Bosch To Connect Its XDK IoT Prototyping Device To IOTA (MIOTA) Data Marketplace
On November 12, 2018, the engineering and electronics giant, Bosch, took to Twitter to announce a new partnership with IOTA (MIOTA).
According to the official announcement, the newfound collaboration will be focused on connecting Bosch’s Internet of Things (IoT) data collecting device, XDK, with IOTA Marketplace.
Selling data collected by IoT devices
Bosch describes their newly developed Cross Domain Development Kit (XDK) as a programmable sensor device for harvesting and storing data, which can also function as a sensor node solution.
XDK is also said to be a connectable device, so it should be perfect to connect with the online marketplaces such as IOTA Marketplace, where users can monetize their stored content.
According to Bosch, until this partnership deal, an open source code which would connect their XDK device with the IOTA Tangle network didn’t exist so the main goal of the cooperative efforts is to offer such a software.
IOTA as a differently distributed ledger
Bosch’s official blog refers to IOTA Marketplace as a decentralized place which enables users to buy and sell access to existing data streams. The data streams are created from IoT devices.
Using a Masked Authenticated Messaging (MAM) second-layer data communication protocol, IOTA Marketplace users can share data through an encrypted channel. However, despite the encryption, data shared in this way is completely trustworthy due to the irreversible nature of the IOTA peer-to-peer network.
Speaking about the IOTA network, it is important to point out that it doesn’t use a conventional blockchain system to store and transfer data. Instead, IOTA Tangle simultaneously runs more chains which serve to process different types of transactions.
That system is called a Directed Acrylic Graph (DAG).
Bad timing with a falling market
However big company Bosch may be, investors failed to take notice and react on the announcement. On the contrary, today, IOTA is one of the worst performing cryptocurrencies in the top 15, recording an alarming loss of up to 30% against fiat currencies on major exchanges as a result of the major bloodbath across the market, with a current decrease in the price of around 15%.
In the time of the announcement, IOTA also failed to break through the $0.50 resistance, carrying on with horizontal movement by fluctuating just below the mentioned price.
The daily trading volume surged from $4 million to $13 million, which was by far the largest volume in the last 5 days at the time. At the moment, IOTA is priced at $0.43 per token.
The exciting perspective
Disregarding the recent negative price movement, we can say that IOTA is one of the most successful crypto projects in cryptocurrency multiverse, catching the attention of the variety of large-scale companies from different industrial areas.
In early September, IOTA has struck a partnership deal with the German giant of the automotive industry, Volkswagen, to launch a Digital CarPass, which serves to ensure the reliability of the car’s mileage.
Furthermore, earlier this year, this distributed ledger development foundation partnered up with another prominent car producer, Audi, which can be considered, along with their Fujitsu partnership deal, as one of the biggest scores of the IOTA Foundation to date.
All these collaborations hold enormous potential.
Once the new developments from these recent ventures start piling in and materializing, we will see the true power of IOTA and see a thriving marketplace for IoT data.
This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.