IOTA: A New car wallet which allows Automatic Payments!

What is IOTA?

IOTA is a revolutionary new exchange settlement and information transfer layer for the Internet of Things (IoT). It is established on new distributed ledger technology, the Tangle, which beats the incapability of current Blockchain designs and presents another method for achieving consensus in a decentralized, shared framework. Utilizing IOTA, individuals, and machines can exchange cash as well as data with no exchange fees in a trustless, permissionless, and decentralized environment. This implies even Nano payments are possible without the need for trusted intermediaries of any kind.

This technology is expected to have a full range of uses, like – 

• Feeless microtransactions without intermediaries

Currently, with IOTA anybody will be able to build tools for a frictionless machine to machine communication and finally an economy among vehicles and their quick connected environment, like smart homes and smart infrastructure. The accentuation is frictionless because exchanges in a digital economy between machines should almost certainly be small in size. Microtransactions must be feeless, to be viable. A centralized entity which is unavoidable would result in fees, which is not realistic in a machine to machine economy. IOTA empowers distributed resource exchange and financial trade without intermediaries.

• Open-Source Distributed Ledger

The first open-source distributed ledger which is being built to power the future of the IoT (Internet of Things) with feeless micro exchanges and data integrity for machines.

Car Wallet

• A German tech security firm, Accessec has unveiled a new vehicle-based wallet that will enable cars to buy fuel or charging services using MIOTA tokens automatically.
• Accessec showed its new Car Wallet recently. Integrated into the vehicle, the wallet collaborates automatically with point-of-sale terminals. It can initialize services, like approving a battery-point to start charging and pay the amount due directly to the vendor.
• The Car Wallet depends on the Tangle mainnet and utilizes MIOTA tokens to exchange value to traders.

What is IOTA up to?

IOTA has concentrated on bridging over the gaps among DLT and the expanding Internet of Things (IoT) domain. With many appliances automatically sending information to manufactures through different devices, the Tangle is intended to encourage quick, consistent and highly scalable machine-to-machine (M2M) payments and communications.

Tangle

• Tangle is a DAG protocol, in which users confirm earlier exchanges at whatever point they send payments. In theory, this makes the system inexpensive and highly scalable, a perfect protocol for the Internet of Things, where machines could potentially trade a great many thousands of micropayments.
• Information gathered by the Tangle Explorer demonstrates that the system as of now processes a little under five exchanges for each second (TPS). That is generally the same throughput as the Bitcoin (BTC) network.
• In January 2018, IOTA marked an association with the government of Taipei, the Taiwanese capital, to investigate how the Tangle could be fused into the city’s new ‘smart city’ activities. Taipei’s experts announced another Identification framework, utilizing the Tangle protocol, last June.

Most recent integration utilizing Tangle

The Car Wallet is not IOTA’s first invasion into the automobile sector. The project has been working closely with Volkswagen to integrate the Tangle into the carmaker’s new Connect feature, enabling drivers to check what number of miles their vehicles have driven. This is not the first time Accessec has worked with IOTA. The organization reviewed the venture’s Trinity Wallet in the months running up to the wallet’s beta launch last year in August.

Wrap up

IOTA is the missing riddle piece for the Machine Economy to develop and achieve its actual potential ultimately. IOTA is visualized to be the public and authorization less protocol for the IoT that empowers genuine interoperability between all devices. Although the new IOTA car wallet will initially be utilized for vehicles, Accessec trusts that the software has more wide-ranging applications.