The Iota Foundation, the non-profit organization behind Iota, Iota Tangle and Miota, announced that it will join the newest Christian Doppler Laboratory, or CDL, in Austria as an industry partner.
The lab is the first of its kind at Vienna University of Technology and is called CDL Blockchain Technologies for the Internet of Things, or CDL-BOT.
The laboratory was officially inaugurated in a digital ceremony on November 26 by the Austrian Federal Minister for Digital Technology and Economics Margaret Schrambeek. It will focus on research and development in public-private partnerships between organizations and companies looking to expand the adoption of distributed ledger technology, or DLT, in everyday use situations.
Iota joins CDL-BOT with its new research partner, Pantos, which identifies itself as “the first token multi-blockchain system.” Pantos is the exit for BitPanda, the Viennese trading platform for cryptocurrencies and other assets such as gold.
Professor Stefan Schulte, Head of the new laboratory, noted:
“As the number of potential applications for DLT-based payments and data exchange on the Internet of Things increases, new DLTs must be integrated and interoperability between various DLTs becomes essential. I look forward to doing research with IOTA and Pantos to find new solutions to this very pressing issue.”
The launch of Iota as Jinn in 2014 marks the adoption of its platform as the de facto standard for DLT and IoT devices, which are currently experiencing unique economic growth. Using Iota as a business standard, each IoT device will be able to transfer data and payment information to other devices connected to the IOTA network.
On November 24, Iota completed a standardization update to enable interoperability between devices and systems that use Iota-based software. Iota announced that the Iota Foundation will work with the Japanese government on a project to transform the country’s industrial infrastructure using these systems.
The Iota network can now theoretically process up to 1000 transactions per second thanks to an August update called Chrysalis.
Although Iota has previously been criticized for being too centralized, Iota plans to become a fully decentralized network by the first quarter of 2021.