Taipei is one of the cities that is adopting a fintech profile and among the first ones to be powered via a distributed ledger technology. The capital of Taiwan is partnering with the Berlin-based nonprofit IOTA Foundation in order to roll out the IoT-driven Tangle technology.
The entire technology is linked with BiiLabs, a blockchain startup, that is pivoting the app-driven transformation in the city which was earlier presented by the co-founder of IOTA Dominik Schiener.
The mayor of Taipei, Ko Wen-je recently traveled to Warsaw with a mission to know more about smart cities. The partnership with IOTA is a clear evidence of his commitment to the new technology. IOTA’s ledger technology is unique because of the protocol which is famous for having no blocks and no miners at all. The protocol’s name is Tangle, and has been known by the public for its use in the IoT applications ranging from smart watches to feeless vehicle charging.
The founder of IOTA Foundation has approved the partnership, stating:
“It proves that our next-generation technology is ready for real-world use cases and is more than just a theory. We’re just beginning to scratch the surface of the effect IOTA can have on making the world of IoT ever-more connected and paving the way for not just smart cities, but a smart world.”
The first step right now is the release of citizen cards equipped with the TangleID technology and designed to protect locals from identity theft as well as voter fraud and keep their medical record data.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post