- Unique from other L1 projects, IOTA’s technology receives validation for commercial use in the EU’s PCP program.
- The IOTA Foundation focuses on tokenization in the UAE and Africa, expanding global trade and digital infrastructure applications.
IOTA, positioning it as a system within the Distributed Ledger Technology (DLT) space, particularly in relation to large-scale governmental and economic applications. IOTA’s quiet yet impactful advancements, particularly its involvement in the European Union’s (EU) backed DLT pilots, set it apart from many Layer 1 (L1) blockchain projects.
IOTA’s Unique Positioning
By advancing to the final phase of the EU’s Pre Commercial Procurement (PCP) program, IOTA demonstrates its viability and potential for commercial and economic use cases, including digital IDs, supply chains, and environmental, social, and governance (ESG) initiatives.
IOTA’s unique services, such as IOTA Identity and IOTA Streams, have been utilized in partnerships to explore DLT utility in commercial settings, such as the creation of Digital Product Passports under the CIRPASS initiative and tracking intellectual property rights in the creative industry. These developments are not only a testament to IOTA’s technical capabilities but also its alignment with the EU’s regulatory frameworks and initiatives.
The $IOTA ecosystem is one thats often forgotten by many in the DLT space.
While they stay rather quiet, when they do make noise, it's usually quite substantial news coming out.
Recently IOTA has showcased their advancements around government, RWA & even global trade.
Here's… pic.twitter.com/4CPK2gzjTv
— Web3Alert (@theweb3alert) March 27, 2024
Strategic Partnerships and Expansion
The establishment of the IOTA Foundation, particularly in the Abu Dhabi Global Markets (ADGM), and the allocation of over $10 million to accelerate tokenization efforts in the UAE and African regions, signal a strategic expansion of IOTA’s applications beyond its original focus on big data and machine-to-machine (M2M) communications.
This expansion is further exemplified by its recent partnership with the World Economic Forum and Trademark Africa (TMA) to form the Trade Logistics Information Pipeline (TLIP), aiming to enhance efficiency in cross-border trade operations.
Related: DLT Innovation in Real Estate: The Case for IOTA’s Role in Development
IOTA Identity 1.2 Update
IOTA has unveiled version 1.2 of IOTA Identity, incorporating significant updates requested by ImpierceTech for the integration into Self-Sovereign Identity (SSI) products. This marks a pivotal moment in the near completion of IOTA’s integration with ShimmerNet, enhancing digital identity solutions within the distributed ledger technology space.
RWA Tokenization Projects in the UAE
IOTA has initiated several Real World Asset (RWA) tokenization projects, focusing on the United Arab Emirates (UAE). With Blackrock playing a crucial role in these efforts, IOTA’s unique capability for RWA tokenization and regulatory support in the ADGM highlights its distinctive position in the market, often overlooked in blockchain discussions.
#IOTA #RWA
"We are setting up multiple RWA tokenization projects right now, mostly focused around our initiatives in the UAE. Blackrock is actually one of those fund managers that we will be using for this RWA tokenization effort as well." 👀 pic.twitter.com/sJowF8fuXy— RemSchu (@RemSchu) March 29, 2024
IOTA’s Market Momentum
The cryptocurrency market has observed IOTA’s bullish trend, with the token surpassing the $0.33 resistance level and targeting $0.50, supported by significant trading volume. The token’s performance is closely tied to the broader market sentiment and the stability of Bitcoin.
Read more: IOTA 2.0: Empowering Tomorrow with Feeless Transactions and Vibrant Community
Price Predictions for 2024
Price predictions for IOTA are optimistic, fueled by its Tangle technology that promises rapid, secure transactions without relying on blockchain. By the end of 2024, IOTA is expected to reach a maximum price of $1.63, with an average price of $1.24, assuming favorable market conditions.
However, potential bearish trends could see a minimum price level of $0.75, although a bullish rally is anticipated to significantly boost IOTA’s value in the year’s second half.
IOTA’s Future Outlook
These developments indicate a broader, more strategic positioning of IOTA in the global trade and digital infrastructure sectors. IOTA’s scalable, feeless network is being recognized for its potential to industry practices by offering transparent, efficient, and scalable solutions for both governmental and commercial applications.
As IOTA continues to these partnerships and projects, its role in the future of DLT applications in real-world settings becomes increasingly prominent, suggesting a future for technology in facilitating global trade, digital identity verification, and beyond.
