Sirlibz
The IOTA foundation has announced that it is partnering with a project that has been initiated by major Japanese maintenance companies, Best Materia and IMC. The project is funded by the New Energy and industrial Technology Development Organization, a national research and development agency operating under Japan’s Ministry of Economy, Trade and Industry.
The alleged project would implement Artificial Intelligence (AI) and distributed ledger technology (DLT) to risk-based maintenance systems existing in such sectors as power, Petrochemicals, industrial and oil refining plants. IOTA’s blockchain will help share immutable data thereby providing trust infrastructure and a “single point of truth for different stakeholders. The new system is expected to also benefit from the O transaction fees existing on the IOTA blockchain.
“And, without paying a transaction fee, but having free data and value transactions in the network. IOTA will be used to make the different parties accountable for the quality of the data they put into the system.”
To perform effectively in maintenance, the system will plan to digitize manual processes with AI and deep learning in order to “precheck when and which parts of the plants are going to require maintenance”. Dorminik Schiener, chairman and co-founder of IOTA said.
The project hopes to function effectively since it has a good number of supporters including Best Materia, IMC, The High Pressure Institute of Japan, OMC, Yokohama National University and Lioyds Register.
IOTA Foundation
The IOTA foundation is a non-profit organization in charge of the IOTA blockchain, they are a team distributed across over 25 countries but share the same vision. IOTA is a distributed ledger designed to record and execute transactions between machines and devices in the Internet of Things (IoT) ecosystem. The ledger uses a cryptocurrency called mIOTA to account for transactions in its network. IOTA’s key innovation is Tangle, a system of nodes used for confirming transactions. IOTA claims that Tangle is faster and more efficient than typical blockchains used in cryptocurrencies. The IOTA foundation, the non-profit foundation responsible for the ledger, has inked agreements with prominent companies, such as Bosch and Volkswagen, to extend the platform’s utility among connected devices.
