IOTA Foundation launches ‘Industry Marketplace’ for fully autonomous production processes

The IOTA Foundation on September 19 announced that their “Industry Marketplace” will be launched. This platform is a decentralized marketplace where machines can purchase both physical and digital goods from each other. The platform brings the world closer to the much talked about industry 4.0.

 

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IOTA is a project that deals with the “Internet of Things (IoT).” This refers to a world in which devices such as a refrigerator are connected to the internet. Such devices could buy products themselves in case a device considers this necessary. In addition to IoT, there is also the Industrial Internet of Things (IIoT), which focuses on industrial processes.

 

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According to experts, IIoT will be an important part of the next “industrial revolution.” In addition to IIoT, Artificial Intelligence (AI), Machine Learning, blockchain technology and the developments around 5G and even 6G will also play an important role.

 

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At Industry Marketplace, autonomous machines can communicate with each other and purchase goods from each other. The platform is industry-neutral and ensures that machines can understand each other. According to Thorsten Kroke, head of digital processes & standards at, this is currently still a problem:

“The Industry Marketplace is designed to solve the current problems of creating a common standard language for autonomous machine-to-machine communication, […] This is an essential aspect of Industry 4.0, where secure data exchange without loss of important information for decision making are basic requirements.”

Industry Marketplace enables fully autonomous production processes in which machines can make decisions.

The IOTA Foundation is already working with a number of large companies. For example, Jaguar Land Rover uses the technology by rewarding motorists with IOTA (MIOTA). In addition, the Dutch ElaadNL also uses the technology for a “self-balancing electricity network”.

 

The world is truly changing and we expect a lot more in the coming years.

 

 

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