IOTA is working on a robust machine economy and data will be the new oil, says David Sønstebø

IOTA co-founder David Sønstebø recently appeared on the Crypto101 podcast with host Brice Paul to discuss IOTA’s plan to develop a machine economy, the role of distributed ledger technology (DLT) in the future, and data as the new oil.

Data economy is the future

In a recent Crypto 101 podcast interview, Sønstebø highlighted futuristic plans that IOTA wanted to develop, while also emphasizing the importance of distributed ledger technology (DLT). According to the IOTA boss, the company plans to develop a robust machine economy that will benefit people.

Regarding the vulnerabilities found in the Internet of Things (IoT), Sønstebø said that users are becoming more preoccupied with things like WiFi and taking things lightly while noting that total machine dependence is imminent.

In addition, Sønstebø stated that the advent of the COVID-19 pandemic served as a “wake up call” that things considered fictional could happen in reality with sufficient incentives. The IOTA founder said that IOTA predictively implemented quantum cryptography while the IOTA protocol was developed to combat future vulnerabilities.

Sønstebø also spoke about his partnership with Jaguar Land Rover, saying that every Jaguar vehicle will have the IOTA wallet while using the IOTA blockchain for accurate data collection. Sønstebø also referred to modern cars as “computers on wheels” and said that useful data collected from the car is an asset to the owner of the car that can be profitable.

Regarding data sovereignty, Sønstebø said:

“Since we have cars that are more and more computers on wheels, the data is the new oil. They literally collect enormous amounts of data which, when used appropriately, can be very valuable, they can be monetized … IOTA’s goal is to establish this real data economy, but not just a data economy where the big boys are in control of all your data but where you have this sovereign ownership of your identity and your data. “

IOTA is working on greater DLT usage

Developments in the IOTA ecosystem are increasing as the DLT company looks for new ways to improve its digital space. As BTCManager reported at the beginning of May 2020, the IOTA Foundation has teamed up with NKT to operate cable drums for autonomous economic actors.

IOTA has also worked with Pickert to leverage the former’s Tangle DLT framework for zero defects in smart manufacturing. In addition, SOCIETY2 introduced an IOTA-based social media platform to ensure data protection control by users.

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