Category: Proof-of-Concept

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Volkswagen to Launch IOTA Decentralized Enabled Cars

Categories Blockchain, Smart Contracts, IOTA, Proof-of-Concept

Volkswagen to Launch IOTA Decentralized Enabled Cars

IOTA, the IoT-driven blockchain platform has announced plans to launch real-world integration with leading car manufacturer, Volkswagen. In a project called The Digital CarPass that is to be released in 2019, data will be performance tracked via the IOTA blockchain with the aim of ensuring its reliability and security.

The news was announced by Volkswagen’s Head of Blockchain, Benjamin Sinram at a blockchain event held in Tel Aviv. The project is the result of a collaboration between IOTA and Volkswagen that was first announced as a proof-of-concept earlier this year at Cebit 2018. The PoC provided a focus on delivering a trustworthy vehicle software solution via the Tange network in order to improve efficiency and customer satisfaction.

Speaking in Tel Aviv, Sinram explained that VW wants to work towards full IOTA integration to enable customers to be able to access new services and pay for them automatically. As well as working on the VW/IOTA CarPass project, Sinram is also a part of teams working on integration with Porsche and the Volkswagen financial services sector.

This IOTA CarPass is one of five blockchain projects that are currently being actively developed by Volkswagen. The solution being developed by Porsche will focus on identity determinations that will enable multiple users to share access to the same vehicle and other projects include supply-chain orientated ledgers, as well as a charging protocol that will use Ethereum technology.

Other features will give drivers an opportunity to keep track of how many miles they have driven and the possibility of providing accurate data on car emissions, a problem that has plagued VW in the past.

 

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Banks saw an increase in blockchain budgets during 2017

Categories Financial Services, Blockchain, Bank, Technology, Increase, Proof-of-Concept

Banks saw an increase in blockchain budgets during 2017

A recent survey has shown that the global financial services industry spent an impressive $1.7billion on blockchain development in 2017. An increase of 67% for individual blockchain budgets was registered as well during the same time frame.

This research was published by the US-based market intelligence firm Greenwich Associates and as well as the general increase, they noted an average spend of $10 million or more during 2017. The report also stated that 14% claimed to have already integrated and deployed a blockchain solution with 75% expected to move from proof-of-concept to live production over the next two years.

Richard Johnson, the author of the report and the VP of the firm’s market structure department stated that over 50% of the execs that were interviewed said that implementing the new technology was much harder than they expected. Over 200 institutions were interviewed, all of which said that the number of staff dedicated to blockchain within their institutions had doubled over the same time frame. This led to Greenwich Associated declaring that on average, a top-tier bank now has around 18 full-time blockchain focussed employees.

This report is indicative of the growth of investors that are being made by various financial institutions in terms of blockchain technology. A similar survey that was published in 2016 estimated that the total spending on such projects could reach over $1 billion in the near future.

 

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