Ever since its successful data marketplace launch in November, IOTA has been making waves in the cryptocurrency world. Going from a low of $0.70 to an all-time high of $5.54, IOTA has been steadily making its way into the top ten cryptocurrencies. Despite dropping over 20% after the whole Microsoft misunderstanding, IOTA is now back with another game-changing news – Robert Bosch Venture Capital GmbH (RBVC) has just purchased a significant number of IOTA tokens.
RBVC, the corporate venture capital company of the Bosch Group, made a strategic move by backing IOTA. The collaboration between RBVC and the IOTA Foundation symbolizes the fusion between the conventional venture capital world and the young and upcoming cryptocurrency world.
What makes IOTA special?
The IOTA Foundation is a non-profit foundation based in Germany that focuses on the Internet of Things (IOT) and distributed ledger technology (DLT). Its coin, IOTA (MIOTA) is the first of its kind to go beyond the blockchain with its groundbreaking Tangle technology. With that, IOTA is able to facilitate secure transactions of data and money between machines for a tiny fee.
Therefore, by adopting IOTA’s technology into its ecosystem, BOSCH will be able to create vehicles that are able to retrieve information from BOSCH about a malfunctioning car part based on sensor data. Not only that, IOTA also has the ability to facilitate feeless micro-transactions when it comes to parking, charging of electric vehicles etc.
When asked about the reason behind BOSCH’s decision to invest in IOTA, Dr. Hongquan Jiang, a partner at RBVC, gave quite the optimistic response.
“Choosing IOTA as the first investment is based on the fact that we have been working with IOTA for quite some time and are very impressed by the founding team and the IOTA community.” Dr. Jiang said. “And IOTA has the potential to solve some fundamental problems in the DLT for IoT, namely the scalability and transaction cost issues. The IOTA technology is still at an early stage. However, this could become a big breakthrough for the IoT industry if it is getting more mature in the future.”
RBVC’s investment in IOTA marks the point in history where large businesses start to adapt IoT-oriented business models. This paves the way for a variety of futuristic technology such as self-driving cars, Smart Homes, etc. and BOSCH’s deal with IOTA is another proof of their commitment to this field.