IOTA Foundation develops atonomous and decentralized marketplace

IOTA Foundation launches industry market place to facilitate an interaction between humans, machines and smart contracts, according to the press release published by the company. 

"The IOTA Foundation is proud to announce the release of the Industry Marketplace, the world’s very first autonomous and decentralized virtual marketplace. After forming a consortium of world-leading academics, standardization bodies, enterprises and thought leaders, we are excited to present our joint development that will greatly accelerate industrial automation and commercial machine interaction,” the announcement goes.

The company promises that the Marketplace will be a vendor and industry-neutral platform that will help to automate trading via new forms of collaboration between companies combined with global communication and computing infrastructure. 

"By combining distributed ledger technology with established standards and openly-developed specifications, the Industry Marketplace will spearhead Industry 4.0 and create a platform for the economy of things,” according to the press release.

The specifications of the platfrom are developed by German central network for the advancement of digital transformation in manufacturing,  Plattform Industrie 4.0. It includes such features as Distributed ledger technology, Immutable audit logs, Machine-readable contracts to name just a few.

Meanwhile, IOTA, the 17th largest digital asset with the current market value of $810 million, has gained over 3% in recent 24 hours to trade at $0.2926 at the time of writing. The coin topped at $0.3158 on September 18 before the correction started. IOT/USD is still sitting outside the daily Bollinger Band, which means that the downside may be extended within the natural technical retracement process.

IOT/USD, the daily chart