IOTA: IBCS Group chairman predicts mainstream adoption in 5 years

  • According to Brian Marcel, IOTA Tangle technology is still in an early adopter phase, with mainstream adoption expected in five years.
  • The Advisory Board member of the IOTA Foundation believes that IOTA will change the world, just as barcodes have done.

The Chairman of the IBCS Group and member of the IOTA Foundation, Brian Marcel, has published a video about the IOTA Tangle and its use cases. Marcel joined the IOTA Foundation in September 2019 as a member of the Advisory Board and stated in his announcement that he hoped to “introduce IOTA to a range of customers and suppliers”.

IBCS Group is a leading application solutions integrator in the Central European enterprise mobility market, helping companies improve the effectiveness of logistics processes through successful implementation of IT solutions and consulting services. Marcel believes that IOTA will change the world, just as the barcodes he brought to the corporate world have done.

However, within the new video Marcel also states that the IOTA Tangle technology is still in a very early phase of adoption. According to his estimation it will take five years until IOTA is adopted in the mainstream.

We are clearly at the early adopter’s phase […] and I would estimate that it will be a good five years before we get mainstream adoption. Although it is fair to say that a few applications outside the fintech section, such as payments, have gone past the proof of concept stage.

As Marcel notes, the IOTA Tangle has extensive capabilities to be used in the real world. According to the IBCS Group Chairman, these include food and goods tracking in the supply chain, global trade finance, certification, data management, logistics, smart applications and the mobility sector.

According to him, consumers in the food and clothing sector increasingly want to know how and where their goods come from. Millennials in particular, which will soon be among the group of people with the highest purchasing power, will promote this trend. In this regard, IOTA provides companies with a software platform on which mobile applications can be developed to track the supply chain, says Marcel.

IBCS Group Chairperson also highlighted the immutability of the IOTA Tangle and noted that companies can benefit from it to better prevent and trace counterfeiting of products. Marcel predicted numerous benefits for the supply chain, such as increased efficiency, reduced payment costs and reduced inaccuracies in invoicing. Marcel also added:

The use of the Tangle as the data transport layer provides a single version of truth where everyone can update the status of a consignment and everyone is accountable for updates.

In the field of logistics, Marcel pointed out that reusable containers, which are used for example to deliver food to supermarkets, are a predestined application. The containers must be able to be identified by the manufacturers and suppliers, for example to detect damaged containers. In conclusion, Marcel emphasized the superiority of the Tangle over the blockchain:

The Tangle is an alternative form of DLT to blockchain and overcomes many of the pitfalls criticism associated with blockchain.

Leave a Comment

Your email address will not be published. Required fields are marked *