Volkswagen (VW) has announced a cooperation agreement with the IOTA Foundation, with plans to potentially incorporate blockless technology into the autonomous driving initiatives of the German car giant.
The news was made at a presentation by VW’s Chief Digital Officer (CDO) Johann Jungwirth on the future development of VW.
Presented in the Bosch Connected World 2018 IOT focused conference (BCW18) and presented a detailed view of how IOTA (IOT) will play an important role in shaping up the global autonomous vehicle market, with Internet of Things as the platform.
He also highlighted that the technology had the potential to shorten verification time and ensure greater security for funds and information
VW Group is one of the largest car manufacturers in the world and owns well-known car brands such as Audi, Skoda, Porsche and Lamborghini.
The German engineering and electronic goods companies, Bosch said earlier this month it would invest in IOTA, having also joined the Foundation’s supervisory board.
In the final week of January 2018, the IOTA Foundation announced that Jungwirth is joining its Supervisory Board. Jungwirth has been the CDO at Volkswagen since November 2015.
He was responsible for driving the digital transformation of Volkswagen Group’s 12 brands, including Porsche, Bentley, Audi, Lamborghini, Buggatti and other well-known car brands.
Notably, Jungwirth joined soon after Hongquan Jian, partner at Robert Bosch Venture Capital, joined the IOTA Foundation’s Advisory Board.
While confirming Volkswagen’s interest in investing in IOTA, Jungwirth referred IOTA as Web 3.0. Dominik Schiener, co-founder of IOTA Foundation, took questions from the audience and clearly explained about IOTA and applications of IoT.