Earlier this week, we saw the IOTA Foundation announcing that it is joining the EU-funded Dig_IT project to use DLT for increasing sustainability in the mining industry. As IOTA joins EU project to use DLT for sustainable mining, we could be seeing a lot of positive crypto news updates in the months to come.
Dig_IT was launched at the beginning of this month and consists of 16 consortium members. The four-year project has EU Horizon 2020 funding of around 7 million Euros to digitize mining supply chains. This aims to develop an industrial Internet of things (IoT) platform that would connect physical and Internet systems to improve efficiency and sustainability.
The project will collect data from IoT sensors at three levels including human (wearable garments), asset, and the environment – and will integrate market and historical data. The focus right now is on ensuring the quality of the data instead of the quantity.
While such data aggregation will help stakeholders improve the process efficiency, the DLT integration will also make sure that the mining operations are being conducted sustainably. The distributed ledger technology by IOTA joins EU project and will be used to guarantee the origin, authenticity and integrity of data. Logging all of this information will enable better decision making and potentially reduce CO2 production, water consumption and waste production.
Meanwhile, Dig_IT will present some of this mining data to the public using DLT. IOTA Streams, which is a messaging system, will guarantee data access to specific beneficiaries including public authorities and the general public.
“The IOTA Foundation is very proud to be part of the Dig_it project and consortium and excited to be able to learn from real-world problems and to help the mining industry to make a real and positive impact.”
The attraction of the IOTA network for enterprise projects may have dimmed a little after the major security vulnerability in its wallet earlier this year. This resulted in the processing of payments being switched off altogether for a certain period.
Right now, the goals of Dig_IT are to begin testing solutions by the end of this year, and the use cases will be trialed at five mines located in Spain, Italy, Norway and Finland. Overall, as IOTA joins EU project, it aims to increase mining efficiency by 17% as well as ramp up the overall equipment effectiveness of machines and loading by 20% and 18%, respectively.
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