Fujitsu To Use IOTA (MIOTA) to Audit and Monitor Supply Chain
IOTA (MIOTA) has received another major endorsement with the backing of multinational technology company Fujitsu. The company will use IOTA to audit its supply chain during manufacturing.
IOTA has been touted to become a new protocol standard for audit trails by Japanese ICT conglomerate Fujitsu. This latest development comes as Fujitsu announced it will be leveraging an IOTA-based proof-of-concept (PoC) to audit its manufacturing and supply chain.
IOTA’s protocol is perfect for audit trails
According to the official statement, Fujitsu noted that they will be using IOTA protocol and an immutable data storage medium for audit trails across industrial production environments and supply chains.
The company is seeking to improve transparency, data trust, and data security with the help of the technology.
Leopold Sternberg, Program Manager at Fujitsu’s Munich-based Industry 4.0 Competence Center commented on this milestone. He stated that the partnership between Fujitsu and IOTA will aid in showcasing IOTA as the new protocol standard.
He added that Fujitsu has what it takes to do so considering it is an expert in both the ICT services and manufacturing industries.
The project, which is jointly handled, aims to address the challenges of increasingly data-intensive Industry 4.0 manufacturing and supply chains.
These challenges have been recognized to demand a very efficient method of building trust in processes’ and products’ quality and integrity.
The notice issued by Fujitsu discussed a proposed cryptographic ID system for product components. Their production status would also be connected using nodes on IOTA’s Tangle protocol and will be hosted by the tech firm.
IOTA is built on Tangle, which is a completely different type of distributed ledger technology (DLT) than blockchain. Tangle doesn’t make use of blocks or mining like blockchain, it is designed on a directed acyclic graph (DAG).
DAG is a topologically ordered system where different types of transactions run on different chains in the network at the same time.
Important partnership with Fujitsu
Fujitsu is a giant Japanese information and communication technology (ICT) company. It’s the fifth largest IT service provider globally with close to 140,000 service providers in over 100 countries.
What does this mean? If a company of this magnitude and reach sees value in IOTA’s project, it can signal many good things to come.
Further, this is a major endorsement and sign of confidence for investors and HODLers alike.
MIOTA reacts to the news
The announcement was the main catalyst behind the cryptocurrency’s bullish run. MIOTA has been trading sideways from the medium-term, and downward from the long-term perspective prior to the announcement.
The IOT/USD jumped on strong fundamentals but, at the same time, confirmed a small downside correction.
MIOTA’s price has gone up by nearly 14% since the partnership was announced on Saturday. The token is closing in on the $0.7 mark and is up more than 13% on the day as at press time.
Earlier this month, the IOTA Foundation was rocked in controversy after a transcript was leaked revealing a major disagreement between senior management and the project’s founders.
IOTA Foundation had publicly denied these allegations but the damage led to MIOTA performing poorly on the markets.
Despite the bear market, cryptocurrencies have been making strategic partnerships as the market gets ready for the entry of institutional investors.
This information was revealed in an official notice on Saturday, August 25.