IOTA initiates Business Innovation Program, enabling construction of the future on its Mainnet
The IOTA Business Innovation Program (BIP) has been launched, marking a significant step forward in the adoption and development of IOTA technology. This initiative aims to support businesses in creating scalable, real-world applications, particularly in areas such as tokenization, decentralized identity, and supply chain transparency.
One of the key pillars of the BIP is the utilization of the IOTA Rebased Mainnet, an upgraded network that enhances performance, decentralization, and ease of development. This mainnet offers several advantages, including a higher throughput and scalability, enabling over 50,000 transactions per second, and no token migration required, ensuring a smooth transition and adoption.
The IOTA Rebased Mainnet also introduces novel capabilities such as Object ID, which links real-world assets directly to on-chain data, facilitating transparent tokenization and asset tracking. Additionally, it offers enhanced support for smart contracts with EVM compatibility, expanding interoperability and developer access. Infrastructure improvements also reduce barriers for enterprises to deploy secure, efficient decentralized applications.
The first generation of projects from IOTA's Business Innovation Program includes three companies: Impierce, Orobo, and ObjectID. Impierce offers a decentralized digital identity platform, Orobo creates a Digital Product Passport that tracks the lifecycle of goods for sustainability and regulatory compliance, and ObjectID assigns digital identities to physical objects to combat counterfeiting and ensure authenticity in supply chains.
IOTA's Mainnet also offers significant advantages over traditional blockchain technologies, with attributes such as scalability, efficiency, and the ability to natively integrate identity logic and digital assets. This infrastructure, based on the Tangle protocol and the Move language, overcomes traditional blockchain technology limitations such as scalability and high transaction costs.
The BIP program offers funding of up to 100,000 euros per project, attracting both established companies and new businesses willing to tackle real challenges in sectors such as finance, logistics, education, and digital commerce. By building on IOTA Rebased, these businesses can harness improved network reliability, speed, and programmability, thus accelerating the development of innovative solutions in decentralized finance (DeFi), supply chain, identity, and IoT sectors.
In summary, the IOTA Business Innovation Program is a significant step towards accelerating the adoption and integration of IOTA technology. By focusing on practical, industry-oriented applications that benefit from IOTA's feeless, scalable, and decentralized architecture, the BIP aims to drive broad adoption by addressing real market needs with emerging blockchain technology.
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