The rumours about IOTA Foundation working with one of the leading companies in the IoT industry have been circulating for months on online forums and Reddit.
To put an end to that, on October 17, the Chicago Connectory – an innovation space created by Bosch in 1871 – launched an official cooperation with the Internet of Things Alliance (IOTA) Foundation.
No official statement has been made yet by neither IOTA nor Chicago Connectory.
Since IOTA is in partnership with Bosch, they can work together on creating a one-stop shop for any IoT companies from multiple areas related to transportation, manufacturing, environmental control, connecting energy and smart cities as well as bridging homes with intelligent buildings.
The news has been announced alongside the press release about Bosch working together with Nokia on combining Bosch’s smart sensor technology with Nokia’s connectivity and IoT services’ solutions.
Combining all three, the new offering should be commercially available in early 2018. Currently, the goal is to increase the adoption of DLT technology in the Midwest region of North America.
About IOTA and Bosch
The IOTA Foundation is a non-profit organisation that aims at Distributed Ledger Technologies (DLT) to provide more transparency, security and efficiency for IoT solutions.
The primary product of IOTA Foundation is an improved version of already existing blockchain technology – Tangle. The innovative technology resolves blockchain’s problem of scalability by not using blocks and by enabling a feeless transfer of value. Currently, IOTA is uniquely designed for businesses and the developing Machine-to-Machine (M2M) economy.
The Foundation has one of the most significant ecosystems in the DLT community, creating new applications for a range of IoT industries. IOTA also has its native cryptocurrency token – MIOTA – which customers and those who believe in the technology can purchase on Bitfinex.
The token can be traded on cryptocurrency exchanges like any other ICO, and it is one of the most promising cryptocurrency investments.
While IOTA may be still unknown, Bosch has undoubtedly earned its name. It is one of the leading suppliers of services and technology that connects all three levels of IoT: sensor technology, software and services, own IoT cloud.
Bosch has been in conversation with IOTA since 2015, trying to build a relationship and explore the overlapping elements both parties have – which, if combined, can create a stable and secure IoT ecosystem.
The famous electronics German company has already been working successfully with IOTA as a partner in the Trusted IoT Alliance (TIOTA) with 500 other organisations. However, the partnership with the Chicago Conservatory will be much tighter and will allow for an increase of the existing activities:
“Chicago’s innovation ecosystem is thriving, and our partnership with the Chicago Connectory will further drive the adoption of the IOTA Tangle.”
The Chicago Connectory already has a good mixture of community, technology and educational resources, and adding the IOTA Foundation will only add further benefits. This collaboration can become a future hub of nurturing and growing the IoT technology as well as the IOTA ecosystem.
What do you think about IOTA being in partnership with Bosch? Do you think it will add value to the IoT industry? Let us know in the comments below!