Japan’s multinational technology company Fujitsu has announced plans to work with Germany-based IOTA (MIOTA) to make it the new protocol standard.
In an official notice released on Friday, Fujitsu explained the use of IOTA-focused blockchain as an immutable data storage medium for its audit trail process. The initiative, dubbed “industry 4.0 co-create with Fujitsu”, sees the Japanese tech giant utilizing the IOTA protocol as a data storage medium for use within production and supply chain management, thus enabling better transparency, data trust and data security.
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products,” said Leopold Sternberg, program manager of industry 4.0 at Fujitsu. “Product quality is a critical success factor for the Manufacturing Industry. Assembled products can consist of hundreds of components and their production is based on complex processes. For audit trails in industrial production environments and supply chains IOTA provides a single source of truth.”
The document further outlines a proposed cryptographic ID system for product components and their production status that would be connected via nodes on IOTA’s Tangle protocol and hosted by Fujitsu.
Over the weekend, IOTA also made the headlines with the release of its Trinity wallet for desktop, in open beta version. The announcement came almost three months after the launch of the Trinity Mobile wallet app.
The update has been seen as a milestones for IOTA. Combined with Fujitsu’s backing, the news boosted the price of MIOTA from around $0.50 on Friday to more than $0.60 on Monday. While the increase came amid a general uptick in the crypto space, the coin has been outperforming the wider market, gaining over 13% on a daily basis as of early Tuesday morning (UTC). At current price levels, MIOTA has a total market capitalization of $1.9 billion, making it the 10th biggest blockchain project by market value, according to Coins.Online data.
Despite the recent gain, MIOTA has shed 36% during the month of August, placing it among the worst performing altcoins. Although much of the selloff can be attributed to overall market weakness, a recent internal conflict in the IOTA Foundation board may have also been a factor.