Four firms, including IOTA and Everledger, will be giving presentations at UK Parliament

They will be showing parliament some of the real-life capabilities of blockchain technology

MIOTA currently trades at $0.2827 and sits at 14th position on CoinMarketCap crypto table

The UK government has been quite accepting of blockchain in the last few years, making use of it for both land registration and telecommunications. Now, it seems that their parliament will be able to see its capabilities first-hand.

It was announced on LinkedIn that IOTA will be giving a live demonstration to the UK parliament on March 12, 2019, by one of the attendees, Juan Cabrera, who is a member of staff at B9labs.

The four companies that will be showcasing the utility of distributed ledger technologies to the parliament are IOTA, which will be making demonstrations of the application in global trade, Oracle, whose presentation will be focused on retail, Everledger, who will focus on diamond trade and Lloyd’s of London, who are presenting on behalf of the London Market Target Operating Model (LMTOM) program.

This development is very important as it not only exposes the idea of blockchain to people in high authority but also lets them see first-hand what the technology can do.

Many people, even those in high places, often only understand blockchain as an abstract concept and not a real-life thing. By educating them and give them a real-life demonstration, they are more likely to vote positively on blockchain-positive regulation, which is much needed.

An IOTA of Knowledge

One of the firms that will be demonstrating is IOTA, who will be showing Tangle-based applications. IOTA has been featured quite heavily in the news these last few months.

They recently announced a partnership with ElaadNL which saw the two develop a new Proof of Concept based on Tangle that allows the autonomous charging of vehicles and also makes use of smart technology which rewards vehicles for charging slower on the grid.

“This proof of concept shows a possible future electricity system where energy is shared amongst neighbours and decentralised islands are capable of balancing itself. We are using our electricity grid in total different way than we did 50 years ago; we went from only consuming to also producing energy,” said Harm Van den Brink, distributed ledger technology expert at ElaadNL.

Meanwhile, IOTA’s native MIOTA token is in a slump, trading at $0.2827, which is a far cry from its all-time high of $5.25.