IOTA (MIOTA) DID System to Be Integrated with Yallvend Vending Machines
On November 27, 2019, BiiLabs, a startup focused on the development of Blockchain-as-a-Service (BaaS) solutions, announced the start of a collaboration with Yallvend, a vending machine manufacturer. The goal is to introduce Decentralized Identifiers (DIDs) in such a way as to make identity recognition more secure and reliable.
Blockchain Upgrade for Vending Machines
Nowadays automatic vending machines can also sell tobacco and alcohol, consumer goods that are prohibited for minors. Although in order to access these products one must verify one’s identity, it is very easy to bypass the security of this machine. Moreover, given the high cost, most vending machines do not currently have an age verification function, and in other countries, the lack of regulation does not favor the development of this type of service.
Things could change thanks to the new payment system introduced by Yallvend. The Taiwan-based company has decided to innovate all traditional automatic vending machines by integrating a mobile payment system together with an ID authentication system developed by BiiLabs. This solution allows using a smartphone both to buy products and to verify identity.
Furthermore, this solution can be introduced without redesigning existing vending machine systems.
This solution seems to address a common problem present in different countries: the sale of products subject to laws and regulations such as tobacco and alcohol on vending machines. Integrating the IOTA Tangle to ID authentication systems, and managing data on the blockchain will guarantee a safe and reliable ID verification that is compatible with every country.
This will also be advantageous for producers as it allows them to innovate existing or in-stock machines, making them sellable again and consequently increasing profits.
IOTA as a Payment System
IOTA, the technology chosen for the development of this solution, has already been used in similar experiments. As previously reported by BTCManager, IOTA developer Marlon Morales had integrated MIOTA as a payment method for all Unity supported platform games or applications.
However, although there have been several developments for IOTA from the point of view of experimentation and adoption, it seems that there are no matches for the price level. The cryptocurrency remains more or less stable around $ 0.20 relegating the token to the 20th position on CoinMarketCap.