The purpose of this paper is to have an economical view on cryptocurrencies in the industrial context. A cryptocurrency is a digital or virtual currency with a mostly decentralized, shared and cryptographical payment system. The definition of the European Banking Authority is: "Virtual currencies are defined as a digital representation of value that is neither issued by a central bank or public authority nor necessarily attached to a Fiat currency, but is used by natural or legal persons as a means of exchange and can be transferred, stored or traded electronically." If we are talking about Bitcoin, there is also always the speech of blockchain. Blockchain is the technology behind the Bitcoin and must be separated from the cryptocurrency. These are two different things, the blockchain and the cryptocurrency. There are cryptocurrencies without a blockchain and a blockchain without a cryptocurrency. Beside the blockchain, there is an alternative technology, called the tangle.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- What is a cryptocurrency?
- Block chain
- Tangle
- Where does the cryptocurrency come from?
- What kind of cryptocurrencies exist (an overview)?
- IOTA as cryptocurrency in the industry
- Current situation
- Companies investing in IOTA
- VW and the goal of VW
- Fujitsu and the goal of Fujitsu
- Bosch and the goal of Bosch
- The effect of using IOTA in the industry
- Conclusion
- Appendixes
- References
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to provide an economic perspective on cryptocurrencies within the industrial context. It delves into the nature of cryptocurrencies, exploring their underlying technologies like blockchain and tangle, and examines their potential applications in various industries.
- The nature of cryptocurrencies and their underlying technologies
- The emergence and evolution of different cryptocurrencies
- The potential of IOTA as a cryptocurrency in the industry
- Companies investing in IOTA and their strategic objectives
- The impact of using IOTA on industrial processes and operations
Zusammenfassung der Kapitel (Chapter Summaries)
The first chapter delves into the definition of cryptocurrencies, explaining the concept of decentralized, shared, and cryptographic payment systems. It explores the distinction between cryptocurrencies and blockchain technology, highlighting the existence of cryptocurrencies without blockchain and vice versa. The chapter also introduces the alternative technology called tangle.
The second chapter focuses on IOTA, a specific cryptocurrency, and its potential applications within the industrial sector. It discusses the current state of IOTA adoption, highlighting notable companies investing in the technology. The chapter examines the strategic goals of these companies, such as enhancing efficiency, improving transparency, and fostering innovation through IOTA integration.
Schlüsselwörter (Keywords)
Cryptocurrencies, blockchain, tangle, IOTA, industry, industrial context, decentralized payment systems, digital currency, companies investing in IOTA, strategic goals, efficiency, transparency, innovation, Internet of Things (IoT).
Frequently Asked Questions
What is the definition of a cryptocurrency according to this paper?
Cryptocurrencies are digital representations of value, not issued by a central bank, used as a means of exchange, and characterized by decentralized, shared, and cryptographic systems.
What is the difference between Blockchain and Tangle?
Blockchain is the technology behind Bitcoin, while Tangle is an alternative distributed ledger technology used specifically by IOTA, designed for the Internet of Things (IoT).
Which major companies are investing in IOTA?
The paper highlights investments and strategic interests from Volkswagen (VW), Fujitsu, and Bosch in the IOTA technology.
How can IOTA be used in an industrial context?
IOTA is used to enhance efficiency, improve transparency, and foster innovation, particularly within the Internet of Things (IoT) and industrial operations.
What are the economic benefits of using cryptocurrencies in industry?
They provide decentralized payment systems that can streamline transactions, reduce costs, and enable new types of machine-to-machine economic interactions.
- Quote paper
- Anonym (Author), 2019, Cryptocurrencies in the Industrial Context. The Usage of IOTA in Different Industries, Munich, GRIN Verlag, https://www.grin.com/document/1382639
