The latest big company to shake hands with the cryptocurrency industry is Volkswagen. The leading car manufacturer will be partnering with IOTA.

Volkswagen partners with IOTA

The announcement was made during the recently held Bosch Connected World conference that took place in Berlin over the weekend. This is great news for the crypto industry as it secures the use of decentralized blockchain technology in smart cars.

IOTA (MIOTA) was designed to work with the Internet of Things. IOTA in itself is scalable, modular, decentralized and charges no transaction fees. It makes use of the Tangle which is a newly distributed ledger. The token is said to be an improvement on current blockchain designs. IOTA can even operate when offline and offers quantum-security. IOTA was released in June 2016 and it raised $500 K during its Initial Coin Offering (ICO). It is currently trading at $1.89 according to Coinmarketcap.

Johann Jungwirth takes the stand

Last year the Bosch Company announced that they would be adopting IOTA in its autonomous cars project. Now Volkswagen will follow suit. In January 2018, the Volkswagen Head of Digitalization Strategy, Johann Jungwirth got a seat on the supervisory board of the IOTA-Foundation. Jungwirth will be actively involved in the IOTA’s annual roadmap as well as the future of the Volkswagen and IOTA agreement.

During the conference, Jungwirth explained how the New Connected Car systems would benefit both parties concerned. He also talked about the potential and benefits of free technology and how Mobile-as-a-Service (MaaS) comes about.

This is not the first big team up for IOTA. The city of Taipei already has an agreement with IOTA to provide Identification plans via its blockchain technology.