The IOTA Foundation, the non-profit organization behind the IOTA blockchain, is collaborating with Japanese authorities on a project targeting industrial infrastructure.
IOTA officials said on October 27 that the corporation has partnered with a project initiated by the major Japanese repair firms, Best Materia and IMC. The project is funded by the New Energy and Industrial Technology Development Organization, a national research and development agency under the Ministry of Economy, Trade and Industry of Japan.
According to the announcement, the initiative aims to apply artificial intelligence and distributed ledger technology to risk-aware maintenance systems in power plants, industry, petrochemicals and refineries.
Dominic Shinner, chairman and co-founder of IOTA, told Cointelegraph that the project aims to digitize manual processes using artificial intelligence and deep learning to “predict time and which parts of the facility will need to be serviced.” According to management, the adoption of AI and blockchain is expected to reduce results, increase availability, and cut costs by reducing unnecessary checks and repairs.
Shiner said the IOTA Foundation has been selected as the project partner for the DLT platform. According to the leader, IOTA will be used to share immutable data, providing an infrastructure of trust and a ‘one-point-of-truth’ for various stakeholders. Shiner stressed that the new system is expected to benefit from IOTA transactions without fees on the IOTA Tangle, and stated:
“Not paying transaction fees, but with free data and online transaction costs. IOTA will be used to ensure that different parties are responsible for the quality of the data they enter into the system.”
According to the announcement, the project includes a number of collaborating organizations, including Best Materia, IMC, Japan High Pressure Institute, Japan Society of Chemical Engineers, OMC, Lloyd’s Register and Yokohama National University.
In recent years, the New Energy and Industrial Technology Development Organization has been involved in many blockchain-related developments. In 2018, NEDO announced that it was working on a blockchain-based data exchange system for the commerce industry. The project is a joint venture with the Japanese information technology giant NTT Data.