IOTA (MIOTA) Part of Ongoing Blockchain Business

The City of Tokyo’s main goal is to become the epitome of technology and finance. To achieve this goal, the Tokyo Metropolitan Government (TMG) is working to push blockchain technology into both financial and non-financial aspects of the city.

In tune to the above, TMG launched the Blockchain Business Camp which is a two-month intensive course to help generate groundbreaking innovations to improve the lives of Tokyo residents and achieve the goal of Tokyo sailing to become a technology and financial giant.

The roadmap or program schedule for the event just shows how the Japanese value procedure and dedication.

To begin with, a foreign company would have had to apply to attend the Business Camp between 20th October and the deadline of November 24, 2017. After which, the TMG would select the worthy companies and announce them on the 15th of December. The then selected companies would then fly over to Japan by early January for a pre-seminar on the 15th of the same month.

The pre-seminar would coincide with a networking event on the same day with some mentoring and business meetings.

The second networking event at the Blockchain Business Camp is scheduled for the 23rd of this month; with a third on the 16th of March. During this period, there will also be business meetings, networking, mentoring and opportunities for companies to pitch their ideas to the Tokyo Metropolitan Government.

It so happens that the IOTA (MIOTA) Team was successful in getting selected to attend this prestigious course and event.

Although this is not a confirmation of a partnership with the city of Tokyo, one can only imagine the possibilities of an IOTA network being used in a large, busy, exciting metropolitan city such as Tokyo.

The network can be used to connect all the transit systems (rail and road); all the traffic lights that govern both systems; the flashy lights that are a characteristic of the City; the famous sleeping capsules of Japan; all CCTV cameras in the city; even automated sprinkler systems.

The IOTA (MIOTA) team have to pitch their ideas and network in a manner similar to the Last Battle of the 300 Spartans!

Earlier reports had claimed this Business Camp was an official announcement of a partnership with the city of Tokyo. However, this can only be a possibility during or after the Business Camp.

Other noteworthy attendees of the Business Camp are:

Honda Motor Company Limited

SBI Holdings Incorporated

Toyota Motor Corporation

Sony Cooperation.

To digress a bit, the CEO of SBI Holdings has quoted Ripple (XRP) as being the new coin to replace Bitcoin in a December 12th Tweet that said:

‘Wow, XRP at all time high! Forget about Bitcoin, we’re all in on XRP!’

This tweet was translated to mean that SBI Holdings will be using Ripple Technology and possibly XRP coins in their bank to bank money transfers.

Although Ripple’s transaction costs are very low ($0.0004), the IOTA coin transactions are free. This might not mean much, but when you are transacting thousands of transactions per day, the Ripple fees will add up by the end of the year and cut into the banking profits of SBI Holdings.

For every 1,000,000 transactions made using the Tangle Network of IOTA, the banks will save $400 as compared to using Ripple.

This Business Camp will be an opportunity for IOTA to convince SBI Holdings that the Tangle Network is the better option due to ZERO fees.

The Tangle Network can also have useful applications for Honda, Toyota and Sony. Therefore, the IOTA team needs to take this Business Camp as an opportunity to meet and mingle with these business giants and possibly get a huge partnership announcement by the end of March, 2018.

This will then provide the much needed boost for the rice of the IOTA (MIOTA) coin on the exchanges.