EVRYTHNG, an internet-of-things (IoT) platform that “activates every consumer product to make it intelligent, interactive and trackable,” has partnered with IOTA, a non-profit foundation which develops permissionless, distributed ledger technology (DLT)-based platforms.
The partnership between the two entities involves incorporating some of IOTA’s core technologies with EVRYTHNG’s Blockchain Integration Hub. After the integration of both technology platforms, consumer product brands will “have an easy way to rapidly test, scale and deploy IoT applications,” the announcement’s press release noted.
Established “Powerful Integrations” With Major Blockchain Networks
IoT applications deployed on the new platform will “deliver transparency and provenance to customers while sharing real-time data between supply chain partners,” the release stated.
Commenting on the initiative, Dominique Guinard, co-founder and Chief Technical Officer (CTO) at EVRYTHNG, remarked:
We are celebrating the one-year anniversary of our EVRYTHNG Blockchain Integration Hub. Over the past year, not only have we created powerful integrations with some of the most recognized blockchains in the world including, OriginTrail, Tierion, BLOCKv, Bitcoin and Ethereum but, we've launched real-world applications with the technology.
Guinard added: “This is why we are so excited to announce a strategic partnership with IOTA, a totally different kind of distributed ledger technology, specifically targeted at the IoT industry -- opening new opportunities for consumer product brands.”
Blockchain And IoT Projects To Attract Millions Of Dollars In Investments
“Big four” auditing and professional services firm Deloitte has estimated, through a sector-wide research study, that 42% of executives working in the manufacturing and consumer products sector intend to invest around $5 million in blockchain-related systems in the coming year. Deloitte’s report also mentioned that IoT applications will attract substantial investments which will mainly go towards funding the development of consumer protection and supply-chain management processes.
IOTA To Allow “Scalability, Interoperability, And Maturity” Of EVRYTHNG Platform
Although blockchain-enabled systems could potentially streamline many routine business processes, “industry first-movers must first overcome several challenges,” the release mentioned. For instance, there are “high costs associated with testing blockchain/DLT platforms to determine” which types of implementations will work best.
According to the release, IOTA was chosen as a platform to build on by EVRYTHNG’s developers because it potentially “brings a whole new dimension to the EVRYTHNG Blockchain Integration Hub.” The IOTA integration will “allow consumer product brands to experiment with emerging DLT capabilities while relying on the scalability, interoperability and maturity” of the EVRYTHNG platform.
Moreover, users will be able to “securely transfer data or payments without transaction fees in a trusted, permissionless, and decentralized environment.”
“Moving Beyond The Blockchain”
Holger Köther, the Director of Partnerships at the IOTA Foundation, stated:
IOTA’s distributed ledger technology moves beyond blockchain by enabling secure, feeless, data transfer and payments to advance IoT. Due to the nature of the supply chain and its lack of transparency and trust, IOTA’s Tangle technology is uniquely positioned to address these challenges. This partnership with EVRYTHNG clearly demonstrates how both consumer brands and their customers can benefit from greater transparency in the sourcing and manufacturing of consumer products.