Dozens of strategic partnerships and developments jointly with the governments of European countries. We are talking about a crypto project that is very different from its competitors.
IOTA stands apart from many cryptocurrency projects for several reasons. IOTA is not a blockchain, to achieve the tasks of accounting transactions, the project uses DAG technology (directed acyclic graph), which, in addition to the cryptocurrency sector, is also used in statistics, machine learning and developments related to artificial intelligence.
There are no commissions in the IOTA network — sending coins is absolutely free, which makes the technology attractive for use in the field of IoT (Internet of Things), where many devices will have to simultaneously send thousands of microtransactions. Until recently, IOTA also differed from many projects in that it did not resort to classic marketing strategies for the sector, attracting users with various bounty campaigns, or the promotion of high-profile news. IOTA is also rarely mentioned on traders' channels.
However, looking at the list of partnerships of the coin, we can say that this technology is one of the favorite in Europe — the coin has dozens of strategic and scientific partnerships behind it, which do not always appear at all among the crypto news and often do not affect the price. We are talking about several European developments with IOTA in different areas.
Encouraging good habits in Dutch cities
The EnergieKnip application rewards citizens of Emmen, a municipality with a population of about 100 thousand citizens in the northeast of the Netherlands, with digital points developed on IOTA for the anonymous exchange of data on energy conservation activities. In the future, points can be spent on the purchase of energy-saving devices in local stores participating in the promotion.
At the macro level, the project is part of a broader Dutch government policy aimed at reducing energy costs to achieve the UN global climate goals. The goals of the token are to educate citizens on energy issues, encourage them to install "green" devices in their homes to reduce overall energy consumption in the country, increase demand for energy-saving devices and collect anonymous information about energy use in the city.
The campaign was launched on January 10, 2022 with the mailing of letters to 25 thousand houses in Emmen with instructions on how to get points. The popularity of the initiative is indicated by the fact that at the moment all the points provided for distribution have already been exhausted and are on users' wallets.
Patient data protection and e-health
The IOTA Foundation received a grant in the amount of 535 thousand euros to participate in the European Commission's SECANT project (Security and Privacy Protection in Internet of Things Devices - security and protection of personal data for Internet of Things devices). The initiative plans to develop a modern and secure registry infrastructure and a platform for analyzing and reducing threats in the field of e-health.
With a total budget of more than five million euros, SECANT officially launched in September 2021 and plans to achieve concrete results of its developments by August 2024. With the increasing use of digital records in medicine, the issue of data security has become acute - unlike paper records, digital records are vulnerable to hacking, misuse and technical errors.
The topic received additional attention during the Covid19 pandemic, after the controversy about various tracking systems for cases implemented by governments to varying degrees around the world. The vulnerability of health-related data is not only a privacy issue, but also causes serious financial damage. Only the approximate cost of data leaks in the healthcare industry worldwide in 2020 is estimated at $7.13 million.
Demonstration of storage and reuse of De Volksbank user identification data
Registration on new services and websites is often a repetitive and annoying process for users. If the new service is financial, for example, in a bank, insurance company or cryptocurrency exchange, then the registration and verification process takes even more time.
In order to follow the required KYC (Know Your Customer) rules and anti-money laundering rules, financial services must request and store digital copies of a variety of confidential personal documents. At the moment, this process is repeated every time anew in every bank, insurance company or exchange whose services the user is going to use.
During the demonstration of the technology's potential, De Volksbank customers generated a new identification. The test identification is stored as verifiable credentials in the Selv application on IOTA. The demonstration consisted of a simulated environment in which the user can use his reusable credentials to open a new legal entity, create a corporate bank account and issue liability insurance.
sing the Selv application, all three of the above actions can be performed by pressing a few buttons. This demonstrates that the long and tedious process of identifying, storing and verifying data can be significantly optimized. Users also gain control over additional data attributed to their identification, which they use in the process. So, for example, proof of liability insurance can be used for other interactions with various parties in the future from the same application.
Lots of new partnerships on the way?
The IOTA Foundation was selected as one of five contractors for the second stage of pre-commercial procurement for the development and testing of technology prototypes for the future European blockchain Services Infrastructure (EBSI). A list of all contractors who have tried and are trying to win the tender and details can be found on the website of the European Commission.
At the moment, in addition to IOTA, it includes other projects developing solutions in the field of Internet of Things, technologies combining blockchain architecture with the usual relational database architecture and projects working on the integration of blockchain into existing infrastructure. The solutions sought by the commission should provide for the identification and classification of objects, the possibility of tracking them, managing and using data about them, automating tasks using smart contracts, exchanging with external solutions in the field of artificial intelligence through appropriate interfaces, as well as providing the possibility of using reward models and user incentives using tokenized approaches. The proposed solutions are expected to have high throughput and scalability and, of course, the maximum possible harmlessness to the environment.
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