Fujitsu Could Be the High-Profile Partner IOTA Needs
Japanese tech brand Fujitsu is backing IOTA. Looking for a way to improve its audit trails, the ICT company plans to use IOTA’s Tangle system for more secure data storage. Discussing the new crypto-based collaboration, Leopold Sternberg, program manager of Fujitsu’s Industry 4.0 Competence Center, said it was a natural move the company.
“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products,” Sternberg said in the official press release.
Fujitsu to Prove the Proof-of-Concept Model Works
Looking into the technical details of the project, Fujitsu is aiming to take the proof-of-concept model offered by IOTA and apply it to its production process. This, in turn, will make data storage more transparent which, in turn, will make partnerships with third-party businesses and customer care easier to manage. For those looking to buy IOTA tokens, the most interesting snippet of information in the press release mentions “IOTA-based innovations.”
Indeed, as Sternberg intimated, Fujitsu will use its standing in the tech world to actively promote the usage of IOTA.
“[The project goals are] to engage with the manufacturing and automotive industry and to drive IOTA-based innovation with Fujitsu’s co-creation approach,” reads the August press release.
Innovations Can’t Stop the Rot
Over the last few months, the IOTA team have forged a number of interesting partnerships. As well as the much-anticipated IOTA-friendly Trinity wallet, the company has increased its presence on some of the leading exchanges. On top of that, the platform is now being used in the gaming industry courtesy of the cross-platform engine Unity 3D. However, while these innovations have improved the utility of IOTA, they haven’t helped its market price. Looking at the recent price charts, IOTA’s coin (MIOTA) has continued to tumble in 2018. Starting the year above the $4 mark, the value at the close of August was just $0.67.
For those analyzing the markets, the natural reaction is to say the downswing is a result of the general bearish trend across the industry. While that may be true in part, it’s not the only reason for IOTA’s dip. Even though its technology solves many of the scalability issues present with other blockchains such as Bitcoin, the company has struggled to get any high-profile support. Unlike Ripple which has attracted interest from American Express, IOTA hasn’t secured much mainstream backing. The deal with Fujitsu could be set to change that. As well as wanting to use the technology, the Japanese brand wants others to use it. Indeed, if you look at the recent quotes, there is a clear desire to promote IOTA and, in turn, integrate into other businesses.
A Two-Way Relationship that Should Help IOTA
Naturally, these efforts will also serve Fujitsu’s interests. If it can convince its manufacturing and automotive partners to use IOTA, there will be more opportunities for crossover innovations. However, even if that is the case, IOTA will still benefit from this. The great thing about this is that it will give the company a chance to prove how scalable it really is. At this stage, only Ethereum has truly proved that it can support a large network of products and applications. Yes, others are getting there, but many are still trying to show the world their technology can do what it claims it can do.
Does this mean early IOTA investors should be popping bottles of champagne? No, not yet. However, there’s no doubt the company has won the support of a powerful partner. Although this doesn’t mean Fujitsu is capable of making IOTA a global star, it’s a step in the right direction. Given the current trend, a value around $0.67 might still be a little high if you’re looking to extract the most profit out of this project. If, however, the dip continues, there’s certainly a healthy margin to be made if Fujitsu can deliver on its promise to beat the IOTA drum with some of the leading tech companies in the world.