IOTA (IOTA) Announces New Supply Chain Collaboration

“IOTA and EVRYTHNG announce collaboration to make product supply chains transparent and help consumers assess the authenticity and sustainability of the products they purchase.” Read More — Cara Harbor, Director of Communications

Summary

The collaboration between IOTA and EVRYTHNG announced today is designed specifically for making product supply chains transparent.

This is being done to meet surging demands for sustainability from people that want to make informed choices about the products they purchase.

Provenance data can help consumers assess the authenticity and sustainability of the products they purchase.

Public distributed ledgers can help manufacturers open up supply chain data to their customers. IOTA’s distributed ledger, the Tangle, is ideal for these micro-transactions given its fee-less and permission-less nature.

Significance

IOTA is demonstrating how distributed ledger technology can help to meet people’s demands to verify the source, authenticity and sustainability of the products they purchase. This is significant because it increases product safety and can help to combat the half-trillion-dollar counterfeit industry.

This is also an interesting use case and test of IOTA’s Tangle. The fee-less micro-transactions structure allows any of its business partners to send IOTA transactions without dealing with the complexity of setting up wallets and buying cryptocurrency. And the permission-less aspect removes the need to first solve and define complicated governance rules and stakeholders agreements before any infrastructure can be deployed.

IOTA is creating a digital twin for the product’s digital identity and the hash of its associated data. In the case of IOTA, a dedicated MAM Channel is created for each digital twin. This is significant because it simplifies the integration with the second layer protocol, sharing multiple data points without the creation of multiple transactions or extra off-line overhead resources.

IOTA price at time of Blockfolio Signal: $0.305. View IOTA on Blockfolio.