Siemens Could Start Using IOTA For A New Patent Application

Siemens, the popular German technology company could start using IOTA as the possible technology of choice that could be used for a new patent which is what we are reading about in the latest IOTA news.

IOTA has already been mentioned multiple times as the possible technology in countless proof of concepts with similar giants in the industry. IOTA is a complex cryptocurrency that provides multiple use cases in the supply industry as well as in the automotive, logistics, energy, and much more. Well, known companies such as Volkswagen, Jaguar, Bosch, BMW, and Landrover are already piloting the IOTA tangle incorporate use and now Siemens could start using it after finishing the research on the platform.

The German technology company Siemens already praised the potential that IOTA has in the past and also pointed out the versatile application possibilities of the Tangle technology. Siemens AG and Siemens Healthcare have submitted 10 patent applications where IOTA is referenced multiple times as it can be seen from the data by the Espacenet Patent Research platform. The patent refers to the creation of the distributed data system that is mainly built for larger companies that should be able to process, store, evaluate huge amounts of data. According to the patent, IOTA is a high-performance platform and block-less distributed database system which could serve as the basis technology:

‘’In particular, the functionalities of the blocks of a blockchain and the transactions are combined with each other in such a way that, for example, the transactions themselves secure the sequence or chain of transactions (of the distributed database system) (i.e. they are stored in a particularly secure manner).’’

Within the patent application, the IoT chain and Byteball are also mentioned as promising projects. Siemens believes that the high transaction rate is important in order to be able to guarantee the data flow at all times. There are no transaction costs within the ecosystem so the distributed ledger should be theoretically forever scalable. This is the primary difference between IOTA and other projects on the market that rely on the blockchain and have not been able to develop high performance scaling solutions.

Volkswagen also referenced IOTA as a powerful DLT in a new patent application. The formulation was broadly defined which left plenty of scope for design. It is also about the software solution which based on the DLT can store huge amounts of data in a decentralized manner.