IOTA is certainly a standout project today, after making significant gains through the weekend and the start of this week, IOTA continues to shoot up. This morning, the markets started with IOTA up another 15% from yesterday, hitting values exceeding $0.71. Now of course, we must point out that overall, IOTA is still way down on its progression from the last few months, however this current change of course could mark a new destination for the cryptocurrency. For the first time in a long time, it looks as if an IOTA recovery could now be on the cards.
What’s happened?
The recent rise in IOTA is as a result of two key things. First of all, a new positive market trend that is pulling many cryptocurrencies back up (for the first time in a number of weeks) and, most prominently, a new announcement by Japanese firm Fujitsu that seems to suggest the pair will be working together to develop a new blockchain based audit trail system, an announcement that seems to have come as a huge boost to the IOTA project.
Who are Fujitsu?
Fujitsu are a Japanese IT firm, specialising in the production of computing and technical hardware, as well as other IT related services both in Japan and across the globe. In 2005 Fujitsu where considered the tenth largest IT service provider by revenue and have even been named as one of Fortune’s most admired companies.
In 2017, Fujitsu had a net income of around ¥88.4 billion and a stunning revenue of ¥4.509 trillion.
In short, Fujitsu are a huge firm, which is why this announcement is being seen in such good light by the IOTA project.
The Fujitsu IOTA partnership
The announcement of this partnership seems to have surfaced over the weekend, which has only accelerated IOTAs progression into this week. Of course, the novelty of this will die down and with it, so will the hype, but even so, the boost this has given to IOTA is second to none and therefore, whilst the rise in IOTAs value may be short lived, in terms of the company’s future progression, this will have sealed IOTAs fate for a very long time indeed.
The partnership, known as Fujitsu – Proof of Concept is a brand new blockchain based audit trail, one that will allow companies to record and keep track of each component and step in the manufacturing process.
According to the official Fujitsu announcement:
“Product quality is a critical success factor for the Manufacturing Industry. Assembled products can consist of hundreds of components and their production is based on complex processes. For audit trails in industrial production environments and supply chains IOTA provides a single source of truth.”
The premise of this partnership is to use the IOTA ecosystem as a mode of storage that can enable this nuwave audit trail, in the process, it will be designed to improve transparency for customers, will develop a real trust in data (something that is very important) and will also improve the security of that data too.
According to Leopold Sternberg, the Program Manager of Industry 4.0 at Fujitsu:
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products. Product quality is a critical success factor for the Manufacturing Industry. Assembled products can consist of hundreds of components and their production is based on complex processes. For audit trails in industrial production environments and supply chains IOTA provides a single source of truth.”
Overall this is very positive news for Fujitsu, a company built upon innovation and of course, IOTA, a project that has been designed to make our future more manageable. Should this partnership blossom as Fujitsu hope it will, we can only expect the new Fujitsu audit trail to reap great successes and become a major product for many major companies that operate manufacturing processes. Once it’s established, Fujitsu – Proof of Concept has the potential to become a fully established, working blockchain product, one with very powerful implications indeed.
References
