As the Internet-of-Things keeps expanding, the need for interoperability and sharing of resources become a necessity. Billions of new devices are connected to the internet each year.
These devices like sensors, home appliances, connected cars and drones deliver economic value, but don’t have a way to engage in economic transactions. Device security is often insufficient, and privacy of information not guaranteed. A handful of large Web companies has control over the devices we use throughout the day and the infrastructure through which they communicate.
A decentralised approach is essential to enable the true sharing economy. Current blockchain technology offers part of the solution, however it doesn’t enable the required scale and frictionless micropayments for a flourishing machine-to-machine economy.
IOTA enables companies to explore new business-to-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.
The main innovation behind IOTA is the Tangle, a revolutionary new blockless distributed ledger which is scalable, lightweight and for the first time ever makes it possible to transfer value without any fees. Contrary to today’s Blockchains, consensus is no-longer decoupled but instead an intrinsic part of the system, leading to decentralized and self-regulating peer-to-peer network.
The unique IOTA Tangle architecture provides developers with a brand new set of tools for their applications in both IoT and Web. This nurtures brand new business opportunities for companies that prohibitive fees has kept in the realm of the impossible until now.