Bitcoin Global News (BGN)
May 25, 2018 -- ADVFN Crypto NewsWire -- On May 22, The United
Nations agreed to a deal with the IOTA network that involves
“exploring how IOTA can increase
efficiency.” To be clear, it wasn’t really termed to be a deal,
so much as it was termed a written understanding.
Even so, there is a striking
implication or two that can be said to come from it. First of all,
the agreement doesn’t involve the overall organization but only the
wing called the “Office for Project Services” or UNOPS.
UNOPS hopes to find a new way to increase operational efficiencies
through “The Tangle.” If you don’t yet know, this is IOTA’s version
of the Blockchain that’s a bit different. Essentially, while
Blockchains look like long, continuous, sequential chains, “The
Tangle,” appears to be a webbed chain.
It’s also important to know that in
“The Tangle,” transactions can enter at many different times, but
just like with the Blockchain, they can never appear backwards in
the chain. In other words, as several sources often state,
everything still moves forward and cannot “loop back” on
itself.
One member of UNOPS actually
apparently said that the unique shape of IOTA’s network is one
feature that made it stand out for them, above other crypto
projects. UNOPS elaborated on this by saying that IOTA’s uniqueness
also comes from the fact that it can run on devices with
traditional battery power well as what UNOPs calls “alternative
connectivity networks.”
While UNOPS does not go further as
to what this means, it seems safe to say that “alternative
connectivity networks” would not include traditional connections to
the internet. Also, they’re drawn to them due to the UN’s frequent
work in impoverished areas around the globe, in which people have
limited to no access to the internet or electricity.
In that its optimized for low cost,
frequent transactions, IOTA’s network also brings the possible
benefit of being compatible with the Internet of Things and related
projects. At this point, UNOPS has, however, made clear that it is
only using their agreement as an exploratory venture at this time.
The point is to learn how they can best work with IOTA and how they
can best use “The Tangle” for what they need.
UNOPS is even open to adding other
crypto firms to their exploration of the utility of “The Tangle,”
which brings to mind the possibility that this isn’t about IOTA, so
much as it is about finding the right Blockchain
partner.
The fact that the UN stated clearly
that they think Blockchain tech is “promising” is a good start and
it will be interesting to see where such a possibly wide ranging
partnership leads.
By: BGN Editorial Staff
News:
IOTA (IOT)
Cryptocurrency
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