IOTA, which is reputed to be the next generation distributed ledger or blockchain, received some boost over the past few days that caused a spike in the price of native token MIOTA on Monday.
The price of MIOTA climbed to over $0.74 today from around $0.50 on Friday, as per data from CryptoProbe.net.
Fujitsu, the Japanese information technology conglomerate, said in a report that IOTA is best suited for audit trails in industrial production environments and supply chains that involves hundreds of components and complex processes.
The second boost came from the public beta release of the Trinity Desktop wallet app from the IOTA Foundation on August 25. The Trinity Mobile wallet was launched in May.
IOTA is a decentralized open source distributed ledger that runs on a directed acyclic graph, or DAG, protocol called the Tangle.
The platform offers scalable technology that has been specifically designed to be the backbone for the Internet of Things, or IoT. Transactions happen on the ledger peer-to-peer without any transaction fees and with unlimited scalability.
In crypto exchanges, the corresponding token is listed as mega IOTA or MIOTA which is equivalent to 1 million IOTA.
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products,” Leopold Sternberg, program manager of Industry 4.0 Competence Center at Fujitsu, said.
The company is promoting IOTA-based innovation with its Co-creation approach.
IOTA can serve as an immutable data storage medium for an audit trail for a production process, mainly for the manufacturing and automotive industry, Fujitsu said.
Adopting IOTA can improve the quality management, after sales processes and customer care management, the company added.
Further, IOTA provides a cryptographically secure source of unified truth for compliance audits and prevents negative influences such as security breaches, data corruption, or fraud, Fujitsu said.
The company is exploring a combination of its Fujitsu PalmSecure Palm Vein Pattern Recognition Technology and IOTA Tangle for identity and access management solutions.
The IOTA blockchain also supports comprehensive interaction along supply chains and ecosystems based on a global, open source network.
At the Hannover Fair 2018 held in April, Fujitsu and several other companies including Huawei and T-systems held around 10 live demos for IOTA use cases.
German car manufacturing giant Volkswagen demonstrated a proof of concept of how the trusted transfer of software over-the-air to vehicles can be securely documented using the Tangle at CEBIT 2018 in June.