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Bosch’s manager of IoT marketing, Sarah Nizze announced on Twitter that the 131-year-old multinational engineering company intends to adopt IOTA in their plans for autonomous vehicle development.

The news come as Bosch opens its first IoT hackathon of the year in Berlin with one of the challenges focusing on utilizing the growing potential of the ‘Internet of Things’ within the emerging autonomous vehicle market.

Bosch told BBC news in July last year that it has partnered with electromotive specialist Tesla to produce the first self-driving car, ahead of its competition with other U.S market competitors, Google and Uber.

Bosch believes IOTA’s data marketplace will provide the backbone for autonomous vehicles interaction, whereby cars will need to communicate with each other independently, constantly exchanging data with one another.

The team has even detailed ideas on how cars will financially benefit from creating slipstreams for other vehicles that they refer to as ‘platooning’. This ‘platooning’ concept explains how these autonomous cars will be able to automatically follow behind a lead car to reduce fuel consumption, whilst sending micropayments across the Tangle network to compensate the lead car for sacrificing theirs.

The Robert Bosch Venture Capital firm (RBCV) was reported to have bought a significant amount of IOTA’s MIOTA tokens in December last year after IOTA successfully launched its data marketplace; now RBCV sits on the IOTA advisory board and will play a key role in ensuring the longevity and success of IOTA’s future development. This move now clearly confirms that Bosch has been positioning itself for a while now to become the leader of this highly innovative and lucrative future industry.

Research from IoT Analytics has detailed a further 1,600 use cases for IoT across 10 major segments, in over 70 different countries and with over 760 IoT vendors. Advisory firm Bain predicts the B2B applications for IoT will be worth over $300 billion by 2020, with consumer applications worth $150 billion.

Bosch’s senior technological scout, Tak Dekel, commented on this new business venture with IOTA, depicting a new direction for the Tech Giant,

“This investment represents Bosch’s transition from a hardware company to a company that deals with data and monetization of data”.

What this means for IOTA

With IOTA starting to recover after the recent market correction, it’s likely that the project will see strong support going forward into Q2 2018 after faith restores in the crypto market.