BERLIN--(BUSINESS WIRE)--The IOTA Foundation, a non-profit organization delivering the world's first scalable, feeless and decentralized distributed ledger technology, is partnering with Zühlke, a service provider for innovation projects technology and business expertise. The partnership will focus on impacting the industry through the creation of machine-to-machine technology innovation in the manufacturing and machinery sectors.
“Our collaboration aims to integrate IOTA Foundation’s distributed ledger technology platform, the Tangle, into Zühlke projects which will deliver innovation for manufacturing and machinery components,” said Jens von der Brelie, Director of the Solution Center Industrial and Consumer Solutions at Zühlke, responsible for machine-building industry initiatives. “This enables advances such as the creation of micro-payments functionality, opening the door to new models of machine usage and commercialization.”
Machinery, traditionally a significant capital investment for a company, can be restructured into a machinery-as-a-service model that will offer the use-specific and cost-effective approach of pay-per-use, enabling enterprises to only pay for their use of capital-intensive machinery.
“For the heavy equipment sector, this innovation will deliver a new revenue channel by allowing them to ‘rent’ their equipment to enterprises on the pay-per-use model when not in use,” said Dominik Schiener, co-founder and co-chair of the IOTA Foundation. “For enterprises, this pay-per-use innovation will allow them cost and time-effective access to critical heavy machinery.”
By incorporating the open-source, fee-free Tangle distributed ledger technology platform, the IOTA Foundation and Zühlke plan to offer the industry a cost and performance-effective technology innovation that will open new channels of access to prohibitively expensive equipment.
“The machinery and manufacturing sector is already seeing the power of Internet of Things integration,” said Dominik Schiener. “Leveraging IOTA’s Tangle into this equipment takes the concept of machinery-as-a-service into a new arena of access and affordability.”
“Zühlke has helped over 10,000 projects become reality with our focus on making smart ideas happen through project success,” said Jens von der Brelie. “With partners like the IOTA Foundation we want to eliminate barriers for the establishment of machine-as-a-service models in which we see high potential for our clients.”
While the initial collaboration is focused on Germany’s manufacturing and machinery industries, Zühlke and IOTA Foundation are looking to create projects serving the broader Asian and UK marketplace. The two leaders also see opportunities in the supply chain, financial services, insurance, health care and industrial consumer goods sectors. Zühlke is one of the first companies of its kind to enter the DLT space and brings a 50-year history of successful projects to the joint initiative.
ABOUT IOTA FOUNDATION
IOTA is a global not-for-profit foundation incorporated and headquartered in Germany. The IOTA Foundation's mission is to support the research and development of new distributed ledger technologies (DLT), including the IOTA Tangle. The Foundation encourages the education and adoption of distributed ledger technologies through the creation of ecosystems and the standardization of these new protocols.
The IOTA Tangle moves beyond blockchain by providing the world's first scalable, feeless and decentralized distributed ledger technology. The Tangle uses its own unique technology to solve three fundamental problems with blockchain technology: high fees, scaling and centralization. It is an open-source protocol connecting the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less micropayments, and secure access control for devices.
Zühlke is a service provider for innovation projects. By combining both business and technology expertise, the company creates solutions that satisfy its customers. Zühlke develops financially successful products, services and business models for today’s digital world - from coming up with the initial idea through to the implementation and operation. This is achieved by drawing on the experience of over 1000 in-house experts and of more than 10,000 successful projects.
The Zühlke Group has local teams in Austria, Bulgaria, Germany, Hong Kong, Serbia, Switzerland, Singapore and the United Kingdom. In 2017, Zühlke generated CHF 171 million (DE: EUR 154 million, UK: £135 million) in revenue.
Visit www.zuehlke.com for more information, follow IOTA on Twitter