The IOTA Foundation will integrate IOTA (MIOTA) tokens with Ledger hardware crypto wallets, according to a press release recently released on Cointelegraph. The IOTA Foundation is a nonprofit organization that supports the development and standardization of distributed ledger technology (DLT) and focuses on building ecosystems around IOTA (MIOTA) to facilitate its commercial adoption.
In November 2017, the Foundation had $255 million in tokens as foundation funds, $22 million as ecosystem fund and $20 million as unclaimed IOTA from the sales to the public. After integration with the Trinity and Romeo IOTA wallets, the Ledger Nano S hardware portfolio will allow users to protect their private keys by only accessing to their IOTA (MIOTA) tokens on a particular chip isolating the keys of users from their computers or smartphones.
That will allow users to validate transactions in their Ledger Nano S hardware wallet as part of the security protocol. The Ledger wallet has a chip similar to that used for credit cards or passports. As previously reported, the Japanese ICT conglomerate Fujitsu announced the launch of a proof of concept (PoC) based on IOTA (MIOTA) for audit trail processes in the manufacturing industry.
IOTA (MIOTA) to be integrated with the Ledger Nano S wallet
IOTA and Fujitsu are reportedly working on implementing the IOTA protocol as an “immutable data storage medium” for audit trails in “industrial production environments and supply chains” to improve transparency, data trust, and data security.
Also, in June, IOTA and Volkswagen presented a PoC that uses IOTA Tangle technology for stand-alone cars. The PoC allows Volkswagen to use IOTA Tangle architecture to transfer software updates “over the air” as part of the automaker’s new “Connected Car” systems. IOTA Tangle is another type of DLT explicitly designed for the Internet of Things (IoT) environment.
It is an open-source protocol that facilitates interactions between machines, including secure data transfer, real-time micropayments, and other data. At the moment of this article, the IOTA (MIOTA) token is trading at $0.483, with a market capitalization of about $1.34 billion, according to CoinMarketCap data.
