IOTA Foundation, a non-profit organization that uses IOTA’s distributed ledger technology (DLT) for developing different solutions, is going to step into the South Korean market in a bid to push on its open-source distributed ledger IOTA out there. It has formed new partnerships for advancing the presence of IOTA in South Korea.
IOTA Foundation Partners With Observer Foundation And Tanglehub
In an official announcement made through a blog post on the 22nd of January, IOTA Foundation said that it has made new partnerships with two startups in South Korea for powering smart cities in the country and expanding its open-source technology’s presence out there. As per the announcement, it has tied partnerships with Observer (OBSR) Foundation and Tanglehub.
Along with Tanglehub and OBSR Foundation, IOTA Foundation will apply jointly for smart city projects in regions of South East Asia and South Korea. By collaborating with both of these projects, the foundation aims at developing and promoting its tech projects in these regions that include Europe too.
Through this partnership, the team behind IOTA Foundation said, their plan is to develop these smart cities in advanced ways that were not possible before. The team said they would build these cities from the ground and will design them in a way that they will remain sustainable and interconnected. They will also adapt to the needs of every single person out there.
While commenting on this, the Director of Partnerships at IOTA Foundation, Holger Köther, said that this alliance would help in bringing together two worlds, digital and real, by bridging the gap between these two. He said that they would introduce OBSR Foundation into these smart city projects where the role of IOTA will be significant. Adding more to it, he said that they have already begun the first tests of the projects using the help from the expertise of Tanglehub.
Since the inception of IOTA, we are working with the IOTA Foundation and have been actively involved in the developmental projects with it, said Dennis Schouten, the Chief Executive Officer (CEO) of Tanglehub. He said that they are happy to make collaborations with OBSR Foundation and IOTA on these South Korean smart cities projects as well.