Published on April 19th, 2017 | by bitcoin0
Blockchain in Energy Sector: Decebtralization, Scalability, and Free Transactions to be offered by Iota
Yet, while the Blockchain can have a significant impact on how energy transactions are conducted, there are issues with it, such as scalability, transaction costs and offline transactions, that limit its effectiveness.
The IOTA Tangle is attempting to fix this by addressing many of the shortcomings with today’s Blockchain technology by delivering secure, practical and scalable applications.
Instead of using a regular Blockchain, the IOTA uses its IOTA Tangle, which validates transactions in a Directed Acyclic Graph structure (DAG).
He adds that this new concept has immediate advantages: decentralization, scalability and no transaction fees.
“As such, IOTA is the first permissionless distributed ledger that achieves scalability, making Machine-to-Machine payments for the IoT possible,” said Stöcker.