Our goal is to increase the adoption of Distributed Ledger Technology throughout the Midwest region as IoT solutions and business models continue to grow.
Chicago, Illinois (PRWEB) October 19, 2017
On October 17, 2017, the Chicago Connectory, an Internet of Things (IoT) innovation space founded by Bosch and 1871, launched their new partnership with the IOTA Foundation. The IOTA Foundation is a not-for profit organization that aims to catalyze the adoption of Distributed Ledger Technologies (DLT) to provide more transparency, security and efficiency for IoT solutions.
Bosch is a leading global supplier of technology and services and brings extensive experience in all three levels of the Internet of Things (IoT) with sensor technology, software and services, and also its own IoT cloud. This makes the company a one-stop shop for IoT in areas that include mobility and transportation, connected energy and smart cities, connected homes and smart buildings as well as connected manufacturing.
“There is great potential through Distributed Ledger Technologies to make each IoT project more secure, efficient and provide increased transparency to consumers of IoT solutions,” says Dennis Boecker, Bosch IT global innovation lead and responsible for the Chicago Connectory. “Our goal is to increase the adoption of Distributed Ledger Technology throughout the Midwest region as IoT solutions and business models continue to grow.”
“IOTA and Bosch have been in dialog about the convergence between the Internet-of-Things and IOTA's Distributed Ledger Technology since late 2015 and built up a strong relationship,” says David Sønstebø, founder of the IOTA Foundation. “Our official collaboration on this laboratory for exploring this overlap cements both entities' goal of enabling an open and secure IoT ecosystem.”
Bosch and IOTA have already been working successfully together as partners in the Trusted IoT Alliance (TIOTA) of which they are also founding members. The Chicago Connectory, being founded by Bosch, benefits from the existing partnership and allows for an extension of the existing activities.
The main product of the IOTA Foundation to date is the IOTA Tangle, an open source Distributed Ledger Technology (DLT) that goes beyond blockchain. The IOTA Tangle resolves the scalability challenges of existing blockchain technologies and makes it possible to transfer value without transaction fees. IOTA is uniquely suited for business model innovation in the emerging Machine-to-Machine (M2M) economy.
IOTA has a strong ecosystem, which is one of the largest in the DLT community. Corporations, startups and independent developers are utilizing the technology to create new applications in a diverse number of areas, ranging from Internet of Things, Smart Cities, Mobility, eHealth and even Web Payments.
“Chicago’s innovation ecosystem is thriving and our partnership with the Chicago Connectory will further drive the adoption of the IOTA Tangle”, says Dominik Schiener Co-Founder of the IOTA Foundation.
The Chicago Connectory features a mix of community, technology and educational resources to help facilitate IoT partnerships with organizations such as the IOTA Foundation. The partnership with the IOTA Foundation is adding further mentors as well as related events, a strong ecosystem and project collaboration including the IOTA Foundation’s Development Fund to the Chicago-based IoT innovation space.
“The Chicago Connectory is the place to nurture and grow the IOTA ecosystem and to build the next great ideas and companies in IoT,” Schiener says. “We look forward to helping more organizations connect, grow and co-create as the Chicago Connectory becomes a key catalyst for the IOTA ecosystem in Chicago and the greater Midwest.”
About the Chicago Connectory
Covering nearly 20,000 square feet in Chicago’s historic Merchandise Mart, the Chicago Connectory is a co-creation space and IoT incubator boasting cutting-edge technology and security, expert programming, and mentorship from leading experts in IoT. More than a co-working space, the Chicago Connectory offers partners a co-creation model that fosters collaboration, networking, problem solving, and a new way of doing work in the age of connectivity. The Chicago Connectory is a partnership between Bosch and 1871. Together, 1871 and Bosch are empowering an ecosystem to drive the future of IoT.
Find more information online at http://www.chicagoconnectory.com.
About the IOTA Foundation
IOTA Foundation is a non-profit foundation with the purpose of developing, maintaining and standardizing new open source protocols based on distributed ledger technologies (DLT). The IOTA Tangle provides a revolutionary open source DLT which is scalable, lightweight and makes it possible to transfer value or data without any fees.
Find more information online at http://www.iota.org.