IOTA Could Soon be Used to Automatically Pay for Fuel

By Luke Flowers – Cryptocurrency Broker

Accessec, the German IT and tech security firm, has declared to be developing a vehicle-based IOTA wallet. These owners will soon be able to buy cryptocurrency native to the IOTA network and automatically purchase fuel or electricity straight from their in-car wallet. The company already designs security systems for industrial IT, healthcare, device security and automotive security.

The security firm demonstrated how the integrated car wallet works by connecting to Point-of-Sale (PoS) terminals. Once connected, the system can initialise services like authoring a pump or battery point to begin charging and automatically make a payment straight from the integrated wallet to the merchant. The PoS system will determine the amount due to pay to the merchant by the current value of IOTA. An investor buying and selling Bitcoin could buy IOTA for their future fuel purchases.

Accessec have not indicated if any firms or car manufacturers have expressed any enthusiasm in the technology yet, however the integrated wallet needs to be designed in a way so that both hardware components are close enough to connect. You would be disappointed to find your in-car IOTA wallet couldn’t reach and connect to the PoS systems after buying crypto to spend on fuel.

IOTA runs on the Tangle network which uses MIOTA as the native currency. This network does not use a blockchain but still utilises Distributed Ledger Technology (DLT). The IOTA Foundation has a strong interest in connecting the gap between DLT and Internet of Things (IoT). This concept by Accessec resonates with the IOTA Foundations vision for their network. The car wallet will use the same tangle network and MIOTA tokens to transfer value to the merchant.

Head on over to our platform if you are seeking to buy Bitcoin UK or buy IOTA ready for your fuel purchases!

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