The blockchain space is vast, and people conduct research on it every time to discover various use cases. The use of blockchain technology has now gone beyond digital assets as other sectors of the economy are now using the technology.

Iota Foundation has announced that it plans to team up with a renowned University in Austria to research blockchain. Giving key insights to the work that both entities are going to focus on, the foundation noted that they would conduct various researches in distributed ledger technologies using the resources at the Christian Doppler Laboratory (CDL).

CDL will focus mainly on researches related to DLTs

The Christian Dopper Laboratory is one of Austria’s newest laboratories and has its one kind laboratory at the Vienna University of Technology. The name of the laboratory is the CDL Blockchain Technologies for the Internet of Things or the CDL-BOT.

The new laboratory was officially commissioned and opened for use on November 26, after a flag-off ceremony by Margarethe Schambock, the Minister for Digital and Economic Affairs in Austria. According to details, the new laboratory will focus mainly on research on the strengthening of relationships between businesses and investments via distributed ledger technology.

Private and public entities hoping to implement the distributed ledger technology in everyday use cases will be afforded a research opportunity in the laboratory. Speaking on the new partnership, co-founder of Iota, Dominik Schiener, took to Twitter to note that it is a very significant achievement for the firm and smart contract users. Furthermore, the CEO said the firm would intensify their work as they are committed to providing new features for their users.

Pantos comes on board as a third partner

The partnership will also involve a third party, Pantos, Iota’s new research partner. Pantos is regarded as the first token system used on the multi Blockchain and is a subsidiary of Vienna-based trading platform, BitPanda. BitPanda is known for trading digital assets as well as other assets, including gold.

Giving his statement, Prof. Stefan Schulte, who is in charge of the CDL-BOT, noted that with the way that applications on the DLT based payments and data is exchanged on the Internet of things, it is a huge move to create interoperability amongst various DLTs.

“I am eager and looking forward to the joint research that we will be carrying out with Pantos and IOTA foundation to find key solutions to various issues on DLT. After its launch in 2014, Iota has been working tirelessly to build its platform into a standard suitable for DLT and the Internet of Things (IoT).

Notably, IoT is presently experiencing massive growth across various economies. The firm wants Iota to be the operational standard where multiple devices connected to the mainnet will share, send, and receive various data such as payment information.