IOTA, a decentralized distributed ledger designed for the “Internet of Everything,” has introduced a fresh initiative. The platform has unveiled I3-Lab, situated within the Dyson School of Design Engineering at Imperial College London, to spearhead research on the circular economy. The company made the announcement through its official X account, revealing the specifics of the project.
Today, on July 3rd, 2024, we commemorate the inauguration of the I3-Lab, a segment of @ImperialDyson at @imperialcollege. This state-of-the-art facility, partly funded by an #IOTA Foundation grant, will concentrate on circular economy investigations employing digital tools⤵️ https://t.co/8ZYuosD5Gf pic.twitter.com/JayIAQ27rs — IOTA (@iota) July 3, 2024
IOTA Unveils I3-Lab Project for Circular Economy Research
Furthermore, a dedicated blog post was released on its website, showcasing the platform’s excitement about this new venture. The I3-Lab is depicted as an advanced research initiative hosted at Imperial College London. The IOTA Foundation pledged up to £1 million in support of this initiative, with Imperial College committed to providing additional backing.
In addition to this, the European Union and UK Research and Innovation have pledged further grants to bolster the project. I3-Lab will be housed at iCUBE, a specialized center serving as a focal point for advancing sustainability research. The full name of I3-Lab is Imperial IOTA Infrastructure Lab, with a primary focus on advancing digital tools to bolster the circular economy.
The platform highlighted that conventional business models tie resource consumption to economic growth, leading to unsustainable practices. The circular economy aims to sever this relationship by emphasizing sustainability through recycling and reuse practices, necessitating modern manufacturing technologies to promote sustainability.
This aspect marks a pivotal area of focus for the IOTA Foundation, which emphasized that numerous projects are already leveraging its distributed ledger technology (DLT) to innovate novel economic paradigms. A standout feature of I3-Lab is its aim to introduce technologies supporting unique business and ownership models in alignment with servitization principles.
Significant Progress Evident in the Initiative
These models facilitate on-demand access and sharing of materials, services, and goods. The project has already made substantial strides, securing funding and additional grants for projects like Autofair, a Horizon Europe initiative utilizing advanced AI algorithms, as well as iCircular3, a study that examines circularity in outdoor tools, vehicles, and robotics.
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