Today, distributed ledger technology (DLT) platform Obyte announced it has partnered with Bosch Connectory, the leading manufacturer’s Internet of Things (IoT) initiative. Obyte’s work will be funded in part by Bosch, allowing the firm to explore solutions for smart city applications.
Bosch has Connectory spaces in Chicago, Stuttgart, Guadalajara, Shanghai, Curitiba, and London. They hope to bring together private and public sector organizations, focusing on collaboration in IoT innovation. The first was Chicago in 2017, followed by Guadalajara then Stuttgart. Each branch specializes in location-based solutions. For instance, the most recently opened space in London looks at smart mobility and works with Transport for London (TfL).
Meanwhile, Obyte launched its DLT solution in late 2016, using a directed acyclic graph (DAG) like IOTA. It claims that the platform processes transactions nearly instantly, and its network, unlike conventional blockchains, has true freedom of access and decentralized control.
Obyte’s founder, Anton Churyumoff, said: “By partnering with the Bosch Connectory, Obyte has an opportunity to demonstrate how [DAG] technology can be applied to people’s homeware appliances and daily routines from when they wake up and have a coffee, maintain their homes, drive to work and order groceries.”
Today’s partnership is a result of Obyte’s demonstrations at two previous Hackathons. These saw the firm operate Bosch Coins and the Bosch Wallet with its DAG technology, integrate them as a payment mechanism for coffee machines, and design a power tool vending machine for construction sites.
“Although there has been a lot of hype about blockchain… [m]ost DLT projects are over-promising and under-delivering,” said Antonius Gress, head of Bosch’s Connectory and Digital Innovation and Automation.
“Obyte’s DAG enables data and Bosch Coins to be transferred between third parties in a decentralised and scalable environment free from excessive costs and high energy use,” he added.
Now, Obyte will showcase IoT solutions at the Stuttgart Connectory, first demonstrating DLT-based traffic control, energy management, payments, and working spaces with a Lego model.
The startup has its own cryptocurrency which currently has a market capitalization of around $15 million. It also has a solution to help other startups to launch Initial Coin Offerings (ICOs).
Bosch has extended its IoT work as a tech provider for the Smart Buildings Challenge, alongside Microsoft. In May, it announced it is using DLT for electric car charging and previously provided an electric Jaguar for the Smart E-Mobility Challenge.