The rise of IOTA as a top DLT continues. Earlier this year, the city of Taipei announced that they were using the IOTA tangle in implementing their smart city project. The project has largely been a success in implementing a decentralized digital identity system that runs on the IOTA tangle. That’s a major plus towards the growth of the IOTA ecosystem, and gives a huge intrinsic value to the IOTA coin. However, the best news is that this system is now open source. This means that it can be applied to any other city all across the world.
According to the CEO of Biilabs, the platform behind this system had this to say about the TangleID being open source.
“The benefits of the implementation for the enterprise, can be divided into two aspects. First, the company will not be lost in the vast ocean of blockchain technology, as long as the API and network services provided by the Biilabs team follow the digital identity specification. A new information service that is compliant with GDPR can be created. Second, because TangleID packages the processing mechanism for identity and digital asset management in the API, companies can focus on how to import and integrate blockchain technology, without having to specifically track underlying implementation mechanism, and because the entire software stack is open. The source code, the operation is transparent, and it is feasible to assume that some software components need to be removed in the future.”
By virtual of this system being open source and complaint to GDPR, it means that it can be implemented in any European city, without any worries of conflicts with the law. This is a big deal because the EU is keen on sustainable living, and the idea of smart cities is one of those that will aid in achieving these goals. As European cities adopt concepts like smart cities, it will add to the transaction volumes of the IOTA tangle, adding to its security. Once TangleID gains adoption in key cities in the EU, it could push the adoption rates all across the world as well. It could become the standard in urban transformation all across the world and help meet the needs of 21st century life.
Besides, the idea of smart cities is a welcome addition to the fast growing use-case of IOTA. IOTA is already making major in-roads in other areas as well. One industry where it has proven to have a huge use-case is in the automobile industry, where it has a clear use case in the upcoming autonomous vehicles market. It also has a proof-of-concept in the car insurance industry. All these and other emerging use cases all point to the potential of IOTA (MIOTA) to rise going into the future.
IOTA (MIOTA) is currently trading at $0.50, quite a discount when compared to its fundamentals. In 2017, IOTA (MIOTA) shot up to over $5, without most of the developments it has made so far. This makes it a high potential coin now that it has made significant developments.