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How IOTA Can Influence The Autonomous Car Industry

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The industry of self-driving cars has made a lot of progress in the recent years, and according to a recent demonstration by Volkswagen, a lot more is to come soon.

Volkswagen’s presentation at Germany’s CEBIT ’18 Expo in June of this year has unveiled that the carmaker is joining forces with IOTA blockchain. IOTA has become known for its association with car manufacturers and IoT devices. Now, Volkswagen wishes to show how IOTA’s blockchain technology can be used for improving self-driving vehicles.

IOTA’s PoC demonstration especially indicated that the project’s Tangle architecture can assist carmakers with the possibility of secure transfer of various software updates. The updates would arrive over-the-air and would be a large part of VW’s ‘Connected Car’ system. Obviously, the carmaker wishes to make the blockchain technology a large part of the future mobility.

It is also important to make a distinction between the terms autonomous and automated. According to Mathworks’ Jim Tung, autonomy is a concept of self-governance. This basically means the ability of a vehicle to make its own decisions, and not depend on the human intervention in new situations. This is different from automated robots, that would always perform the same action each and every time.

Automated machines can only work in the perfectly controlled environment, while autonomous machines can use the existing data to make split-second decisions that may differ from the situations that they are familiar with. The only issue is to give them enough data to make them capable of making such a decision, which is where IOTA comes in.

About IOTA

IOTA is an open source ledger that is distributed in quite a revolutionary manner. It doesn’t rely completely on its blockchain like many other such projects, but on its other invention by the name of Tangle. Its platform allows numerical money transfers between all of the connected devices. These transactions are what we know as micropayments. Another important part of the platform is that it has no fees for these transactions, which is more than beneficial for such micropayments.

The team behind IOTA wishes to allow all connected devices to contribute their own data and other properties in real time. This concept is revolutionary by itself, and when applied to autonomous cars, it can be a real game-changer for the industry.

Tangle explained

Now that we are a bit more familiar with IOTA, let’s take a closer look at Tangle. Tangle is a new way of structuring data, which is based on DAG (Direct Acyclic Graph). This means that the system has a topological order. Basically, it allows different kinds of transactions to go on different sidechains of the network, all at the same time. This allows it to eliminate things like chains, blocks, and even miners. This is also what made IOTA stand out from other blockchain projects, and what allowed this project to also eliminate transaction fees, and make data transfers more scalable and secure.

The fact that different types of transactions can all run at the same time can be of immense value if the system is used for a specific purpose, as in the case of Volkswagen’s new plan. There is another big difference that makes IOTA’s system stand out, and that is the way that transactions are made. Since there are no miners to validate transactions, they can only be made by those who are actively engaging on the network’s consensus. This is done by approving two previous transactions, which is a great way for a system to ensure that the network will achieve consensus.

IOTA’s website offers an entire list of various features, many of them quite unique. Those include things like the absence of transactions fees, quantum-immunity decentralization, and increased scalability.

Security issues

This process can have great applications when its implementation is perfected, and it will especially improve transparency and security. Previously, there was a lot of concern regarding the potential exploit of the autonomous cars’ software. Various studies have shown that it is possible to infect the software with malicious code, which would then interfere with steering, acceleration, breaks, or maybe even completely disable them.

Blockchain technology might be able to eliminate these dangers, but there are still a lot of tests and trials to be one. Especially, after considering that Volkswagen has had a two-year-long legal battle with security researchers after they uncovered a flaw in the cars’ keyless entry system. The fact that Volkswagen tried to keep things quiet when the researchers wanted to publish their findings did not help the company’s image.

Now, it would seem that the company is ready to turn to transparency. Hopefully, this might be enough to regain the trust of authorities, as well as its customers.

What does the future have in store?

IOTA’s goal is to bring the economy of autonomous machines where various devices can communicate with one another through Tangle. Of course, this would include autonomous cars as well. The project is already making steps towards this goal, and they have already launched a first car-charging station that receives IOTA coins as payment.

Additionally, IOTA wants to make its system a part of MaaS, and allow it to make use of its distributed technology for the purposes of accounting. This would allow for various new possibilities, like making payments and reservations or VW’s self-driving cars.

This technology might then develop to allow even more uses, like planning trips, booking tickets, and more. Not only that, but IOTA also entered a partnership with MOBI, which is a hint towards its plans to also enter the transport industry.

Finally, there are Volkswagen’s plans, which are envisioning the use of Tangle for data distribution in their autonomous cars industry. IOTA can allow all updates, transactions, and all other communications between devices to be secure and completely wireless. Over 250 million cars are expected to reach the roads by 2020, all of them connected with each other, and it would seem that Tangle will be the way to go.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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