The IOTA Foundation, the non-profit organization behind IOTA, IOTA Tangle and MIOTA, has announced that they will join the brand new Christian Doppler Laboratory, or CDL, in Austria, as an industrial partner.
The first of its kind, the laboratory is housed at the Vienna University of Technology and called CDL Blockchain technologies for the Internet of Things, or CDL-BOT.
The laboratory was officially inaugurated with a digital ceremony on November 26 by the Austrian Federal Minister for Digital and Economic Affairs Margarethe Schramböck. It will focus on research and development in public / private partnerships between institutions and businesses seeking to expand the implementation of distributed ledger, or DLT, technologies in everyday use scenarios.
The new CD Laboratory is a significant milestone for #IOTA #SmartContracts. We will work with leading research and industrial partners to accelerate development and introduce new capabilities such as atomic swaps and cross-chain interoperability. Exciting times await!
– Dominik Schiener (@DomSchiener) November 26, 2020
IOTA joins CDL-BOT along with its new research partner, Pantos, which bills itself as “the first multi-blockchain token system”. Pantos is an offshoot of BitPanda, a Vienna-based trading platform for cryptocurrencies and other assets, such as gold.
Prof. Stefan Schulte, who leads the newly established laboratory, noted:
“With the growing number of potential application areas for DLT-based payments and data exchange in the Internet of Things, new DLTs need to be integrated and interoperability between different DLTs becomes necessary. I’m looking forward to doing joint research with the IOTA Foundation and Pantos to find new solutions to this highly topical topic. “
Launched as Jinn in 2014, IOTA’s goal is to implement its platform as the de facto standard for DLT devices and the Internet of Things, or IoT, which is currently experiencing unprecedented economic growth. Using IOTA as an operating standard, each IoT device would be able to transmit data and payment information to other devices connected to the IOTA mainnet.
On November 24, IOTA completed a standardization update to ensure interoperability between devices and systems using IOTA-based software. In October, the IOTA Foundation announced it would partner with the government of Japan on a project that seeks to transform the country’s industrial infrastructure using its systems.
The IOTA network can now theoretically handle up to 1,000 transactions per second thanks to an August update dubbed Chrysalis.
Although IOTA has faced criticism in the past for being overly centralized, the IOTA Foundation plans to become a fully decentralized network by the first quarter of 2021.