IOTA Foundation has entered a partnership with the ORCHESTRA Consortium with a focus on the future of transportation infrastructure. The ORCHESTRA project includes many international partners and is an EU-funded funded project.
The ultimates result of this project is innovation in the future of multimodal transport. Supporting partners of the project will give 250,000 EUR of 4.9M EUR budget to IOTA Foundation to work on the needed decentralized infrastructure for ORCHESTRA.
Innovating in the Transportation Industry
The transportation industry is one of the oldest ones in the world. Many players take part in the global industry, and many tools are needed for a comprehensive system. The system needs innovation to become more agile and secure. Lots of tech companies have worked on various solutions to improve the system, but there are still many shortcomings. Decentralized solutions like distributed ledger technology can solve many of the current challenges of the transportation infrastructure. IOTA, one of the most active projects in the blockchain world, has entered a partnership in a project to bring its solutions to action.
IOTA Foundation, the organization behind IOTA development, is now a partner of the ORCHESTRA project that aims to innovate the transportation industry. The EU-funded project now has a blockchain member that can pave the way for disrupting the industry.
Sixteen other organizations are members of this project that kicked off on May 2021 under EU grant agreement No. 953618. The supporting initiative is funded by the European Commission under the Horizon 2020 Framework Programme for the topic MG-2-11-2020: Network and traffic management for future mobility.
As the name implies, the ORCHESTRA project focuses on managing the transportation system more accurately and efficiently. According to the IOTA announcement:
“In particular, the project will follow a multidisciplinary approach. In order to understand the current limitations of existing traffic management systems, it will investigate the needs of a Community of Practitioners (CoPs) and organisations delivering different levels of transport services. ORCHESTRA also aims to break down transport silos. For this reason, existing technical limitations and regulations will be explored not only inside a single transport domain – be it road, railway, sea or air – but also at the intersection of all these domains.”
IOTA Foundation will work with other members of the project to design and implement pilot versions of the distributed system. The first pilot systems will go live based on the current Living Labs in Norway and Italy. The pilot projects will go through tests and receive feedback to improve the final product.