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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

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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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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