Why is the new IOTA upgrade (Chrysalis) the key for a trusted mining industry?

Chrysalis, a new era for IOTA

ITAINNOVA is excited about the latest development of the IOTA protocol. Chrysalis, the latest update of the Tangle ledger, now offers an enterprise-ready protocol to develop DLT-based solutions on. In this blogpost we want to share why we think IOTA’s Chrysalis upgrade is a keystone for our project and its future results.

As part of the «EU Horizon 2020 research and innovation program under Grant Agreement No 869529.» ITAINNOVA is coordinating Dig_IT, a research endeavour, which: «aims to develop a human-centered Industrial IoT (IIoT) platform connecting the mining ecosystem of assets, environment, and humans in order to, among others:

1. Increase mining efficiency and saving cost through connected machines and predictive maintenance.
2. Increase safety of workers using wearable technologies.
3. Improving mining sustainability, using environmental sensor monitoring technologies.

To increase transparency and integrity of data and trust when sharing them with the public and in particular environmental data, Dig_IT is using Distributed Ledger Technologies and specifically IOTA.

Given that much of the digital infrastructure in the mining sector still relies on centralized systems, with low trust across stakeholders and from the public, it is the right time to explore the benefits of a distributed ledger, which at its core means that data integrity can strengthen corporate structures and enable secure use cases that were not possible previously.

ITAINNOVA’s team is collaborating with the IOTA Foundation to develop and integrate Oracles with centralized Industrial IoT platforms used in the mining industry and allow to securely export trusted data across stakeholders, including the public. Having access to trusted and real-time machine data, as well as environmental data, allows for a timely planning as well as reaction and risk mitigation, in turn increasing the mining sector efficiency and safety.

Due to the long horizon of the Dig_IT project (which will run until April 2024) it will also allow IOTA and ITAINNOVA to explore the IOTA Smart Contract Protocol (ISCP) for cross-ledger interoperability to other distributed ledgers, in particular with Ethereum, thus guaranteeing the future sustainability of the developed solution across the whole industry technology spectrum.

Chrysalis, a boost for Dig_IT project

The zero-fee nature of data and value transactions provided by IOTA is welcome by ITAINNOVA, thanks to the ability to deploy a trusted data infrastructure without additional hidden costs.

The launch of IOTA’s Chrysalis network upgrade on April 28th, could not be better timed for ITAINNOVA and the Dig_IT project. Above all the improved scalability and throughput updates allowing support for a high volume of transactions, typical of IIoT monitoring scenarios, the upgrade provides for an even lower energy consumption and an overall greener ledger implementation.

All of this is a key innovation and advantage of IOTA technology over other ledgers to deliver benefits for an industry that aims to improve its overall efficiency. In addition, the Chrysalis upgrade adds a new level of reliability and resilience, as well as a pragmatic and easy-to-integrate code structure that will ease adoption and maintenance of IOTA based solutions across the whole industry dramatically.