The Iota Foundation and Imperial College London recently announced the launch of their four-year-old Distributed Ledger Technology, or DLT, initiative designed to research and develop solutions to develop socially conscious circular economic models and service-based businesses.
The Imperial-Iota-Infrastructure Lab, known as I3-Lab, will operate within the framework of the Dyson School of Engineering Design and has adopted the slogan “Iota Powered Infrastructure; Analytics of the Empire; use cases created by the community; And influence on the basis of partnership.
This summer, I3-Lab is initially expected to be funded by a $1 million charitable grant from the Iota Foundation, and will soon become a joint venture in funding following an undisclosed contribution from ICL described as “significant.”
Two postdocs and five PhD students. Led by project managers, the students will focus their efforts on five projects covering a range of proposed topics, including emissions from tires in the mobility industry, ethical batteries in the energy industry, an infrastructure project to develop core technologies related to digital twin and DLT, as well as two open competitions to attract the ICL community Broader and receive internal funding.
The lab, which is currently under construction, is the size, if not a small portion, of the football field’s target area, also known as the “six yard box”. The architectural plans reveal the intention to build a mezzanine floor on the second floor overlooking the first floor to provide enough space for seven students and their necessary equipment.
Tom Farren of Cointelegraph Imperial College London visited and spoke with Robert Shorten, Associate Director of Engineering at Dyson School. Peter Chung, President of Dyson School of Engineering Design; and Naveen Ramachandran, Iota Board Member, on topics ranging from tire emissions and the Jevons Paradox to token incentive models, Iota’s proposed ambitions for governance and the behavioral impact of coins in shopping carts.
This interview has been shortened and edited for clarity.
Cointelegraph: What are the specific reasons for collaborating with Utah on this project?
Peter Chung: The reason we care so much about Iota with the I3-Lab is because it aligns with our values. This is a technology driven field, but our department’s mission is to change society and humanity for the better. We believe this technology will have a significant impact in the future and therefore we want to invest in it.
Robert Shorten: “Traditionally, technologies like blockchain have been used in financial technology as a means of payment or to track goods and services. We are very interested in studying behavioral intervention.
The big problem with the sharing economy is the idea of being able to handle risk. The risk that someone will not do what they promised. For example, if you are in a shared vehicle, it must be returned at a specific time, and if someone doesn’t, it will undermine the whole concept of sharing.
“The idea of managing risk for misuse of assets rather than controlling access is a very subtle, but actually a very important part of the sharing economy in these new ownership models.”
CT: How do you imagine how a free Iota structure could support these new ownership models?
Navin Ramachandran: When you work in a free environment, how do you achieve fair distribution? The problem we have, as in many other projects, is that things make sense from a research standpoint, but when they are implemented, the algorithms become so complex that they are easy to break, or the treatment takes too long and gets too serious. .
PC: Or it may not be scalable, so when you double or 10 times the number of users it breaks. Scalability is one of the most important factors and one of the weaknesses of blockchain technology.
Rosé: The quiet side is what drew me to Iota because I’ve spent years working on lung control. In fact, I thought I had put it behind me before I met these guys! One of the things that interests me and that drew me to Iota is electronic systems design.
This is a very stupid example, but one of the biggest developments in human interaction with technology is the currency in the shopping cart. I remember growing up in Ireland, there were carts in every river. [In the room: I don’t know if you remember this?]
No: there are now electric scooters!
Rosie: And then someone had a great idea of putting a £1 coin in their cart which they give you back when you get it back.