Cryptocurrency

The digital payment system with industrial giant BOSCH is coming?

Who would like to protect in a country like the Federal Republic of Germany, his own idea, does this by allowing you to patent. With a Patent, the applicant shall implement a for a certain period of time to a valid law, exclusively to this idea, and to be able to use. Especially exciting is a document of the industrial giant Bosch, in the speech of IOTA is now.
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IOTA as the Basis of a payment solution from Bosch

The starting position of our News is the Patent number DE102018206460A1 (see source). In the Patent, which was filed in April of 2018 & on 31.10.2019 disclosed, is described the concept of a payment system. Specifically, the description of the of the Robert Bosch GmbH-patent application means

Method and apparatus for Operating a digital payment system.

How, then, already from the description of the patent indicates, aims at Bosch on a digital payment system. It is said in the Patent that the invention provides not only a method for Operating a digital payment system, but also a corresponding computer program and a corresponding storage medium is ready.
On the second page of the Patens of the speech is, in turn, for the first Time, of IOTA. So it means that one of the possible embodiments of the digital payment system could be implemented with IOTA. The exact wording of the document is:

An embodiment of the invention is based on the distributed database, “Tangle”, which forms the core of the new crypto-currency IOTA.

In the following sections in the patent write to the Robert Bosch GmbH and inventor of the patent, to Simon Weiss, Mayer, the advantages of the embodiment with an IOTA declared. So keywords are to Avoid Double-Spending, easy maintainability, or the avoidance of a Single Point of Failure, and thus the robustness of the system against single failures or errors.

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Partnerships and “darling” of the industry?

Always IOTA, it creates new industry partnerships in the headlines. The list of well-known partnerships of IOTA is handsome: Bosch, Fujitsu, Volkswagen, or Jaguar land Rover.
While IOTA is often associated with the Buzzword of the Internet of Things (IoT), offers ‘the company’ solutions in many other areas. The IOTA Foundation sees itself five great pillars (engl. verticals) for the IOTA and the Tangle can be used: mobility & Automotive, global trade & Supply Chain, industrial & IoT, eHealth and Smart Energy.
It is established that the anchoring of IOTA, and the Tangle are in a Patent from Bosch is a good sign. It seems like the Bosch would have set a clear sign and the focus on the use of the Tangles. A Patent represents the beginning of a longer implementation phase. This means that the idea was initially protected. In the next step, the associated implementation and actual implementation comes.
Until then, we can be curious about the extent to which Bosch is now on the Tangle is put in & how concrete IOTA at the end of a currency for a payment system is used. Anyone who takes a look at the Patent, there are already sketches and notes on the specific embodiment.
How would you rate the Patent from Bosch, and the prospect of the use of IOTA? – May be such to use also as a price driver for IOTA?
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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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