By On September 19, 2019, IOTA Foundation announced the official launch of their first and only autonomous Industry Marketplace in the world.
The report says that the marketplace would leverage IOTA’s Protocol Distributed Ledger Technology (DLT), to enhance industrial automation and human-machine interaction.
IOTA’s Industry Marketplace 4.0 represents the rapidly approaching era of next-generation machines that will be powered to support more goal-oriented decisions.
IOTA foundation views this launch as a major joint effort between excellent academics, standardization authorities, and idealists who have worked together to create automated interconnectivity.
IOTA Foundation Industry MarketPlace
According to IOTA, the Industry marketplace is “a vendor and industry-neutral platform automating the trading of physical and digital goods and services.”
The Industry Marketplace is an amalgamation of a distributed ledger technology that enables distributed database for storing information. It also enables the economy of things and acceleration of automation by employing immutable audit logs and comprehensible machine contracts.
IOTA Foundation built Industrial Marketplace on Plattform Industrie 4.0 specifications. Industrie 4.0 is the central network used for digital transformation advancement for manufacturing in Germany.
How the Industry Marketplace Works
Industry Marketplace capabilities give machines the ability to communicate instantly and offer services and payments around the world. They must also be capable of negotiating deals where necessary.
The three key components of the Industry Market framework will determine its working process. The components are representatives of independent sellers and buyers in a common infrastructure environment, who transact to buy or sell goods and services. Holger Kother, Director of partnerships at IOTA Foundation, wrote:
“Together, these features will facilitate a secure communication and payment platform for the full industry landscape, ensuring the authenticity of all participants and enabling decentralization exchange.”
IOTA Tangle Distributed Ledger Technology (DLT) will serve as the single source of tamper-free information. It records data transactions in an immutable secure log. Payments for purchased goods won bids, and awarded contracts can be made instantly around the world.
Asset Administration Shell (AAS) represents an asset in a standardized virtual form and provides its storage information. Assets include software, hardware, and other equipment — virtual components of an AAS from the communication interface in the network.
The final component is the eCl@ss data standard that is ISO/IEC-compliant, globally. It offers a clear data structure description of goods and services in an M2M environment. This allows machines to identify themselves and others in the network and understand their capabilities.
Next Step for IOTA’s Industry MarketPlace
The Industry Marketplace is an evolution from the previous IOTA Data Marketplace that fostered open source innovation and outlined the capabilities of Economy of Things.
The new industry market place the IOTA Foundation says, “is a substantial leap forward in our vision, and we have significant plans for the future.”
Its key features will prepare the way for the establishment of a secure automated trade-oriented manufacturing sector in the future.
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