Cars are a luxury almost everyone would love to enjoy. They make transportation easier and more often than not have the tendency to speak for you your level of wealth. But one inevitable headache of owning a car is car insurance. The costs involved, dealing with your ever-convincing insurers, what policies to even go for, all of these just tend to stress you out and for that matter people just don’t insure their cars at all.
IOTA ever since it stepped unto the scene has been very much involved in the automobile industry. Among its notable achievement is the partnership with German manufacturer Volkswagen (VW). The blockchain-driven firm has been very much involved in getting very conservative and traditional businesses to patronise the new tech. Now they are telling us they can actually insure our cars for us with their technology.
In a recent event held in Canada, IOTA made the public understand that they were in full capacity to actually start insuring cars – in fact, they could get your car to insure itself with the IOTA blockchain (its distributed ledger technology and Internet of Things). Its blockchain is quite different from those of networks like Ethereum even though they are both running on crypto tokens on their system. IOTA uses its Tangle software which functions with a pretty much different “code”. In technicality, the company uses the blockchain principle or model but does not use blockchain itself. IOTA was created to facilitate machine-to-machine communication without human intervention.
More boost in confidentiality came for the firm when the World Trade Organisation mentioned that IOTA was one of the promising new and emerging models of blockchain technology. This was in reference to the new models which apparently are moving away from the traditional blocks and chains for which it’s called blockchain. The organisation had prior to this mentioned blockchain technology as being the most widespread form of Decentralised Ledger Technology.
There was a demonstration at the event in Canada to show the feasibility of the car insurance with IOTA’s system in which a Tesla used the current state of its movement (parked, moving) to choose what insurance to pay for and do the payment via IOTA.
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