The price of IOTA rose sharply on Monday following reports that Fujitsu is set to work with the blockchain platform to make it the new protocol standard.
Fujitsu, a prominent Japanese technology company, came out in full support of IOTA, stating that it would go ahead and use IOTA protocol as a data store within the production and supply chain industry.
In a tweet through the official IOTA News handle, Leopold Stenberg, a program manager at IOTA, said that Fujitsu is “well-equipped to help roll out IOTA as the new protocol standard”, further noting that the company is an expert in both manufacturing of IT products and IT services.
Leopold Sternberg, Program Manager, #Industry40 Competence Center, #Fujitsu: "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.” #Tangle #IoT #InternetOfThings #MAM pic.twitter.com/jUDQsg9w0O
— IOTA News (@iotatokennews) August 25, 2018
Another tweet made on the official IOTA News channel outlined the goals of Fujitsu, stating that the company intends to use IOTA as an immutable data storage medium to demonstrate an audit trial for production process. By using the blockchain platform, Fujitsu will also aim to engage with the automotive & manufacturing industries, driving IOTA-based innovation.
#Fujitsu – PoC – #Industry40 Audit Trail – Goals: To demonstrate an audit trail for a production process with #IOTA as an immutable data storage medium. To engage with the manufacturing & automotive industry & to drive IOTA-based innovation with Fujitsu’s Co-creation approach. pic.twitter.com/kQv59pmjt7
— IOTA News (@iotatokennews) August 26, 2018
IOTA prices spike following the announcement
The announcement by Fujitsu to make IOTA the new standard protocol saw the price of IOTA spike 17% on Monday (at the time of this writing) to hit £0.49, which is the highest in more than two weeks. At the current point, the coin has a total market cap of around £1.35 billion, ranking 10th, according to CoinMarketCap.
Despite this incredible gain, IOTA has shed around 36% in the month of August alone, but it’s no surprise considering that most altcoins have shed also double digit percentage in the past few weeks.
Being one of the most prominent cryptocurrencies within the automotive and electronic industry, IOTA has been announcing a number of high-profile partnerships, and a recent announcement of a new beta for its Trinity Wallet built to provide access to several accounts with just a single password and 2-FA authentication. If the company keeps up with the momentum we might see even new highs of the IOTA prices.