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The IOTA Foundation recently announced a major new partnership, which will see the non-profit organization join forces with Austrian Vienna University of Technology. The University has a new research lab, known as Christian Doppler Laboratory (CDL), named Blockchain Technologies for the Internet of Things.
The goal of the new partnership
The new laboratory is the first of its kind, and it was officially opened yesterday, November 26th, during a digital ceremony. It was opened by Margarethe Schrambock, Austrian Federal Minister for Digital & Economic Affairs.
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From what is known, the lab will focus on research and development in various partnerships — private and public alike — between businesses aiming to expand their use of blockchain and institutions.
IOTA is joining the new lab, but it is not doing it alone. It will be accompanied by Pantos, its new research partner, which is actually an offshoot of Vienna-based trading platform, BitPanda.
The new lab is led by Professor Stefan Schulte, who noted that the number of potential application areas for blockchain-based data exchange and payments in the IoT sector is on the rise. There are new DLTs to be integrated, and there is a large necessity for interoperability between different blockchains.
He believes that the joint research with IOTA Foundation and Pantos is very important for finding new solutions to the issue.
A major milestone for IOTA
Meanwhile, many agree that the new partnership is a major milestone for IOTA, as well. Dominik Schiener, the co-founder of IOTA, said as much himself. He noted that “We will work with leading research and industry partners to accelerate its development and introduce new features such as atomic swaps and cross-chain interoperability. Exciting times ahead!”
IOTA has been aiming at becoming the go-to platform for IoT for a long time. By using its DLT as an operational standard, IoT devices would be able to send payment information and other kinds of data to other devices, and easily communicate through IOTA’s network.
Only days ago, on November 24th, IOTA also completed a new interoperability update, that would further help devices communicate with various systems that use IOTA’s software.