IOTA’s New Proof of Concept Promises To Build The Foundations Of Future Innovations. Friday, September 28
IOTA’s new Proof of Concept promises to build the foundations of future innovations
The teaser is part of the new developments at the bIOTAsphere
The IOTA Foundation held an event hosted by Arup in Toronto, Canada, on September 27, to talk about a new project they have been developing at the bIOTAsphere, an independent environment based on the IOTA protocol to discuss, brainstorm, develop, test and promote new applications for this network, as well as to raise awareness about the benefits and value of the Tangle.
In this meeting, founder of the bIOTAsphere Terry Shane teased both the presents and the people who watched the livestream with a Proof of Concept of a technology that promises to revolutionize the society, serving as the foundations for new applications that will be developed on top of it.
Titled “Putting the Proof back in to Proof of Concept”, Terry unveiled their new experiment involving the Tangle and real-time data transfers to improve the way car insurances are charged to clients, as well as to have a near-exact information of how events were developed in the case of an accident.
With a live demonstration, in which a car – a Tesla named Tessie driven by an assistant – was first parked and then started to move around the city as per Terry’s request, he showed how Tessie, connected to the Internet and the IOTA network, was constantly sending information about its speed, current position and state, among other details to the Tangle, while at the same time, this information was being outputted to an interface – called Insure My Car Demo – where it could be consulted in a user-friendly manner.
Part of the PoC involved the car choosing automatically from three different insurance providers, each one with different fees and special conditions that offered discounts or charged premiums depending on their conditions, and the election was based on the best of them for each situation.
For example, if Tessie was completely stopped, the platform would switch to the Standby Insurance, which offers the best rates when the car is parked. When in movement, it would switch from this provider to one of the other two – Tortoise Insurance and BFRocket Insurance – depending on how fast was driving.
The main goal of this application was to demonstrate how people will be enabled to pay the exact amount of fee depending on their current driving behavior and history, in an automatic, fast and transparent manner, thanks to the nature of the Tangle.
One interesting fact about this PoC, is that not much data of the driver is required to calculate the fees to be charged – unlike current insurance companies, in which people must turn in their personal info almost completely, as well as their driving history, to be able to calculate how much they will pay. Terry explains, however, that those providers who want to gather more info from their customers can incentivize them to give it willingly by offering discounts and other benefits – but ultimately, the decision was in the customers’ hands.
A bright future ahead with IOTA
Albeit it is just a PoC, the potential applications this tool could have are very promising, and it is more than likely that the IOTA Network will experiment a growth in is adoption and market capital, should the application – and the platform – prove to be successful.
Terry also revealed that there are even more projects baking in the oven, but he was not allowed to disclose them yet.
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