A test site in the Netherlands has made a significant breakthrough in cryptocurrency adoption, as reported by the EU's INVADE Horizon 2020 site. ElaadNL has been trying out the charging of electric devices using IOTA to process payments, and has declared testing on the system to be a success.
ElaadNL was officially opened on April 18th, by the Dutch State Secretary for Infrastructure and Water Management, Stientje van Veldhoven.
The site contains a range of different types of charging stations that are used by the public throughout the Netherlands, and testing of them has been carried out over the last five months. A small electric Tesla vehicle was used for the majority of testing.
Specifically designed for the Internet-of-Things, the IOTA protocol can be used to facilitate machine-to-machine interactions such as data transfer and, in this case, payment processing using the IOTA crypto token. The micropayments involved with recharging an electric device can be made immediately and without fees using IOTA.
According to Harm van den Brink, IT Architect Smart Grids & Distributed Ledger Technology expert at ElaadNL, "No back office and no communication protocol are required to operate the charging station; the transactions are exchanged directly without the use of a charge card or subscription".
The system cannot currently be used by regular vehicles, as it requires a special type of hardware. The next step for th ElaadNL team is to integrate the charging stations into a smart network that uses IOTA to distribute information:
"The transformer can ask connected devices to do smart charging, and if they listen to that they will get incentivized directly by sending them IOTA tokens. This will also be a proof of concept, and we expect results by the end of this year," said van den Brink.