains the basics of a blockchain, and how cryptocurrencies work is based on the blockchain. But blockchains has its problems because it is linear. Slow transaction speeds and high fees, and the data storage structure is not feasible when we want to integrate every physical entity with the blockchain to allow autonomous operation.

Edward uses many examples to explain this machine autonomy. He talks in-depth about the concept of ‘smart charging’ an electric car, and how this entire concept is based on microtransactions, which traditional banking does not permit without fining an amount greater than the transaction itself. He also elaborates upon the concept of ‘secure software updates’, in the mobility sector, for cars.

The gist of this software is how cars need to know for sure that the wireless update is intended for this specific manufacturer’s model and many other variables. There can even be regulatory bodies on this network who enjoy oversight of the entire system.

Edward also talks about using smart manufacturing of high-value products. Like custom manufactured cars, or even cocktail mixers powered by IOTA. The instructions are stored on the IOTA platform, and transactions are made in IOTA tokens.

Very cool stuff, he keeps repeating.

He comes back to the underlying idea of data, and presents the IOTA data marketplace, a platform on which to securely store, sell and access data streams. There are so many ways to take this technology, he says. It all hinges on data and its storage and transmission and sale, which is why data is the new oil.

All data can be recorded, and shared, and monetized in the near future, and the key to pulling it off is IOTA, he claims.

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