Crypto wallets integrated with IoT devices to support M2M economy

Magnise worked on and successfully developed a complex IoT concept for the IOTA Foundation to facilitate direct payments between IoT devices

#IoT

Customer Profile

Magnise took on the project for The IOTA Foundation – a forward-thinking foundation in Germany, focusing on the development of next generation protocols for the connected world. The IOTA Foundation wants to achieve its vision to create the true Internet of Things through the Machine Economy.

www.iota.org

Challenges

Imagine separate IoT devices taking total control over their wallets by facilitating free data exchange & direct payments between devices? This is a crucial step towards creating a fully-fledged M2M economy. And this is one of the biggest challenges the Magnise team has ever stepped up to meet.

Solution

Focusing on making a solution, Magnise created a project concept based on multiple MCU-driven wallets sharing data & paying each other for the data they have shared. Such an approach enables the M2M economy based on a feeless and frictionless transaction structure applicable across a wider range of spheres.

Project Implementation

Creating multiple MCU-driven wallets is the first step in a complicated multi-stageproject. The project drives the following extensions:

Building data processing chains that provide a transaction flow schema;
Enabling subscription-based payments between interconnected MCU devices without a permanent Internet connection;
Ensuring access to any public node via Internet-enabled API’s with only one actor enabling WiFi;
Secure interconnection via long-range protocols with data and value exchange.

Scope of Usage:

Automotive Services
Food Stock
Delivery Services

Value for Business & Ecosystem

The Proof of Concept is opensource, so the business can easily apply it to start the project in any industry containing MCU driven devices

Developers can be driven by reference PoC categories to implement their ideas with only a few base-code modifications

Simplistic Proof of Concept can be quickly utilized & extended by other developers to bring new drive into the ecosystem

Customer Feedback

Tim Rappe

Partner

I started the Ecosystem Project together with a Software Engineering company I work with for more than 7 years. Together we decided to start a R&D project based on open source IOTA Ecosystem.

Doing it together with a professional software company and having professional developers in it makes it more robust to any kind of fluctuations and circumstances. Also, the code quality is what you expect from professionals. In addition, a company who provides services to many different customers, may act as a kind of multiplier to this kind of technology.

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