IOTA (MIOTA) is committed to redefining the world to become a better place where business models would be perfected to the tune of slashing complexity, excess transaction funds. At the same time, it intends enhancing data security and simplifying payment means with its Machine-Machine (M2M) economic vision.
The actualization of the above aims was signaled when the blockchain technology disclosed the vision of its EV3 development.
Showcasing its dream with Lego so that people could have a real picture and understanding of what its looks like, IOTA installed an ev3dev on its EV3 project, and a simple shell script was ran to check whether the balance on a precise IOTA address has been topped.
When the balance increases, it depicts that a payment has been made on the address, initiating the engine of the vehicle to start and drive for a specific amount of time depending on the pay rate.
On the address, 1Ki is equivalent to a second drive.
IOTA intends to use the EV3 project to help shrink the complexity in businesses by eliminating middlemen services. While payments made is issued directly to the truck, unnecessary transaction fees are eliminated, and the issue of currency conversion is eradicated. The project will ensure that data is well managed, exterminating fraud and theft.
According to a release issued out to declare the project, IOTA stated that the next step could be supply chain tracking. This would be showcased by inserting a Bosch XDK in a toy shipping container, and the xdk2mam code which was recently published will be used to stream data to the Tangle. Then the container will be the one issue payment to a truck to start driving.
The display, as stated by the release will bring IOTA closer to its vision of a machine-to-machine economy.
IOTA believes that through this means, it would be able to make people have a clearer understanding of the possibility and implication of its technology and modelling tools. The yet to be built world is being imaged with the project.