IOTA initiates Business Innovation Program, paving the way for business development on its Mainnet
The IOTA Business Innovation Program (BIP) is a significant initiative designed to foster the adoption and real-world application of IOTA's decentralized technology across various industries. The program, launched recently, aims to bridge the gap between innovation and industrial deployment.
The BIP contributes to the development of the IOTA Rebased Mainnet, a significant update in the IOTA ecosystem. This upgrade introduces a new data structure and improvements in efficiency and scalability, making it essential for mass adoption. The Rebased Mainnet offers improved decentralization, high transaction throughput, and EVM compatibility to enable advanced decentralized applications (dApps).
The program focuses on the development of applications that generate verifiable activity within the IOTA Mainnet. These applications span across various sectors, including asset tokenization, digital identity management, and supply chain traceability optimization. IOTA's mainnet is chosen for developing these solutions due to its scalability, efficiency, and ability to natively integrate identity logic and digital assets.
One of the key projects under the BIP is Orobo, which creates a Digital Product Passport that tracks the lifecycle of goods for sustainability and regulatory compliance using verifiable digital twins. Another project, ObjectID, assigns digital identities to physical objects to combat counterfeiting and ensure authenticity in supply chains, anchoring all information in IOTA technology. Impierce, another project, offers a decentralized digital identity platform with products like UniMe, UniCore, and UniTrust.
The BIP offers funding of up to 100,000 euros per project and advanced technical support. It facilitates early-stage partnerships and builder programs that explore and validate new use cases for the technology, strengthening IOTA’s global adoption push and the build-out of industry solutions on the upgraded mainnet infrastructure.
Moreover, IOTA's Mainnet ensures the constant availability and resilience critical for digital identity, sustainability, and traceability applications. The launch of IOTA Rebased addresses the technical limitations of IOTA's original design and paves the way for more robust and versatile applications in the IoT and beyond.
In addition, the program is designed to facilitate the digitization of processes and promote transactional transparency. Real-time access to credentials and certificates without relying on a centralized server is crucial for continuity of critical services on IOTA's Mainnet. Off-chain storage and management of sensitive information with network verification enhances user privacy and control.
The IOTA Business Innovation Program aims to attract both established companies and new businesses, fostering collaboration and accelerating the adoption of the Rebased mainnet and its enhanced features. This structured approach strengthens IOTA’s global adoption push and the build-out of industry solutions on the upgraded mainnet infrastructure.
The IOTA Business Innovation Program (BIP) not only focuses on finance by offering funding for projects, but also aids in the development of businesses that leverage IOTA's advanced technology, such as Orobo, ObjectID, and Impierce, which are key projects in the program. These projects utilize IOTA's decentralized Mainnet for various purposes, including digital identity management, supply chain traceability optimization, and combating counterfeiting. This program is significant for the business sector as it promotes the adoption of IOTA's upgraded blockchain technology, specifically the IOTA Rebased Mainnet.
