IOTA is increasingly emerging as the DLT that will power the smart economy. So far IOTA is involved in a number of projects aimed at developing smart cities. The most notable one being the Taipei smart city project in Taiwan. The latest of such projects is the smart Dubai project. This is an initiative by Dubai Future Accelerators that aims to create breakthrough solutions for a smart Dubai. Recently, Dubai Future Accelerators was looking for startups to partner with, in pushing towards these goals.
Out of the 700 projects that applied, Akita was one of those shortlisted. Akita is affiliated to IOTA in that, it is partially funded by the IOTA Foundation, and uses the IOTA tangle in its various initiatives. The core idea behind Akita is to equip machines with machine wallets for effective machine-to-machine communication. Here is how they describe their core purpose, as per their website.
“The basic idea here is to provide machines with dedicated “machine wallets” that enable them to become autonomous economic agents. The robots can then sell services such as 3D printing, laser cutting, packaging, etc. and buy their own energy. Energy providers can offer/ sell their energy. Even centralized organizations such as government tax agencies can profit by becoming a part of the network and receiving a fraction of each M2M transaction as energy tax in real time micropayments. The opportunities, modifications and extensions to this modular designed prototype showcase are endless and will provide valuable insights on every layer (business, technology, scalability, production, latency, costs and more).”
This is a big deal because, it means that the IOTA tangle will be part of the technologies that will be used in creating a smart Dubai, and it will have a massive impact on the value of IOTA (MIOTA). That’s because, as the IOTA tangle gains in adoption, it will become more secure, and push it a step further towards removing the COO. This will make it fully decentralized, making it even more valuable in the machine economy.
On top of that, as the IOTA tangle gets adopted in more smart cities, it could ultimately become the standard in the development of smart cities. In a world where the idea of smart cities is increasingly becoming the norm, the IOTA tangle could dominate in this space. Since IOTA (MIOTA) is the native token in the tangle ecosystem, mass adoption could see the value of this crypto rise significantly in the future.
IOTA’s prospects in the machine economy are aided by the fact that the technology needed for its growth are becoming a reality. One of the technologies that will propel IOTA forward is 5G. So far, several major economies are already rolling it out. This is the technology that will make machine2machine communication possible and practical when implemented at scale. In essence, IOTA (MIOTA) stands good chances of growth going into the future. Opportunities for its adoption in the machine economy are on the rise.