IOTA has lots of use cases in different industries. But there is one industry where it seems to be gaining traction fast, and that’s the automotive industry. Several automobile companies have shown an interest in IOTA so far, especially in the German auto industry. More industry players seem to be taking a keen interest in IOTA as well. On the 26th of October, automobile industry players will be meeting in a forum in Lindau Germany. They will discuss the different uses of IOTA in the automobile industry. As per the forum’s agenda, which is already in the public domain, here is what will be discussed in this forum.
At the Cooperation Forum IOTA for Automotive Suppliers on October 26, 2018 in Lindau, the following topics are planned:
- Use cases and applications for IOTA in the automotive supplier industry
- Example projects with IOTA, eg payment systems and “eWallet”
- Technical details about IOTA: what differentiates IOTA from other Blockchain concepts? How does IOTA work?
- Impulses for own projects
- Workshops on possible use cases, eg autonomous machine and vehicle payments vehicle
identity, history and data tracking, tracking of vehicle data
usage-based mobility prices and payments for vehicles, insurance, energy, congestion, pollution and infrastructure supply chain tracking, transparency and efficiency; Avoid counterfeiting.
From what will be discussed during this event, it is quite clear that IOTA will in the future be strongly interwoven with the automotive industry. For instance, there is a strong use case for autonomous cars going into the future. This use case is mainly driven by the need to cut costs. Trucking companies, for instance, are slowly showing demand for such vehicles as a way to cut costs, by eliminating the need for drivers. The same goes for ride-sharing companies that now dominate the taxi-hailing business all over the world.
These are uses that point to potential large scale demand for autonomous vehicles. This is the one aspect to the automobile industry where DLTs will be required for instantaneous machine-to-machine communication without compromising on security. Since the auto industry seems to be cozying up to IOTA, as can be seen in the 26th forum, and the partnerships that IOTA has in this industry, chances are that IOTA (MIOTA) will be DLT that will dominate this industry in actualizing the idea of autonomous vehicles.
Even at a more secondary level, such as the car insurance industry, which will be up for discussion as well, IOTA seems to have an edge over other DLTs. That’s because, there is a proof-of-concept for IOTA (MIOTA) in the car insurance industry. IOTA has been proven to cut costs for this industry by up to 70%. That’s a major incentive for industry players in the car insurance industry to adopt it.
This increased acceptance of IOTA in the automobile industry, is a validation to IOTA (MIOTA) as an investment. As these use cases turn from concepts into reality, the value of IOTA (MIOTA) will shoot up in value going into the future. It’s definitely one of the best cryptos to hold long-term.