The IOTA Foundation announced the launch of the Industry Marketplace.
According to the company, the world’s very first autonomous and decentralized virtual marketplace combines distributed ledger technology and immutable audit logs to automate the trading of physical goods and services for humans and machines.
Industry Marketplace provides a trusted, scalable, secure and vendor-neutral platform for all industries to increase automation, reduce costs and optimize workflow.
The marketplace utilizes an open-source communication language, developed by academic institutes. This language is used by machines and vendors to interact. The content of each request is described by a catalog of machine readable attributes and properties. This ensures that other machines immidiately understand which context and criteria are being requested.
Thus, IOTA created a base ground for internet of things, which includes all kinds of smart devices (autonomous cars, fridges, cameras, robots, air conditioners, home heaters, etc.), which can communicate with each other.
“The Industry Marketplace paves the way for secure automated trade in the manufacturing sector,” said Holger Köther, Director of Partnerships of the IOTA Foundation. “The use of the IOTA Tangle, an open-source distributed ledger technology that is feeless and scalable, ensures stability and robustness for the marketplace and its participants. We are now looking forward to expand the circle of participants, demonstrate the arketplace under near-production conditions and continue its development with our industry partners.”
