The IOTA Foundation is collaborating with Japan’s government on a project targeting industrial infrastructure.
It has been reported that the foundation has partnered on a project initiated by major Japanese maintenance companies, Best Materia and IMC.
However, the project is funded by the New Energy and Industrial Technology Development Organization, a national research and development agency operating under Japan’s Ministry of Economy, Trade, and Industry.
The report said that the initiative intends to implement artificial intelligence and distributed ledger technology (DLT) to risk-based maintenance systems in power, industrial, petrochemicals, and oil refining plants.
Dominik Schiener, the Chairman and Co-founder of IOTA, said that the project aims to digitize manual processes with AI and deep learning in order to “predict when and which parts of the plant are going to require maintenance.”
According to him, AI and blockchain implementation is expected to reduce outages, improve availability as well as reduce costs by cutting unnecessary inspections and repairs.
Schiener further said that the IOTA Foundation was chosen as the project’s DLT platform partner, as IOTA will be used to share immutable data, providing a trust infrastructure and “single point of truth” for different stakeholders.
Also, he highlighted that the new system is expected to benefit from IOTA’s zero-fee transactions on IOTA Tangle.
“And, without paying a transaction fee, but having free data and value transactions in the network. IOTA will be used to make the different parties accountable for the quality of the data they put into the system.”
Moreover, the project includes a number of collaborating organizations including Best Materia, IMC, the High-Pressure Institute of Japan, the Society of Chemical Engineers Japan, OMC, Lloyd’s Register, and Yokohama National University.
The New Energy and Industrial Technology Development Organization has been involved in several blockchain-related developments in recent years. In 2018, the NEDO announced it was working on a blockchain-based data-sharing system for the trade industry.
Thus, the project is a joint venture with Japanese IT giant NTT Data.