IOTA launches its autonomous, decentralized marketplace for EoT

iota

The IOTA Foundation, a non-profit organization behind the IOTA scalable, feeless and decentralized distributed ledger technology, today announced the launch of the ‘Industry Marketplace’ a decentralized marketplace which will automate the trading of physical and digital goods and services.

“The Industry Marketplace paves the way for secure automated trade in the manufacturing sector. The use of the IOTA Tangle, an open-source distributed ledger technology that is feeless and scalable, ensures stability and robustness for the Marketplace and its participants. We are now looking forward to expand the circle of participants, demonstrate the Marketplace under near-production conditions and continue its development with our industry partners.”
– Holger Köther, Director of Partnerships of the IOTA Foundation

Marketplace

The Industry Marketplace will serve as a vendor- and industry-neutral platform, automating the trading of physical and digital goods and services.

Building on specifications developed by the Plattform Industrie 4.0 (Germany’s central network for the advancement of digital transformation in manufacturing), the Industry Marketplace combines distributed ledger technology and immutable audit logs.

This is through eCl@ss standardized, machine-readable contracts with an integrated decentralized identity system, to ensure the authenticity of all participants and enable secure communication and payments across the industry landscape.

The Industry Marketplace has been developed as an open-source initiative and is free to join. Open innovation with other industry partners to explore new business models and the many possibilities of industrial automation are encouraged.

Key Features include:

“The industry marketplace is designed to solve the current issues around creating a common standard language for autonomous machine to machine communication. This is an essential aspect of Industry 4.0, where secure data exchange without the loss of key information for decision making are foundational requirements.”
– Thorsten Kroke, Head of Digital Processes & Standards, eCl@ss

Founding participants include: eCl@ss, Neoception, Otto von Guericke University Magdeburg, Helmut -Schmidt-University Hamburg, WeWash and the IOTA Foundation.

“The IOTA decentralized identity system is capable of solving an industrial need right now: identifying physical devices. Identity is a prerequisite to attach an Asset Administration Shell to a physical device. The DID used by the Industry Marketplace may seem futuristic to some, but it solves a real problem for the industry, by providing globally unique IDs.”
– Jörg Nagel, Managing Director, Neoception.

Industry 4.0 (I4.0)

The next generation of industrial automation, Industry 4.0 (I4.0), is rapidly approaching. In tomorrow’s world, devices will contain not only asset information, but proactive decision and optimization algorithms to enable goal-oriented behavior among their components. Such I4.0 devices can be viewed as autonomous independent economic agents that cooperate according to market economy principles.

The highly flexible value creation networks that result from I4.0 will require new forms of collaboration between companies – both at the national and global level. The successful implementation of I4.0 will depend on the creation of a common global communication and computing infrastructure that allows economic relationships between machines. By combining the latest technology with established standards and openly-developed specifications, the Industry Marketplace will provide this platform and enable the economy of things.

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