Topocare Utilizes IOTA Technology For Flood Control Solutions- IOTA News. Tuesday, September 25
Topocare is working on a PoC using IOTA Distributed Ledger Technology
The project seeks to implement a new business model
German-based flood control solutions firm Topocare, is reportedly working on a Proof-of-Concept that would help interconnect their machinery and infrastructure data to the IOTA network for better management of information, as well as to guarantee data integrity and transparency for both their customers and them.
Via a Medium post, it is explained that the company is looking to implement a “true version” of machine-to-machine payments – a concept closely related to the Internet of Things (IoT) system – that allows an automated, transparent and exact payment process carried out solely by the machines involved. And here is where IOTA enters the game.
First off, it is worth mentioning that Topocare develops machines able to produce and place “huge sand filled geotextile tubes as flood barriers” directly on the desired location. This is useful for building levees, dams and embankments without suffering from erosion processes, while providing a better cost-benefit and high stability.
Now, according to their PoC, the business model they would be using for achieving the aforementioned idea would be Pay-on-Production (PoP) – also known as Pay-per-Use (PpU) – in which the client has to pay for every production step. These are relatively new models, but have proven to have potential in the manufacturing and medical field.
They explain that, in order to efficiently implement this model to their project, a distributed ledger technology (DLT) able to provide micro payments, data integrity and costless transactions, is needed. And to them, IOTA is the perfect candidate.
In this regard, the plan goes like this: There are three IOTA wallets – one owned by the client (wallet 0), and two belonging to the machine owner (wallet 1 and 2). One of these can be accessed by the machine (wallet 1). Supposing that the client has funds (IOTA Tokens) to pay for one day of production, he then proceeds to send the money to wallet 1. The machine then sends a set amount of IOTA tokens to wallet 2 each time it is produced one meter of said material.
If there is not enough funds to keep the production, the machine halts it. If there are still tokens in wallet 1 after the whole production was completed, the machine will refund the customer that amount automatically.
All this information is written to the Tangle, which can be consulted by both the client and the company “to ensure that there is one single version of the truth”. This data cannot be altered in any way (due to the nature of DLT), so whatever happens at any stage and level of the production, as well as any issue with the machinery, material, or the process in general, is recorded permanently and remains immutable.
A promising relationship
This PoC, if fully developed and successfully implemented, could signify the beginning of a promising future for IOTA. Topocare is a company with a client portfolio that ranges from particular customers, to governmental entities, and the exposure of IOTA to these type of clients could boost its adoption, which would translate into a larger market capital.
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