The Hannover Messe is an eye opener for many industries that believed that Blockchain is the ultimate technology to oversee delivery from the time of conception to output. The conference is focusing on IOTA and its Tangle technology, focusing more on the Distributed Ledger Technology (DLT). DLT and Blockchain continue to hold the attention of the audience, and the conference intends to showcase the uses that both the technologies would have in the future.
It is worth mentioning here that IOTA will be showcased for the second consecutive year. The conference will also show how Tangle Technology ensures that the stored data cannot be “altered as proof of original components or for warranty management.”
The conference helps build up a client base, which includes companies like Volkswagen. IOTA has been quite active, alongside the European Union, in policy making, which made its figureheads making decisions alongside the European Committee. IOTA is also said to be in sync with issues of the 21st century, which involves projects like the IOTA Lidbot for the Taipei Smart City. All of this point to the future when IOTA would continue to exist in the long run, despite short pitfalls.
The reason why the conference is a success
In all possibilities, there will be other companies which will get interested in the project and incorporate the IoT and the IOTA into their business. It is believed that both will add a lot of value to the delivery chain, in terms of speed and efficiency.
What are tangle and its difference with the blockchain
It can be easily figured out what both mean from their names itself. The blockchain is a chain of blocks, which comprise of several transactions. The height of the block could decide the level of the transaction. It makes it easy to find and identify different interactions. Tangle, on the other hand, is a tangle of the network, which requires no mining and no transaction fee. It is fast too. While there is no concept of blocks, each transaction is verified by little PoW by the originating device. All the transactions are linked. It is faster than blockchain because the transactions are verified parallel unlike blockchains. This helps in more number of transactions at a given time. In blockchain, to chain the information in one block, for the purpose of safety, the information in the previous block will also have to be changed.