Johann Jungwirth, the Chief Digital Officer (CDO) of Volkswagen, the automobile giant, will be joining the supervisory board of the Internet of Things (IOTA) foundation. The announcement was made by the foundation itself. IOTA is a non-profit blockchain foundation that “enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.”
When it comes to his appointment to the supervisory board of the IOTA foundation, Johann Jungwirth said: “The IOTA platform allows the connected devices to digital send money to one another in the form of micro payments, which makes the platform useful for the Internet of Things.
Even though it is not usual to publicly announce new members of the board, the recent joining of Jungwirth and Dr. Hongquan Jiang, a partner at Robert Bosch Venture Capital GmbH (RBVC), shows an increased interest in tangle, a part of the IOTA applications use by nods to verify confirm transactions using a consensus, but without the typical blockchain. This asynchronous network is not executing conflict transactions.
The company was featured in the news recently after a misinterpreted partnership with Microsoft and other companies. The price of the coin fell drastically in the last couple of months, going from its record value of 5.50 dollars to the current price of below two dollars per coin.