IOTA, the Germany-based distributed technology developer is going to integrate IOTA tokens with its ledgers hardware cryptocurrency wallets, as per the reports from crypto news outlet Cointelegraph on November 2.
The company is run by the IOTA Foundation, a non-profit organization with an aim to work towards the development and standardization of distributed ledger technology (DLT) and is also eying to build an ecosystem around IOTA to make it financially viable.
According to the data available as of November 2017, the IOTA Foundation had $255 million in tokens as foundation funds, $22 million in ecosystem funds and around $20 million as unclaimed funds from the crowdsale of the project.
Following up the integration with the Romeo wallets and IOTA Trinity, the Ledger Nano S hardware wallet will provide the user with the feature to protect their private keys, by giving them access of their IOTA tokens in the special chip by isolating their keys from hardware like smartphones and computers.
As part of the security protocol, this will enable the users to verify the transactions on their ledger hardware. Reportedly the ledger hardware uses similar kind of chip used in passports or credit cards.
Recently, a Japanese ICT conglomerate Fujitsu announced its launch of a proof-of-concept (PoC) on IOTA-based technology to be used in its manufacturing industries audit trail processes.
They are looking to use the protocol of IOTA as an “immutable data storage medium” for audit trails across “industrial production environments and supply chains” for data security, data trust as well as to improve transparency.
Last June, in collaboration with Volkswagen, IOTA demonstrated a PoC that uses IOTA’s Tangel system for autonomous cars. It enables Volkswagen to use Tangle architecture to transfer the updates of the software “over-the-air” as part of the new “Connect Car” system of the car manufacturer.
The Tangle from IOTA is specifically designed DLT keeping in mind to the Internet of Things (IoT) ecosystem. The system is based on the open-source protocol to ease the Machine-to-Machine interactions, along with real-time micropayments, security in data transfer and others.
By the time of this report, IOTA toke is trading at $0.47 and have a market capitalization of $1.3 billion, from data available with CpoinMarketCap.