The IOTA Foundation, the non-profit organization behind the IOTA blockchain, is collaborating with the Japanese government on a project focused on industrial infrastructure.
The company acted as a partner in a project initiated by the largest Japanese service companies Best Materia and IMC, IOTA representatives reported on 27 October. The project was funded by the New Energy and Industrial Technology Development Organization, a national research and development agency overseen by Japan. Ministry of Economy, Trade and Industry.
According to the announcement, the initiative aims to use artificial intelligence and distributed ledger technology on risk-conscious service systems in power plants, industry, petrochemicals and refining.
Dominik Schiner, chairman and co-founder of IOTA, told Cointelegraph that the project aims to digitize manual processes using artificial intelligence and deep learning to “predict when and which parts of a facility will need service.” According to the CEO, the introduction of AI and blockchain is expected to reduce downtime and increase availability, as well as reduce costs by reducing unnecessary checks and repairs.
Shiner said that the IOTA Foundation has been chosen as the DLT platform partner for this project. The CEO noted that IOTA will be used to exchange immutable data, providing an infrastructure of trust and a “simple point of truth” for various stakeholders. Shiner stressed that the new system is expected to benefit from free IOTA transactions on IOTA Tangle, saying:
“And without paying transaction fees, but with free data and valuable network transactions. IOTA will be used to be responsible for the quality of the data they enter into the system from different angles. ”
According to the announcement, the project includes a number of collaborating organizations, including Best Materia, IMC, Japan High Pressure Institute, Japan Society of Chemical Engineers, OMC, Lloyd’s Register and Yokohama National University.
In recent years, the Organization for the Development of New Energy and Industrial Technology has been involved in several blockchain-related developments. In 2018, NEDO announced that they were working on a blockchain-based data exchange system for the commercial industry. The project is a joint venture with the Japanese information technology giant NTT Data.