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IOT/USD surges over 12 percent on Fujitsu and Volkswagen’s IOTA plans

Mon, 27 Aug 2018, 07:08 am UTC

Japanese IT giant Fujitsu last week announced a proof-of-concept to demonstrate an audit trail for a production process with IOTA as an immutable data storage medium. Leopold Sternberg, Program Manager, Industry 4.0 Competence Centre, Fujitsu, said in a statement:

“Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products.”

Fujitsu was one of the initial participants in the blockchain-powered micropayment-based data marketplace that the IOTA Foundation launched last year. The company is now planning to engage with the manufacturing and automotive industry and to drive IOTA-based innovation.

Speaking of automotive industry, Volkswagen is planning to launch “Digital CarPass” in early 2019. The luxury car maker is working on the project in collaboration with the IOTA Foundation, Calcalist Tech reported. Digital CarPass, it describes, is “like a report card for a vehicle that uses a distributed ledger to ensure data such as mileage is reliable.”

IOT/USD is trading higher on Monday at 0.6208 levels at the time of writing, continuing its uptrend from late last week (Bitfinex). On the upside, next key resistance is seen at 0.7000 (4h 200-SMA)/0.7931 (50-DMA). On the flipside, a break below 0.59 (21-EMA) would drag the pair to 0.5501 (5-DMA)/0.5277 (10-DMA).

The pair has surged over 12 percent so far in the day. Intraday bias appears bullish at the time of writing.

(Refer technical chart on tradingview.com)

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