The Iota Foundation has partnered with one of Austria’s most prestigious universities to promote research in distributed general ledger technologies.
The Iota Foundation, the non-profit organization behind Iota, Iota Tangle and Miota, announced that they will be joining Austria’s newest Christian Doppler Laboratory, or CDL, as an industrial partner.
This is the first of its kind, and the lab is located at the Vienna University of Technology and is called CDL Blockchain Technologies for the Internet of Things, or CDL-BOT.
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The laboratory was officially opened in a digital ceremony on 26 November by the Austrian Federal Minister for Economic and Digital Affairs, Margarethe Schramböck. It will focus on research and development in public/private partnerships between institutions and companies that seek to expand the implementation of distributed general ledger, or DLT, technologies in everyday scenarios.
Iota will join CDL-BOT together with its new research partner, Pantos, which calls itself „the first multiblockchain token system“. Pantos is a division of BitPanda, a Vienna-based trading platform for crypto-currency and other assets, such as gold.
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Prof. Stefan Schulte, who runs the newly established laboratory, commented
„With the increasing number of possible application areas for DLT-based payments and data exchange in the Internet of Things, new DLTs need to be integrated and interoperability between the different DLTs is necessary. I am looking forward to carrying out joint research with the IOTA Foundation and Pantos to find innovative solutions to this highly topical issue“.
Launched as Jinn in 2014, Iota’s goal is to implement its platform as the de facto standard for DLT and Internet of Things devices, or IO, which is currently experiencing unprecedented economic growth. Using Iota as an operational standard, each IOT device would be able to transmit data and payment information to other devices connected to the IOTA main network.
On November 24, Iota completed a standardisation update to help ensure interoperability between devices and systems using Iota-based software. In October, the Iota Foundation announced that it would work with the government of Japan on a project to transform the country’s industrial infrastructure using its systems.
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The Iota network can now theoretically handle up to 1,000 transactions per second thanks to an August update called Chrysalis.
Although Iota has been criticised in the past for being too centralised, the Iota Foundation plans to become a fully decentralised network by the first quarter of 2021.