IOTA Among Gainers as Markets Revisit its Car Insurance Plans: IOTA has been consolidating around $0.5 for over a month, and Monday showed a 5% surge to test $0.6. However, it’s still stuck below the daily cloud on the Ichimoku Kinko Hyo technical indicator, while supported by $0.43, which is the low of mid-August 2018, and near the all-time low levels.
Monday’s surge could because of the recirculation of a report from the end of September which revealed different potential use cases for IOTA, including revolutionizing the car insurance industry. More specifically, IOTA revealed in a recent tech event in Toronto how your car can insure itself using the IOTA’s Tangle technology. Tangle can host your car’s real-time data, allowing your car to choose the best insurance plan based on its current situation.
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IOTA may also be able to eliminate fraudulent payments, which can result in significant cuts in insurance costs. Ranked number 12 based on coin market cap, IOTA’s token, MIOTA, has a circulating supply of over 2 billion.
The IOTA project is inspired by the Internet of Things to make machine-to-machine communication more efficient.
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Now I’d like to hear from you. What do you think about the IOTA project and its token? Do you think their ideas are just wishful thinking or they have a shot in really change the car insurance landscape forever? Let me know in the comments, and subscribe for more updates!
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