Home / Blockchain News / Blockchain Fujitsu Backs IOTA as ‘New Protocol Standard’ for Audit Trails

Blockchain Fujitsu Backs IOTA as ‘New Protocol Standard’ for Audit Trails

According to an official notice on August 25 the Japanese ICT conglomerate Fujitsu is launching an IOTA-based proof-of-concept (PoC) for audit trail processes in the manufacturing industry.

The notice says the company will use the IOTA protocol as an “immutable data storage medium” for audit trails across “industrial production environments and supply chains,” with the aim to improve transparency, data trust, and data security.

The Program Manager Mr. Leopold Sternberg at Fujitsu’s Munich-based Industry 4.0 Competence Center, has quoted saying that the new partnership will “help roll out IOTA as the new protocol standard,” saying that the tech giant is “well-equipped” to do so given its expertise in both the ICT services and manufacturing industries.

The project has jointed to tackle the challenges is faced by the people and the challenges of increasingly data-intensive “Industry 4.0 manufacturing and supply chains,” which the notice characterizes as demanding a more efficient means of building trust in processes’ and products’ quality and integrity.

The IOTA will join the nodes together with Fujitsu so that the proposed cryptographic ID system for product components and their production status that would be connected.

Tangle is a different type of distributed ledger technology (DLT) than blockchain, in that it does not use “blocks” or mining, but rather is built upon a directed acyclic graph (DAG) – a topologically ordered system in which different types of transactions run on different chains in the network simultaneously.

IOTA (MIOTA)’s price has surged over 13 percent since the announcement of the partnership on August 25. The token is trading at around $ 0.60, up over 12 percent on the day.


Check Also

Bitcoin's Volatility Escalates While Liquidity Denies to Revive

Bitcoin’s Volatility Escalates While Liquidity Denies to Revive

The 2019 facts reveal new statistics which points out to the increase in volatility and …

Leave a Reply

Your email address will not be published. Required fields are marked *