Browse Definitions :
Definition

IOTA

Contributor(s): Matthew Haughn

IOTA is a distributed ledger technology for IoT devices that will facilitate machine to machine (M2M) transactions in the M2M economy. IOTA was created by the non-profit foundation of the same name.

IOTA is built around the mIOTA cryptocurrency which uses tangle technology based on decentralized acyclic graph (DAG), rather than blockchain as in the case of bitcoin. There is less overhead with tangle as the duties of verifying transactions are shared between device nodes. When a transaction is made, the devices in the transaction verify the two previous transactions. This is in contrast to blockchain where the entire ledger is verified in processing intensive mining on separate computers. By sharing the load of verification between devices, the need for mining is eliminated.

The mIOTA cryptocurrency is limited to micro-transactions. (This term might be less likely than language like “permission-less transaction” to bring to mind a self-emptying wallet.) Gartner research claims that transactions of IoT devices are likely to reach 20.4 billion by 2020. The currency for devices was created with an inherent cap on the total amount of 27 quadrillion.

This distributed ledger makes it possible for IoT devices to carry out transactions without external support. This independent transaction system might be used, for example, when a smart fridge orders food based on a tallied list of used groceries, or a vending machine pays to be resupplied, perhaps by drone stock drop.

This was last updated in July 2018

Continue Reading About IOTA

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

  • compliance as a service (CaaS)

    Compliance as a Service (CaaS) is a cloud service service level agreement (SLA) that specified how a managed service provider (...

  • data protection impact assessment (DPIA)

    A data protection impact assessment (DPIA) is a process designed to help organizations determine how data processing systems, ...

SearchSecurity

  • DMZ (networking)

    In computer networks, a DMZ (demilitarized zone), also sometimes known as a perimeter network or a screened subnetwork, is a ...

  • quantum supremacy

    Quantum supremacy is the experimental demonstration of a quantum computer's dominance and advantage over classic computers by ...

  • Australian Assistance and Access Bill

    The Australian Assistance and Access Bill is legislation introduced and passed in 2018 by the Parliament of Australia to support ...

SearchHealthIT

SearchDisasterRecovery

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

  • cloud insurance

    Cloud insurance is any type of financial or data protection obtained by a cloud service provider. 

SearchStorage

Close