IOTA’s Tangle will be the initial protocol within Augmate Connect to support an interoperable platform using feeless transactions.
Wearable device management company and “Gartner Cool Vendor” Augmate is using IOTA to build the first IoT device management platform using distributed ledger technology. While at its core a blockchain-agnostic platform,Augmate Connect will start by integrating the IOTA Tangle, a blockless distributed ledger that allows the transfer of value between devices without fees. IOTA is a game-changing transactional settlement and data transfer layer for the Internet of Things. It’s based on a new distributed ledger, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system.
“IOTA was specifically developed for the Internet of Things, and we have been actively working on integrating their groundbreaking protocol into Augmate Connect,” said Augmate Founder Pete Wassell. “Like Augmate, IOTA’s team and community are passionate about building a new world of application development, data security, and information exchange for enterprise and consumers.”
IoT is expected to be a $15 trillion market by 2030, yet innovation is so rapid that privacy and data are compromised at a staggering rate. Augmate Connect is the first platform to integrate popular distributed ledger protocols leading to full interoperability, allowing enterprise customers and consumers to manage the 50+ billion IoT devices that will enter the market within the next five years. IOTA Tangle’s technology and feeless transaction environment allows for scale and speed while keeping costs low.
Augmate Connect will eventually integrate new blockchain protocols bringing advantage to the IoT ecosystem. The platform will be available to enterprise customers in 2018 and consumers in 2019, soon allowing anyone to centrally manage IoT devices using decentralized technology to improve security and speed.