IOTA Partners with EVRYTHNG To Increase Transparency for Consumer Goods Supply Chain
Evrythng, an internet-of-things (IoT) tool that “activates every consumer product to make it smart, interactive and trackable,” inked a deal with IOTA to incorporate the latter’s distributed ledger and IoT technologies to offer increased openness for consumer goods logistics.
IOTA was selected as a tool for EVRYTHNG programmers to create on as it foreseeably “brings a whole new dimension to the EVRYTHNG Blockchain Integration Hub.” IOTA integration will “permit consumer product products to tinker with evolving DLT competence while focusing on the EVRYTHNG platform’s scalability, interoperability, and maturity.”
In addition, customers will be able to “safely transfer data or payments without transaction fees in a trusted, unauthorized and decentralized environment.” Collaboration between the two organizations includes implementing some of IOTA’s key technologies with EVRYTHNG’s Blockchain Integration Hub.
After integrating both technology tools, consumer product brands will “have an easy way to quickly test, scale and deploy IoT applications,” the news release mentioned.
Evrythng’s main emphasis is on implementing IoT and DLT resources to build distinctive, interactive and traceable identifiers for consumer goods in order to promote better oversight for both supply chain stakeholders and consumers. Reportedly, the collaboration will see Evrythng’s Blockchain Integration Hub broaden to combine Iota’s distributed ledger protocol, known as Tangle. IoT applications employed on the new console will “give customers transparency and provenance while sharing real-time data between supply chain partners,” the announcement claimed.
Commenting on the initiative, Dominique Guinard, co-founder and Chief Technical Officer (CTO) at EVRYTHNG, remarked:
“We are celebrating the one-year anniversary of our EVRYTHNG Blockchain Integration Hub. Over the past year, not only have we created powerful integrations with some of the most recognized blockchains in the world including, OriginTrail, Tierion, BLOCKv, Bitcoin and Ethereum but, we’ve launched real-world applications with the technology.”
Tangle is distinct from blockchain because that doesn’t use “blocks” or mining, but is based on a directed acyclic graph (DAG), a geometrically arranged system where various kinds of transactions run concurrently on various network chains. Both partners illustrate the shortage of accountability and confidence in the current consumer goods supply chain system, considering the dependence on centrally controlled middlemen that can possibly ignore or manipulate information on procurement and origin.
By integrating Iota with the Evrythng Blockchain Integration Hub, the partnership strives to harness Iota’s trusted, permissible and decentralized ecosystem and micro-transaction feeling framework to resolve these obstacles. Dominique Guinard, Evrythng’s co-founder and CTO, said Iota’s public and unauthorized IoT-oriented mechanism will enable on-scale compatibility between goods and devices.
Holger Köther, the Director of Partnerships at the IOTA Foundation, stated:
“IOTA’s distributed ledger technology moves beyond blockchain by enabling secure, feeless, data transfer and payments to advance IoT. Due to the nature of the supply chain and its lack of transparency and trust, IOTA’s Tangle technology is uniquely positioned to address these challenges. This partnership with EVRYTHNG clearly demonstrates how both consumer brands and their customers can benefit from greater transparency in the sourcing and manufacturing of consumer products.”
An associated blog post released by Iota on April 17 summarized the two partners strategies to retrieve and connect info to the digital identity of a item and concurrently hash and save it on the Iota Tangle. The study notes that customers can scan digitized goods with a smartphone to display pertinent information. Iota has pursued a gamut of alliances to incorporate its Tangle code across various IoT applications— such as smart cities, electric car, smart grids, and domestic energy industry products.