Enabling Manufacturing using IOTA – A possible approach post Covid-19 paradigm
Blog: NASSCOM Official Blog
Internet of Things is no more a technological breakthrough. Industrial applications have been faster in adoption of IoT and it has been playing a significant role for businesses that requires internal tracking, attaining near to zero error with less manual intervention, enabling machine to machine talking along with prognostic maintenance. RFID chips and other sensors are much cheaper in terms of cost and easier to manufacture than most of the sizeable and lumbering consumer electronics. The future of IoT will continue in these lines, especially post COVID with lot of manufacturing concerns embracing automation at a massive scale gradually shaping the smart industrial applications concept.
However, the block-chain of IoT also calls for distributed and secure exchange of data captured through these sensors or devices. The interconnection of block-chain technology and IoT have been in the scenario since 2015, to solve critical IoT challenges related to security and data privacy. The IOTA protocol has been able to enter into collaborations which technically differentiates itself from most of the cryptocurrencies by its underlying technology that uses Directed Acyclic Graph (DAG) as a distributed ledger which stores the transactional data of the IOTA network, instead of block-chain enabled transactions. This proposed system uses IOTA’s ledger, called Tangle – a database to store the data that it aggregates by issuing transactions.
IOTA Over Blockchain – Leveraging the technology
- The Transaction Rate – Blockchain has a very low transaction rate while the rate of transaction in IOTA is significantly higher due to more users and shorter time required for transaction approval.
- Efficiency of the tech – Since the mining process is shortened in IOTA, the efficiency in terms of computing power is much higher, also the electricity consumption is less as compared to block-chain technology
- The Security Compliance – Though the block-chain can be prevented from external manipulation, there stands a risk of internal data manipulation in order to increase the transaction rate. Since the latency of the IOTA is quite low the transaction happens between the enterprise system and a trusted instance.
- Scalability – With increase in users and the transactions, the system gets much faster. Moreover, the latency is also much low that enables the scaling of the system.
Hence, it is of utmost interest to the industry as the Tangle technology in the IOTA network replaces the minors with the creators of transactions who perform Proofs of Work (PoW) computation on behalf of the user. Thus, companies can adapt Tangle to support their use cases, integrate payment process, document transactions all at the same time in addition to being legally compliant.
Hence, it is of utmost interest to the industry as the Tangle technology in the IOTA network replaces the minors with the creators of transactions who perform Proofs of Work (PoW) computation on behalf of the user. Thus, companies can adapt Tangle to support their use cases, integrate payment process, document transactions all at the same time in addition to being legally compliant.
Read more on the article here: https://iiot-world.com/connected-industry/enabling-manufacturing-using-iota-a-possible-approach-post-covid-19-paradigm/
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