Volkswagen announces cooperation with IOTA

Volkswagen announced its cooperation with the Berlin-based crypto start-up IOTA at the Connected World conference in Bosch. Decentralized technology could play a key role in the connected car of the future.

VW logo

After the automotive supplier Bosch invested in the young crypto company IOTA last year , Volkswagen is now announcing its cooperation with the Berliners. Volkswagen CDO Johann Jungwirth explains the potential of free technology at the Bosch Connected World Conference.
In contrast to conventional blockchain solutions, IOTA relies on a non-blocking tangle system, which is especially beneficial in the Internet of Things in combination with countless endpoints. The validation of transactions is done by the confirmation of other transfers. Thus, each transaction must first validate two more transactions in the IOTA network to be valid. Therefore, unlike traditional blockchain solutions, an IOTA-based network becomes increasingly more powerful as the number of subscribers increases. At the same time, thanks to the gradual validation in the network, the security of normal blockchain solutions is maintained.
In addition, IOTA’s structure allows for the free exchange of transactions, which are also confirmed in the shortest possible time. The technology also works offline and promises quantum security.

IOTA in the Connected Car

In practice, IOTA could be used in new Connected Car systems, where it can protect the distribution of OTA software updates, for example. In addition, a use for MaaS solutions (Mobility-as-a-Service) is conceivable, as Jungwirth explained on Twitter .
As part of the partnership, Jungwirth will also join the Supervisory Board of the IOTA Foundation. His job will be to oversee the foundation’s annual roadmap and to advise on future cooperation between IOTA and Volkswagen. The position on the Supervisory Board also includes the approval of annual budgets and the appraisal of the IOTA Foundation’s Executive Board.

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