In recent times, there has been an increase in the number of patent filings on blockchain technology and this time, it is the turn of IOTA Foundation, the organization behind IOTA Distributed Ledger Technology.
Renowned German multinational engineering and technology company Bosch is filing a patent for a digital payment scheme on IOTA distributed ledger. Bosch aims at operating a digital payment system on IOTA.
For some time now, IOTA has been proving itself as a top technology that companies can bank on, especially with its IoT and Tangle technology, thus, Bosch is filing a patent to build a project that would be used for digital payment on IOTA.
Aside from having a base in Germany, IOTA has been building great names within the walls of the country and outside with its technology. Furthermore, Bosch’s latest deal is another way forward for IOTA.
Earlier in December 2017, Bosch invested in IOTA foundation through its venture capital arm, Robert Bosch Venture Capital (RBVC).
Bosch then bought some IOTA tokens which were not disclosed to the public to get a stake in IOTA foundation. Bosch claims it was incited by the IOTA’s innovative tangle technology.