Vienna Technical University and Iata Foundation to Explore Blockchain and IoT Potential

The Iota Foundation, a non-profit organization, has announced a collaboration with the Technical University of Vienna to conduct research in the field of blockchain and the Internet of Things (IoT).

The Minister of Economy and Digital Development of Austria, Margarethe Schramböck, said that on October 26, a laboratory called “CDL Blockchain Technologies for the Internet of Things” (CDL-BOT) was opened at the Technical University of Vienna. It is designed to allow various organizations to conduct joint developments related to distributed ledger technology (DLT).

The laboratory will also explore possible options for using DLT and IoT in everyday life. In addition to the Iota Foundation, the European cryptocurrency exchange Bitpanda, which has developed a tool for interacting with various blockchains – Pantos, will take part in the research.

The head of CDL-BOT, Stefan Schulte, noted that the number of areas in which payments based on blockchain and IoT can be used is growing. Therefore, it is necessary to integrate the latest technologies to ensure effective interaction and exchange of payment information between different devices. Schulte expressed hope that the partnership with the IOTA Foundation and the use of the Pantos solution will help solve this issue.

Recall that in August, the IOTA project activated the first phase of the Chrysalis update, which will increase the network bandwidth to 1,000 transactions per second, and reduce the transaction confirmation time to 10 seconds. On November 24, the team completed work on updating the standard that provides interaction between devices and systems operating on the basis of IOTA. The Iota Foundation recently announced that the Japanese government will use the IOTA system to improve the country’s industrial infrastructure.