Volkswagen (VW) has announced a cooperation agreement with the IOTA Foundation, with plans to potentially incorporate blockless technology into the autonomous driving initiatives of the German car giant which owns Lamborghini.
The news was made at a presentation by VW’s Chief Digital Officer (CDO) Johann Jungwirth on the future development of VW. Speaking at 19:00 CET, Jungwirth was hazy on details but highlighted that IOTA’s Tangle could be used to autonomously determine the pricing of its cars based on availability and demand, as well as to enable feeless and offline transactions. He also highlighted that the technology had the potential to shorten verification time and ensure greater security for funds and information.
Although he made it clear that IOTA wasn’t going to be immediately adopted by VW, he did stress that it was under investigation. Jungwirth, who joined the IOTA’s supervisory board in late January, said VW was already shifting towards the development of self-drive cars.
The announcement was made at the Bosch Connected World, an annual conference for the ‘Internet of Things’ (IOT) sphere. Based in Berlin, it attracts over 4,000 industry leaders and IOTA’s co-founder, Dominik Schiener, is expected to speak this afternoon.
VW Group is one of the largest car manufacturers in the world and owns well-known car brands such as Audi, Skoda, Porsche and Lamborghini. The German engineering and electronic goods companies, Bosch said earlier this month it would invest in IOTA, having also joined the Foundation’s supervisory board.
At the news, users on Reddit were quick to point out the irony of how blockchain could potentially be incorporated into Lamborghini. The phrase “When Lambo” is used humorously to describe the point when an investor’s cryptocurrency holdings have increased enough to purchase a model of the Italian supercar, which was bought by the VW Group in 1998.
MIOTA, the Foundation’s token, hasn’t escaped this week’s crypto-slide. Worth just over $2 at the beginning of the week, MIOTA experienced a 12.76% fall today and was worth $1.65 at 13:30 GMT.
In late January, IOTA signed an agreement with the Taiwanese capital of Taipei to use the Tangle for smart city, data-sharing initiatives.
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