IOTA collaborates with the UAE government, using its blockchain solution and Tangle technology to address infrastructure challenges and empower digital ecosystems.
IOTA’s Tangle technology with DAG-based architecture addresses scalability and cost-related concerns, ultimately making the IOTA Tangle network highly energy-efficient with reduced energy consumption.
The IOTA Foundation has always been at the forefront of undertaking key initiatives addressing some real-life use cases and applications. As a result, IOTA has been working along with governments to solve several infrastructure-related problems and build a robust ecosystem.
In one such development, Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade conducted a meeting with IOTA co-founder and chain Dominik Schiener to explore ways in which IOTA’s open-source blockchain solution will help empower UAE’s digital ecosystem.
UAE seeks to tap into the IOTA blockchain’s ability to power a wide range of sectors which could play a vital role in the country’s advanced technology ambitions. Although the UAE Minister of State announced working with IOTA, he didn’t disclose many details about the different scopes of projects that they would be working on.
Great to meet @DomSchiener, co-founder & chair of @iota, and explore ways to introduce their open-source blockchain solution to the #UAE’s digital ecosystem. With its ability to power a wide range of sectors, it could play a vital role in our advanced technology ambitions. pic.twitter.com/2wZwYIJ4k7
— د. ثاني الزيودي (@ThaniAlZeyoudi) May 25, 2023
IOTA remains the preferred network for governments and corporates to deploy large-scale projects since the blockchain is fast, reliable as well as very environmental-friendly. IOTA, an open-source distributed ledger technology, uses a Directed Acyclic Graph (DAG) structure, which enhances scalability and enables utilization in various industries such as healthcare, automobile, and smart city infrastructure.
This has contributed to the rise in popularity of the IOTA blockchain among government agencies that have started using the tech. Over the past few weeks, top executives of IOTA have been conducting talks with several UAE ministers. It seems that IOTA is looking to establish a strong foothold in the region.
Leveraging IOTA’s Tangle Technology
As per the reports, the UAE government will be leveraging IOTA’s Tangle technology which involves an interconnected web of blocks, unlike other blockchain platforms wherein the blocks are connected linearly.
The Tangle network stands out as it doesn’t rely on miners for additional blocks on the blockchain, resulting in enhanced security through two rounds of verification. Additionally, the DAG-based architecture of Tangle addresses scalability and cost-related concerns, ultimately making the IOTA Tangle network highly energy-efficient with reduced energy consumption.
After conducting extensive research on voting protocols involving participants with varying weights, Cornell University has affirmed that the IOTA Tangle technology is well-suited for managing multiple voting processes. The university recognizes the robustness of the technology and its ability to support decentralization.
A fair and transparent voting process is achieved when a participant’s influence on the final outcome aligns with their weight, making the voting protocol equitable. Leveraging IOTA’s Tangle network, the technology now enables IOTA to pursue lucrative partnerships with government entities and private sector organizations, positioning it for multibillion-dollar deals.
Der Beitrag IOTA’s Dominik Schiener and the UAE Minister of State for Foreign Trade to Discuss Billion-Dollar Project to Drive IoT and DeFi in the United Arab Emirates erschien zuerst auf Crypto News Flash.