IOTA (MIOTA) is making moves that indicate that it could outperform blockchain in the future. This year, the partnerships that IOTA (MIOTA) has signed all point to a platform that is transforming the world as we know it. It has in the recent past entered into partnerships to create smart cities, facilitate electric car charging stations, enhance efficiency at Volkswagen, and it has now set to make an entry into finance. Today, IOTA (MIOTA) has partnered with SinoPac, one of the largest financial companies in Taiwan. The company has interests in insurance, banking, venture capital among other critical sectors of the Taiwanese economy.
Under this deal, SinoPac is using IOTA (MIOTA) tangle technology to develop immutable and highly secure icertificates for its clients. It will be used together with the QR code, to allow SinoPac customers enjoy fast services, and in a highly secure environment. SinoPac’s vice president had this to say about the deal,
“iCertificate is an always needed notary service in digital certification application, not only in education or public utilities territories, but in trading and supply chain industries. We are pleased to partner with IOTA in distributed ledger technology. With IOTA’s support, iCertificate was developed as a flexible and extensible service, which efficiently consolidates the bothersome landscape of many individual and different digital certification authorities into one platform.”
This is a big deal for IOTA (MIOTA) for a number of reasons. First, it gives IOTA (MIOTA) a strong foothold in Taiwan, one of the largest economies in Asia. Thanks to this deal, other major corporations in Taiwan could move to adopt IOTA in enhancing their services too. Remember Taipei, the main city in Taiwan is already working with IOTA in the development of the smart city, so there is a strong use case for IOTA in Taiwan. If other corporations adopt it, it could easily outperform blockchain in this market, and increase its intrinsic value by a huge deal.
On top of that, this could see other players in finance outside of Taiwan follow in SinoPac’s lead, and adopt IOTA (MIOTA) too. Finance is one of the areas where IOTA’s tangle technology in stiff competition with blockchain technology. As such, if the deal with SinoPac works out well, it could see it become the standard for financial corporations looking to make use of decentralized technologies. IOTA (MIOTA) already has an edge on this front, because it is infinitely scalable as opposed to blockchain, and it’s also feeless. The lack of transaction fees is a major selling point for IOTA (MIOTA) amongst banks, and other financial institutions looking to cut on costs. And the good news is that these institutions are slowly beginning to take note of IOTA’s tangle technology.
With all these factors at play, it’s not hard to see that IOTA (MIOTA) stands a good chance to grow independently of blockchain based cryptocurrencies. Actually, the only reason why IOTA (MIOTA) is trading lowly today is because of bitcoin (BTC) market dominance. However, this won’t be for long. As more people understand how decentralized technology works, they will realize that IOTA (MIOTA) is quite different from blockchain-based projects. At that point, the value of IOTA (MIOTA) could easily rise to high double-digit levels, without relying on the value of bitcoin.