- Benjamin Bönisch, VP Digital Products & Services at ETO GRUPPE, envisions IOTA to lead the wave of blockchain technology adoption in Europe, akin to the pervasiveness of TCP/IP within five years.
- ETO GRUPPE has been incorporating blockchain into products like smart traffic sensors and farm sensors, focusing on Distributed Ledger Technology (DLT) and Self Sovereign Identities for personal data sovereignty.
A conversation with Benjamin Bönisch, the driving force behind digital product transformation at ETO GRUPPE, reveals an exciting prospect: IOTA, a leading player in the blockchain space, is primed to usher in a technological revolution in Europe, potentially achieving the ubiquity of TCP/IP within the next five years.
Web3, as described by @BenBoenisch, empowers hardware owners to control data usage and monetization. He predicts crypto networks such as @iota will become pervasive in Europe within 5 years, functioning similarly to TCP/IP ⬇️ https://t.co/bAyGIX1nFT
— Michael Atlan (@micatlan) August 6, 2023
IOTA and Digital Transformation
Bönisch, in his role as Vice President of Digital Products & Services at ETO GRUPPE, is instrumental in managing venture projects, strategic partnerships, and new technology-based business developments. He views Distributed Ledger Technology (DLT) and Self Sovereign Identities as vital tools in providing users with personal data sovereignty, hence integrating them in various IoT devices ranging from traffic monitoring to precision farming and healthcare.
His journey with DLT started with the development of smart traffic sensors for a government-subsidized project, “ALFRIED”. During the project’s inception, ETO presented a comprehensive paper highlighting the benefits of DLT. The overwhelmingly positive feedback from the government reaffirmed their innovative approach, further bolstered by Germany’s subsequent publication of the Blockchain Strategy.
With the introduction of the MiCa regulation, ETO’s venture into DLT matured from high-risk development to a regulated approach. The firm also invested in Filancore, a company specializing in decentralized identity management, demonstrating their commitment to enhancing Self Sovereign Identities.
The Market Reception and Future of DLT
As ETO prepares to launch its IoT devices integrated with DLT, such as Farmsense, an interesting shift in data ownership and monetization is on the horizon. Bönisch explains that farmers, for instance, will have the opportunity to sell not only their produce but also their weather and soil data, transforming data ownership dynamics.
Answering questions about the future of DLT, Bönisch is optimistic. He believes in the openness to all technologies, but he also holds firm requirements: Scalability, secure network, low transaction fees, high decentralization, and minimal ecological impacts are paramount.
With the momentum behind DLT and IOTA, Bönisch envisions Europe’s technology landscape undergoing a seismic shift in the next five years. He likens the transformation to the pervasiveness of TCP/IP, predicting that blockchain technology will operate seamlessly in the background, enabling effortless and free transmission of information and transactions across Europe.