The crypto market may be a roller coaster ride for many, however, based on the massive potential for growth, there are several ongoing projects that are immensely undervalued at the existing prices. And IOTA or MIOTA is one such inherent crypto project. IOTA is successfully inking deals that are all directed towards the future where it would be solely at the center of a smart economy. One landscape that facilitates a colossal opportunity for IOTA is the autonomous car industry.

The last few decades have seen vehicles getting smarter and more user-friendly and today major car companies are already experimenting with the self-sufficient and autonomous vehicles that do not require any kind of external human intervention. While the technology is still in its nascent stage, it has not gained its full momentum yet. So the giant companies such as Volkswagen and Uber have started fueling the concept with more power.

Moreover, automated machines are devised to function only in the superlatively controlled environment, whereas the autonomous vehicles can utilize the existing data to take decisions in a split-second and might differ from the circumstances they are familiar with. The only issue to provide them with sufficient data to make them proficient in making such a decision, and that is where IOTA kicks in.

But how did IOTA’s blockchain technology fit into the whole picture of the autonomous car industry? Let’s find out.

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What Is IOTA?

IOTA is essentially a remarkable distributed and open source ledger that has recently gained a strong foothold in the crypto world. However, rather than completely relying on the blockchain, like several other similar projects, it is based on its very own invention that goes by the name of ‘Tangle’. The platform enables the connected devices to numerically send payments and transfer money to one another. These transactions are popularly termed as micropayments. Another crucial facet of the platform is that it is feeless, which is the optimal requirement for these micro-payment infrastructures.

Nonetheless, the IOTA team wishes to allow all the connected devices to furnish their own information and other properties in the real-time. This theory is exceptional in itself and when applied to the autonomous car industry, it can forge to be a real game-changer.

IOTA And The Future Of The Autonomous Car Industry

The primary goal of IOTA is to swell the economy of autonomous machines where different kind of devices can communicate with one another with the help of Tangle. The project is already taking big steps towards its objectives and they have successfully launched a first-ever car charging station that is capable of accepting IOTA coins as a mode of payment.

Moreover, IOTA is looking forward to MaaS as a part of its system and provide it to make a systematic use of its distributed technology mainly for the purposes of accounting. This would further allow the proper endowment of new possibilities and opportunities, such as making reservations and payments or Volkswagen’s self-driving cars.

In the near future, this technology might develop greatly and facilitate even more uses like booking tickets, planning tours, and so much more. Well, it is not only limited to that- IOTA’s recent partnership with MOBI has signaled that the trailblazing technology might even enter the transport industry for the future revolutions.

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A Final Note

The unique features of IOTA, mainly- scalability, decentralization, quantum immunity, and no transaction fee are what makes it so viable for the autonomous car industry. Nonetheless, IOTA’s partnership with Volkswagen holds powerful implications of its future capabilities.

If you also find the technology close to your business, or in any case looking to develop projects based on the blockchain, we can assist you greatly.