A new patent analysis tool shared its report in which it shows that the cryptocurrency project IOTA was referenced in 181 patents from more than 76 big firms and institutions such as Ford and Bosch.
The figures are serious and show that the IOTA news could bring a lot of joy for traders in the future, mostly because of the Tangle technology and its wide application potential in different industries and for different purposes.
Unlike Bitcoin lately, IOTA was referenced in hundreds of projects because of its character – the coin does not rely on blockchain technology but on a tangle whose data structure is based on the mathematical concept of the Directed Acyclic Graph (DAG). Also, IOTA has the vision of becoming a new standard in the Internet of Things (IoT) infrastructure and the machine-to-machine transactions (M2M).
A new survey unveils that many companies have already recognized this major potential and that is why IOTA was referenced in so many patents. Speaking of which, the best known investor and patent applicant is the German tech giant Bosch, which bought an unknown amount of MIOTA in 2019 and filed a patent for an IOTA-based payment system, and its statement in the cryptonews shows:
“One version of the invention is based on the distributed database “Tangle”, which forms the core of the new cryptocurrency IOTA.”
In addition to Bosch, Siemens has already filed numerous patents which address IOTA as a possible basis for handling transactions in a database system. Siemens, for instance, has already filed a total of 15 patents where IOTA was referenced in a good way, providing a new technology and granting a new patent on June 18.
The IOTA patent tracker shows that the Tangle technology has been mentioned or referenced 181 times by more than 76 different institutions. The latest mention comes from Ford, which was granted a new patent on June 18. The patent originates from one dynamic traffic control system where IOTA was referenced during data transmission. The IOTA Ford relationship was briefly described in a statement which reads:
The controller is programmed to send status information from the vehicle and receive status information from other vehicles. To identify a contentious road area for the vehicle and another of the vehicles based on expected future paths of the vehicle and the other vehicle.
[…] Similar to a blockchain directory, the transactions can be stored in a transaction graph, such as the “Tangle” in the IOTA protocol.
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