The Digital Twin Consortium receives IOTA as a new member

The Digital Twin Consortium receives IOTA as a new member
Written by:
Ali Raza
20th May, 12:14
  • Object Management Group's recent press release, the IOTA Foundation just joined the Digital Twin Consortium.
  • The Consortium is a group of partner companies that work together on improving technology.
  • All members are required to use tech and dedicate themselves to development and technological advancements.

A new announcement published by the Object Management Group (OMG) revealed that the Digital Twin Consortium just received a new member. The Consortium was founded by the OMG and a number of partners, including Microsoft, Ansys, Dell Technologies, and others.

Recently a new partner joined, and this time, it is a crypto company the IOTA Foundation. Apart from IOTA, other partners of the Consortium also include Willow Technology, United States Air Force Research Laboratory, Geminus.AI, Bentley Systems, and more.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

What is Digital Twin Consortium?

As many may know. Digital Twin offers technology that allows various firms and other entities to predict potential problems, and find adequate solutions. This includes all kinds of areas of their operations, such as innovation opportunities, customer experience, performance, and more.

Not only that, but the technology consists of simulations that are used for planning the future.

As mentioned, OMG published a statement announcing IOTA Foundation’s inclusion. The statement also notes that the Digital Twin Consortium came to be as something that would allow firms of different sectors to cooperate. In a way, it is there to combine multiple industries, which allows partners to learn from one another, create new practices, and implement new technologies.

Any firm can apply for a membership, although the partners choose whom they accept. They will then aim to speed up the adoption of Digital Twin tech throughout the marketplace. They do this by creating guidelines and roadmaps for the entire ecosystem.

Existing technologies are constantly being improved, while new tech is being developed to tackle other standing issues. There will also be steering committees that are to be established. They will include partner firms, as well as founding members, including Microsoft, Dell Technologies, Ansys, and Lendlease.

Of course, founders will have permanent seats on any committee, and it will be their task to create working groups and roadmaps to guide the partners.

IOTA Foundation to implement Digital Twin tech

This is where the IOTA Foundation will participate too. As a member of the consortium, it will work on implementing Digital Twin technology into its own operations, just like the rest of the partners. That will also include supply chains, standards for the clients and foundation itself, different practices, and alike.

Following the announcement of the partnership, IOTA’s coin MIOTA started seeing price movement that allowed it to try and reach for a resistance at $0.208. However, the coin suddenly lost strength, and it dropped closer to a support at $0.2. Right now, investors can buy MIOTA for $0.202834 per coin.

Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.