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  • An exciting new use case for IOTA and micro transactions was displayed at the Hannover fair
  • An automatic IOTA deduction was made when a new production stage was reached
  • Every step of the process was recorded on the tangle

IOTA has, in the last few months, been on a mission to showcase the many uses of their platform. They have previously given demonstrations before the UK parliament and collaborated with Things Labs to showcase a ProductID system alert this year.

Now their latest venture sees their pay per use Proof-of-Concept at the Hannover fair in collaboration with topocare which sees automatic payments being made with every step of the production process completed.

The Hannover fair saw a new textile-related machine that has an in-built IOTA Wallet.  By making use of the pay on production protocol, IOTA tokens are charged as soon as a new production step is reached.

In this case, textile consumption is monitored by the machine and the transaction of IOTA tokens is triggered based on its activities. Each production stage attracts a fee of 3 IOTA which is a micro-transaction of  approximately 0,0000009 Euro.

Each transaction needs to be confirmed in the IOTA tangle. As such, it promotes or reattaches a transaction if confirmation cannot be given within a certain time frame. On average, it takes 3 to 5 minutes to confirm a transaction.

The transactions made so far have been uploaded to where several were reattached. Also, IOTA stated that they faced some challenges with their WiFi when demonstrating at the Hannover fair but overall, it was a successful process.

As each stage was completed in the production process, the machine was attaching the current production status to the tangle. Production parameters were also able to be inserted via the message field and these included machine name, timestamp, rotary encoder status and the GPS-position of the machine.

The use of both the tangle and the IOTA wallet ensured that the user has an independent report of how the machine was used and if it was within the agreed parameters.

(Excerpt) Read more Here | 2019-04-09 02:00:00


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