IOTA, a decentralized distributed type of ledger that deals with the “Internet of Everything,” has announced a new project. As per the platform, it is releasing I3-Lab, which is included in the Dyson School of Design Engineering at Imperial College London, to deal with the research concerning circular economy. The company took to its official X account to provide the details of the project.
🌍Today, July 3rd 2024, we celebrate the launch of the I3-Lab, part of the @ImperialDyson at the @imperialcollege. This cutting-edge facility, funded in part by an #IOTA Foundation grant, will focus on circular economy research using digital tools🧵⤵️https://t.co/8ZYuosD5Gf pic.twitter.com/JayIAQ27rs
— IOTA (@iota) July 3, 2024
IOTA to Release Its I3-Lab Project to Conduct Research Concerning Circular Economy
In addition to this, it also published an exclusive blog post on its web portal. The platform expressed its enthusiasm concerning this endeavor. I3-Lab reportedly plays the role of a state-of-the-art research project at Imperial College London. According to the platform, the IOTA Foundation donated up to £1M to fund the initiative. Imperial also intends to provide additional funding.
Apart from that, the European Union and the UK Research and Innovation will also provide more grants to support it. The hosting of I3-Lab will reportedly take place at iCUBE. It is a devoted space serving as a hub for revolutionizing sustainability research. I3-Lab’s complete name is Imperial IOTA Infrastructure Lab. It will pay considerable attention to the development and utilization of digital instruments strengthening the circular economy.
The platform noted that the traditional business models connect resource usage to economic progress. This reportedly results in unsustainable activities. The circular economy targets to decouple the respective relationship by prioritizing sustainability. It does with via recycling and reusing methods. The respective shift needs the latest production technologies and techniques that encourage sustainability.
This makes it a crucial focus for the IOTA Foundation’s work. The company also pointed out that many projects are already using its distributed ledger technology (DLT) to innovate the latest economic models. I3-Lab’s unique feature includes its target to establish technologies backing unique business models and ownership models in line with servitization.
The Initiative Already Makes a Significant Advancement
The respective models enable on-demand access to and sharing of materials, services, and goods. The project is already making huge development, having obtained funding and a couple of more grants for Autofair. It is a Horizon Europe project offering reasonable AI algorithms. It also includes iCircular3 which is a project focused on studying circularity regarding outdoor tools, automobiles, and robotics.
