The IOTA Foundation, an NPO based in Germany, has been making quite a few headlines this week, thanks to its innovative Distributed Ledger Technology (DLT) that has fascinated a number of businesses, especially in the automobile and transportation sector. Latest to jump on the IOTA bandwagon is ATX, the state transportation of Austin, Texas. Announcing the news via its Twitter handle, ATX expressed its excitement in being able “to bring the future of mobility to Austin.”
The Underlying Idea
The idea behind the partnership is the development of a more transparent transit system by innovatively integrating IOTA’s DLT called Tangle which will allow the seamless sharing of information to ensure a better travel experience for the 1 million people of Austin.
Throwing Light on ATX’s Vision
After announcing the news to the public on 25 April, ATX held an event on 29 April where, together with IOTA representatives, it enlightened the audience about the vision behind the partnership. According to ATX, the plan is to build a single digital identity of the entire transportation system of Austin that would be connected with one payment app.
Present at the event was IOTA’s co-founder Dominik Schiener who talked about the need to adopt a common standard to ensure the realization of ATX’s vision of an open value exchange system.
ATX better described its vision in its newsletter where it talked about the creation of an interconnected transit system that allows users to switch from one mobility service to another without any glitches and use a single account to do it. Moreover, the ATX realizes that for its vision to come to fruition, it needs to build a secure and competent platform where users, transport service providers, and even government bodies can partake in the seamless exchange of data and transactions.
Recently, automobile giant Jaguar Land Rover has also entered into a partnership with IOTA to build a system of data sharing wherein Jaguar owners would receive IOTA tokens as cryptocurrency rewards in exchange of the data collected by the IoT sensors installed in their vehicles.