IOTA (MIOTA) Close To Partnering Canada’s Kontrol Energy?
Speculation that IOTA (MIOTA) would be getting into partnership with Kontrol Energy Corp. surfaced in March this year. By then, it was all about the appointment of Mr. Samson Reid to the Canadian company’s advisory board.
Two days later, the Canadian company said it would be acquiring a company closely related to IOTA. For the last one month, nothing came out of it. However, it now looks like it will certainly happen in the near future and it all links back to Reid and a company identified as Target.
Samuel Reid joined IOTA in 2017 in an advisory capacity. One of the things he set out to achieve with IOTA was to see it get widely adopted in applications that utilize distributed ledger technology (DLT).
Fast forward to March 2018 and Reid is appointed to the advisory board of Kontrol Energy to help in their quest to expand in the DLT and blockchain arena.
Kontrol Energy is a company focused on delivering solutions to the challenges of energy efficiency and Greenhouse gas emissions.
This focus is in tandem with IOTA’s smart energy concept. And at the center of the expected partnership is the Tangle technology that provides scalability, zero-fee transactions, quantum proof security, and offline transactions.
At the time of his appointment, the Kontrol press release statement praised Mr. Reid’s vast knowledge and determined that it would help them achieve their goals in DLT. The Kontrol CEO Mr. Paul Ghezzi had this to say:
“We are delighted to have Sam join our Blockchain Advisory Board to assist Kontrol with its expansion of Distributed Ledger Technology (“DLT”) solutions for the distributed generation and carbon offset markets.”
Alluding to how they valued his future contribution, Mr. Ghezzi added that “Sam is a leader in the DLT sector and has participated in numerous significant DLT projects, including the Gibraltar Blockchain Exchange.”
He doesn’t mention the IOTA link. Nevertheless, Reid’s stated objective is to see IOTA adopted globally and getting Kontrol on board is one of the ways of doing it.
What could link the two are the numerous companies that he works with and which could be in collaboration with either of the two. One of the companies that are likely to be very vital is Geometric Energy.
According to Geometric Energy, their focus on blockchain and cybersecurity involves working with projects with similar goals. This is what their “about” page says:
“Our Blockchain and Cybersecurity division, GeometricLabs, features our collaborations with the Gibraltar Stock Exchange, IOTA Foundation, Spacebit Foundation, Imaginea io, and Decentralized Energy Operating System (DEOS), as well as our blockchain and cybersecurity technical consulting services.”
Both IOTA (MIOTA) and the Canadian company are working towards providing DLT solutions in this sector and rely on Reid for advisory input.
As it has emerged that Kontrol is actively pursuing distributed ledger technology solutions, and that is what the IOTA Foundation is working on, it follows that the Target’s links to IOTA could become an inevitable lead towards a partnership.
According to an update by the company released at the end of March 2018:
“Kontrol is pursuing Blockchain and Distributed Ledger Technology (DLT) solutions through internal development and is focused on the key areas of its business operations which can be accelerated through the application of DLT. These include distributed power generation, carbon reduction and trading, and the Internet of Things (IoT).”
Any deal with Kontrol, however, will not be immediate as the main link looks like the interest in acquiring the “Target”. The “Target” is a leading company in the provision of emission monitoring solutions.
The deal was anticipated to be completed within 120 days from the date of the announcement on 28th March. The acquisition of Target, a company that is heavily involved with IOTA is also a big sign that Kontrol would be getting into a closer utilization of the tangle protocol.
In fact, regarding the possible use of blockchain solutions, the Kontrol Energy CEO added that:
“With respect to Blockchain, we remain focused on building applications using DLT that improves transparency, traceability, and cost-effectiveness for our customers.” The tangle provides all these qualities, especially the cost-effectiveness problem.
It’s looking pretty solid that IOTA (MIOTA) and Kontrol Energy will work together and if it has to happen quicker, the Target will be very influential.