On the 30th of September 2020, the Berlin-based IOTA group said it teamed up with several large corporations around the world, including Jaguar, Land Rover, and NTT. They have come together in the launch of software that would grant consumers remote access and control of things like appliances and cars.
This new software is called IOTA Access and got established by the university of Cambridge together with a European start-up three years ago. IOTA Access is capable of granting and revoking conditional access by individuals other than the user to the physical devices.
More About the Partnerships On the New Software
IOTA announced partnering with European Chipmaker STMicroelectronic, British luxury carmaker Jaguar Land Rover Automotive plc, and Japan’s NTT Data. There are also other global companies that teamed up with the company with the objective of exploring blockchain applications; to come up with various ways they can manipulate the technology to suit their needs.
According to Dominik Scheiner, IOTA co-founder, they are focusing on IOTA Access so as to deliver more to their consumers. Its goal is to make a phone able to access anything and for mobile phones to be people’s personal keys.
IOTA Access will get fixed in Jaguar Vehicles now that this British carmaker has a long-lasting partnership with IOTA. One instance of IOTA Access use cases with Jaguar vehicles is that consumers get access to things such as car trunks for putting packages remotely. Schiener also confirmed that STMicroelectronics offered hardware such as micro-controllers that enable the smart devices to operate. NTT on the other hand contributed to the IOTA Access by developing the software technology.
Deutsche Bank Considered Integrating IOTA in the Banking Sector
On 2nd of September 2020, the head of the corporate division at Deutsche Bank confirmed its assessment of the blockchain’s technology, to drive innovation in the financial sector. This announcement also got shared by Frank Schwab, a strategic advisor and board member at Gulf International Bank in a tweet.
Speculations have it that possible use cases for IOTA in the banking sector could be; facilitating machine-to-machine economics and internet of things (IOT) payments. According to Wolfang Wossner, professor for digital finance and banking at DHBW Mosbach, the blockchain can enhance the banking sector greatly. Wossner also pointed out that the company’s IOT technology would provide innovative sales and financing solutions like models of embedded finance.
Deutsche Banks seems to uphold IOTA technology greatly after indicating IOTA’s solutions for many critical blockchain problems. Furthermore, the blockchain has high scalability and low costs, which serves as a boost.