IOTA (MIOTA) Tangle technology will be tested by the smart city project funded by the European Union, following the successful partnership between IOTA Foundation and Taipei to put the basis for the first blockchain technology-based city in the world.
IOTA Foundation and +CityxChange will rise to take this challenge during the next five years. For now, they work with a few cities across Europe to turn them into smart, green energy cities which use blockchain and other specific technologies to produce more energy than they consume. For the moment, cities of Limerick (Ireland), Trondheim (Norway), Pisek (Czech Republic), Smolyan (Bulgaria), Voru (Estonia), Sestao (Spain), and Alba Iulia (Romania) are involved in this project.
This innovative smart city project represents an excellent opportunity for IOTA (MIOTA) to show its utility in a real-world situation. As part of the +CityxChange project, IOTA Foundation will provide support for decision-making processes and the necessary tools that the cities involved in the project need to achieve their goals.
If the smart city project is successful, IOTA (MIOTA) Tangle might enjoy a Europe-wide adoption
Ultimately, IOTA and their partners expect to come up with a viable energy block that uses peer to peer energy trades to lower the consumption rates and the energy waste, all based on IOTA (MIOTA) Tangle technology.
A smart city is one of the fastest growing cross-sectorial arenas of innovation for IOTA. Building on our work and partnerships across mobility, energy or data marketplace, these smart city ecosystems bring it all together. The +CityxChange consortium gathers many public and private partners around an ambitious open innovation and co-creation initiative.
Wilfred Pimenta, IOTA’s Business Development Department
If the IOTA (MIOTA) Tangle technology which will power the smart city project is as successful as expected, then this blockchain technology could be widely adopted across Europe as more and more cities will enjoy lower energy consumption rates and energy waste.
The smart city project will commence with its testing phases on January 1st, 2019.