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.

IOTA Private Tangle

IOTA private tangle is an IOTA network that you control which contains only nodes you know. It is the same technology as the public IOTA networks, but this time around you control it by running an open-source implementation of the coordinator called Compass. For the Private Tangle nodes to be properly configured and to be in synchronization with others within the identified network, a coordinator Plugin is used.  This plugin creates an instance of the Compass which allows nodes to synchronize once activated.

Tangles are also set up in order to explore the IOTA technology, develop and used in testing an application, setting up a faster IOTA network and also showcase the IOTA technology.

The IOTA Compass

The IOTA compass is an open source implementation of the coordinator. It basically creates, signs and sends a bundle of transactions that contain Milestone. For a node to reach a consensus, the node operator must configure it to recognize a particular compass Milestones. You can then configure compass to send Milestones to one of your nodes at regular intervals.

IOTA is a network built and developed for exchanging value and data between humans and machines. It is the first distributed ledger technology developed for the internet of things (IOT).

In the statement released by the IOTA Foundation, they stated that the one released is a Pre-Alpha release and does not have all ISCP(IOTA Smart Contract Protocol) features enabled, but comes with three demo Dapps (Decentralized Application) which will help in demonstrating the capacity of the platform. These Dapps are TokenRegistry, FairAuction and DonateWithFeedback.

FEATURES OF THE DEMO DAPP’s.

The TokenRegistry will allow the Smart Contract users to simultaneously mint and also assign Metadata to the IOTA-Colored Tokens within a single transaction. This saves time and serves as the best solution for enterprises with these needs. Data is stored in it with info on who minted them and how many were minted.

The FairAuction allows Smart contracts users to auction the IOTA colored Tokens trustlessly. This Dapp allows for anyone to easily auction tokens or bid for auctioned tokens. It is fully decentralized and auditable and as such is a trustless Smart Contract.

The DonateWithFeedback allows the ISCP(IOTA Smart Contract Protocol) to carter for donations made for websites or organizations. The IOTA Foundation believes this is the simplest of all Dapp, it also shows the full ability of the ISCP to handle large or high volume work or ability.

“The use of a virtual unit of account allowed Sberbank to solve a number of technical problems and create a universal tokenization platform, in which the process of issuing tokens is just one of many possibilities. At the same time, the process of ‘conversion’ is rather technical in nature, can occur seamlessly and imperceptibly for the user.”

The tokenization protocol is built on the Hyperledger Fabric, an open source blockchain and related tools launched back in December 2015 by Linux Foundation and includes the likes of IBM, Intel and SAP among other contributors.

Other Projects on Hyperledger

Recently, Cardano (ADA) parent company IOHK joined forces with Hyperledger in order to contribute to it’s growing suits of blockchain projects. 

Last year, SK Telecom, South Korea’s major Telecom faint launched STONledger, an enterprise blockchain platform built on the Hyperledger Fabric. 

The IOTA team has announced integration of Tangle into the Hyperledger fabric blockchain network to help support permission-less features. 

An example where this could apply is where a user sends or shares a Decentralized Identity Document (DID) with the government, only for the government to find out the transaction no longer exists when they try to search it out on the Tangle.

Chronicle

The IOTA Chronicle allows users to store any or all of their transactions off the Tangle on a separate distributed database, this makes it impossible for Node operators to delete the old transactions thereby making these transactions last longer. This was developed for enterprise and organizations to store transaction data for a very long time.

IOTA keeps working and improving the Chronicle since its inception in 2019. Below are the Updates announced by the team.

They have ported Chronicle from the Erlang programming language to Rust thereby making the programming environment more secure and will enable interoperability with future IOTA products.

With the new update, a user can easily set up a Permanode in minutes as a result of the CLI applications’ it comes with.

The new update comes with flexibility for the users such as allowing users to choose the duration to store a transaction, the storage solution to use, and what type of data to store. They plan on continuing more development, you can check out the road map here.

Voice functions as a decentralized version of Facebook and Medium. Those interested in publishing on the site are asked or required to request early access by registering on the platform from now until the 15th of August. 

Voice aims at bringing back transparency and authenticity to social media by utilizing a biometric authentication technology to verify each account thereby making sure that only real humans own accounts on the platform. This will help bring back humanity to social media platforms. 

Users of the platform are rewarded with Voice tokens for posting quality contents and engaging on the social media platform. 

Other Blockchain related Social media platform 

There are a good number of blockchain of related social media platforms out there, one of which is Society2.

Society2 is an IOTA powered decentralized social media platform whose goal is to allow or help individuals operate and control their own social media platforms through owning an IOTA Node.