Categories: IOTA News (IOTA)

IOTA Teams up with NKT to Bring E-Wallets to Cable Industry

NKT, a leading electrical manufacturer based in Denmark, has recently entered into partnership with IOTA Foundation, the Herald Sheets website reported.

According to a press release published on NKT website, the deal aims to fulfill the industry demands through empowering digital asset management of Cable Drums.

The two parties will collaborate in developing solutions that will help independent economic agents to send and receive payments through the supply chain.

It is worth mentioning that the collaboration is powered by TrackMyDrum platform, which aims to boost cables projects, improve utilization of cables and minimize wastage of resources.

Camilla Miehe, TrackMyDrum’s Project Leader, said:

“With a digital ecosystem, we can ensure a more efficient and sustainable use of assets such as cable drums for the benefits of all involved parties. Imagine that cable drums would pay €2 to the user to change its status report of being in-transit, accepted or ready to return, and be able to charge cable manufacturers directly for cable mounting and transportation.”

“This will prevent them from being lost or dumped saving utilities, energy providers and installation companies thousands of Euros in fees and improve the overall project execution,” he added.

The above-mentioned goals will be achieved by empowering each cable drum with its personal e-wallet that resembles smart mobility Car e-wallet projects.

Jens Munch Lund-Nielsen, head of global trade at IOTA Foundation, said:

“We want to make cable drums an economic agent on its own, so it can create real-time incentives to support its operations by simply paying the parties involved.”

IOTA expands presence

Cryptolydian earlier reported that the IOTA Open Marketplace (OMA) continues to make great strides forward. The project seeks to provide a decentralized marketplace for food and other goods like multinational companies such as Amazon and Uber.

Buyers and sellers can communicate easily, without the need for an intermediary to receive large commissions, Crypto News Flash website reported.

The IOTA-based project allows processing transactions freely and anonymously. It has been recognized as the best app of the fifth week at CODEVID19 Hackathon.

Rabea Maguid

Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.

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