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All Credits to Iota.News by Nala
IOTA was presented by David Sønstebø, Sergey Ivancheglo, Dominik Schiener and Dr. med. Serguei Popov was founded before IOTA was launched in 2016. IOTA is primarily intended to enable transactions between devices in the IoT. The goal is to capture real data and automatically link the resulting information to other functions. The vision of Schierer and Co. are thus autonomous machines that pay each other (Machine-to-Machine, M2M for short). The website states: IOTA should be “the backbone of an autonomous economy of machines”. All machines should be networked with each other.
For example, sensors in the house could independently regulate the heating at a specific temperature , or a refrigerator could automatically buy this product when it reached a previously defined minimum stock of a particular product. The coffee machine should be networked with the alarm clock, the solar system with the cloud sensor.
Machines pay machines: Decentralized and independent
In the automotive sector, applications of IOTA can also be found: for example, the technology could allow communication between the car and the parking garage to tell the car how many parking spaces are still available.
At present, there are still “middlemen” between these applications, who take over and facilitate the communication between the individual participants. The owners of the machines pay by credit card or direct debit, the machines keep a book. The problem: It can happen that the middlemen are not compatible. Or even worse: A technical error could cause the fridge instead of 100 grams of ham, 100 kilograms ordered – a financial disaster could start.
IOTA will help to organize the machines locally. Machines should be able to keep money and pay with it. Machines could do business with other machines, or even humans, and do not even have to have an owner.
Source: m.focus. de