Blockchain technology is another option to make Taipei the first smart city in the Asia Pacific region. Although many countries are exploring blockchain technology and hope it will bring innovation across the industry, providing potential support for revitalizing the economy. In January this year, Taipei signed an agreement with the German-based IOTA Foundation to investigate the smart city layout based on Tangle. The IOTA uses a record transfer innovation called Tangle to implement information and cash exchange through its system. It guarantees secure information and cash exchange between machines and is now connected to many micropayments and use cases such as air programming updates, micro-payment based electric vehicle charging and the Internet of Things. IOTA is experimenting in the automotive, assembly and medical services industries. Recently, German hardware giant, IoT patent holder Bosch, one of the world’s major companies invested heavily in particle technology. German Volkswagen announced in January that their Boss computerization director Johann Jungwirth will join the agency’s supervisory committee. This sign indicates that the company plans to coordinate with Particle to improve the decentralization stage, and believes that smart cars will be available soon.
The Taipei City government recently approved the implementation of the Internet of Things and blockchain, which must bring the IoT sensor to the first three floors of its urban lobby building. These sensors continuously measure the full size of the recycling container and organize and store the collected information into a securely sealed ledger. As a local government supporting smart cities, it has begun to design a comprehensive structure in Taipei and will accomplish this mission with future RFPs. This seems to be a good thing for IOTA because it is finally used in practice, which means it can begin to legally engage people and decisively influence their daily lives.
The Taipei City and the IOTA Foundation will adjust the technology of IOTA in various ways. Through open management and concerns about reality, we will contribute to the goal of urban transformation through various risks and realistic considerations. According to Yichen Chu, co-founder and president of BiiLabs, in view of IOTA, we will build a personalized infrastructure system for our customers, and consider providing customers with multi-functional and consider providing multi-functional applications and websites.
We live in the new generation of the Internet of Things (IoT) era, where assets, the Internet of Things, data and services are gradually exchanged between machines. As the number of related devices continues to increase, the interoperability and sharing of assets, from data to storage to power and sensor data, is an essential part of the machine-to-machine economy. Although many people believe that blockchain technology will provide invisible help to the machine economy, it is not a panacea. This is what IOTA manufacturers need to understand. Although IOTA is also known as cryptocurrency, it is considered the basis of the Internet of Things.
Instead of using blockchains, the Internet of Things relies on a distributed ledger technology called directed acyclic graphs (DAGs) or Tangle that enables information and funds to be exchanged through its systems. Not like a blockchain at all, every additional transaction will approve the other two transactions, which means that the Tangle arrangement will not exit as the exchange volume increases. The system gives Particle the ability to process large numbers of transactions per second.