Blockchain technology is fast becoming a common norm, especially in developed economies. The technology has spread its wing far and wide, spanning across various sectors.
Extensive research and development in the blockchain space have led to the emergence of newer possibilities for real-life uses. After being launched as the underlying platform for Bitcoin over a decade ago, blockchain has grown from strength to strength. The sheer potential of the distributed ledger has compelled several giant corporations to enter the game, bringing along with them million in investment.
Several blockchain based projects have surfaced in the few years, to provide solutions in various spheres of economy. One such project is IOTA, a blockchain based program focused to apply the technology in machine learning and the Internet of things. The project has gained tremendous traction in the past few months, coming up with various possibilities, especially for automation of vehicle mobility.
The IOTA Foundation, the governing body of all IOTA projects, has conducted extensive research on distributed ledger technology and is working to take it a notch higher. Especially, the Foundation is taking serious efforts in the realm of machine learning and automation.
However, for a project as vast in reach as IOTA, external factors like government policies, economic stability, etc. also play a vital role. All of these, at the moment, seem quite conducive for the IOTA project. Recently, the European Union Commission of Regulations has approved the legislative proposals to move a certain level of controls from the drivers to the vehicles, by the use of sensors. Though not admitted directly, the move is believed to be greatly influenced by the IOTA project.
IOTA develops car sensors, which make the vehicles smarter, and understand their surrounding environment through machine learning and automation. The project is already working in collaboration with many carmakers in Europe, for integrating the IOTA tangle with driverless car systems. Ensuring driver and passenger safety is the top priority for the EU, which is extremely favourable for IOTA.
IOTA is likely to play a big role in implementing technologies focused on enhancing safety in vehicles, especially in Europe. Driverless cars are expected to be the future of passenger mobility, and the IOTA tangle is a potent platform to facilitate large scale implementation.
Along with pulling drivers out of the vehicle realm, a big economic opportunity is knocking the doors of companies like IOTA. A recent blog post on IOTA website stated,
“The need for new tools for a new economy becomes even more apparent with the prospect of autonomous vehicles. Eventually, they could become their own economic agents with their own wallet and their own money.
Cars will be able to pay autonomously for parking, for charging their batteries, for tolls, and for any other service one could imagine. In order to pay for these services they will, on the other hand, need to earn money by for example delivering items.
With electric vehicles and renewable energies becoming the new standard, vehicles will also be able to earn by participating in P2P energy trading and thereby help stabilize energy grids that see the share of renewable energies rapidly increasing.”
If implemented as planned, the technology could create an altogether separate market space for itself. Europe is the perfect place to test the technology, and if successful, it can be implemented on a global scale. Also, the emergence of newer technologies like 5G will help IOTA in efficiently integrating the Internet with its tangle.
The market of vehicle automation by integrating machine learning with blockchain can become a trillion dollar market in the next few years, experts believe.