BERLIN--(BUSINESS WIRE)--The IOTA Foundation, a non-profit organization delivering the world's first scalable, fee-less and decentralized distributed ledger technology, announced today that it will partner with FIWARE Foundation. Under this agreement, IOTA’s Tangle technology can serve as an immutable, trusted audit trail for relevant context data transactions in “Powered by FIWARE” architectures. This collaboration is an important joint step towards building the technology foundation for the smart solutions of the future.
The digital revolution is transforming how we live and conduct business. In the future, life will gravitate around the management and processing of context data which describes what is going on, where, when, why, and who is involved. Smart solutions continuously gather thousands of updates on context and analyze them to automate processes or bring support for smart decisions made by humans. For example, context is meaningful in energy plants to describe the status of the plant and predict energy demand. Equally, it is important in a farm describing the state of the crops and soil, and in homes and smart cities where multiple devices and apps monitor the status of multiple systems. The capturing, management, processing, analysis and visualization of context data will be at the core of solutions for Smart Cities, Smart Industry, Smart Agrifood, Smart Energy any other “smart” domain.
FIWARE provides the components that ensure data flows from the device - where the context data is captured (the sensor) - to the point where it can be stored into IOTA’s distributed ledger (the Tangle), without human intervention. IOTA's distributed ledger technology provides an immutable, trusted audit trail for all transactions and data, while still adhering to privacy requirements set forth by the data owners.
“By connecting FIWARE with IOTA, we can bring further trust to the processes being automated through any smart solution that is ‘Powered by FIWARE’,” says Ulrich Ahle, FIWARE Foundation CEO. “We can verify context data shared with third-parties, and we can warrant the quality of data being stored in a distributed ledger. This is crucial in applications like those warranting the quality in food production, for example, the observation of certain parameters of animal welfare on farms, or when public administrations strive to ensure transparency of their processes,” complemented Juanjo Hierro, FIWARE Foundation CTO.
FIWARE is the open source initiative that has driven the creation of a standard API for Context Information Management and provides a curated catalogue of open source components to assist organizations in architecting next-generation smart solutions. The FIWARE API is now a standard adopted by ETSI and, in addition, the FIWARE Context Broker technology has been selected to bring the basis for sharing right-time context data across Europe.
"FIWARE's Context Broker and standardized API allow for some truly unique capabilities for data validation and sharing from the edge. Combining their progress with the decentralized technologies offered by us at the IOTA Foundation is a natural and perfectly symbiotic partnership," says Mathew Yarger, Head of Smart Cities, IOTA Foundation. "We look forward to harnessing our cohesive visions to offer some dynamic capabilities in smart solution areas such as Smart Cities, Digital Infrastructure, Agriculture, Transportation and Energy. Relationships like ours are what will propel autonomy and consensus on how to do it the right way forward and lead to informed and impactful solutions and policy."
IOTA designed the Tangle to be the foundation of a global protocol for all connected things, effectively addressing the challenges of scalability, energy resource requirements, and data security, as well as transaction fees. The groundbreaking open-source architecture of the Tangle ecosystem is designed to become the catalyst for new economic systems and business models, enabling the convergence of key vertical industries like supply chain, mobility and automotive, eHealth, and smart energy/connected cities.
IOTA co-founder, Dominik Schiener will be discussing distributed ledger technologies at the 7th FIWARE Global Summit in Berlin on Oct. 23 at the CityCube Berlin. Come learn more about how the IOTA and FIWARE partnership supports the Summit’s theme: “Scale Up for a Real Smart Future.”
ABOUT IOTA FOUNDATION
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 education about 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.
About FIWARE Foundation
Founded in 2016, the FIWARE Foundation is driving the definition of key open de-facto standards enabling the development of smart solutions in a faster, easier, interoperable and affordable way, avoiding vendor lock-in scenarios, whilst also nourishing a sustainable business ecosystem.
The Foundation does that with the support of a growing global Community that shares a common vision and combine their efforts towards making FIWARE the open source technology of choice for industries, governments, universities and associations to reach their full potential and scale up their activities to enter new markets and grow their businesses. Independence in decision making, openness, transparency and meritocracy are the cornerstone and founding principles of the FIWARE Community.
Visit www.fiware.org for further information.