IOTA Joins Project Funded by Japanese National R&D Agency NEDO to Build First-Ever AI and DLT-based Predictive Maintenance System – Business Wire

BERLIN--(BUSINESS WIRE)--IOTA Foundation, a non-profit foundation focused on distributed ledger technology (DLT) and open-source ecosystem development, announced today that it has partnered on a project initiated by Best Materia and IMC, Japanese maintenance related companies, and funded by NEDO (New Energy and Industrial Technology Development Organization), a national research and development agency. The goal of the project is to develop technology to strengthen the security, longevity, and durability of critical infrastructure assets in Japan and abroad.

By adding artificial intelligence and distributed ledger technology to Risk Based Maintenance (RBM) Systems deployed in power plants, energy plants, industrial plants, petrochemicals and oil refining plants, the group hopes to capture a large share of the domestic social infrastructure conservation market, valued at 170 Trillion Yen (1.5 Trillion USD). This type of predictive maintenance system that shares industry data using a distributed database is set to be the first of its kind in the world.

While damage prediction assessment based on the current RBM standards exists, most processes are still left up to field workers to do manually. To further optimize these systems, maintenance data will be digitized and processed by an artificial intelligence system to predict when and which parts in a plant are going to require maintenance. This will reduce unplanned outages, improve plant availability and lower costs by reducing unnecessary inspections and repairs.

Creating a decentralized, open source and free distributed ledger technology to ensure data integrity has always been our driving purpose. As a non-profit we are honored seeing the IOTA protocol being utilized to secure a wide variety of data points in this project. Digitalizing the risk based maintenance (RBM) systems for safer and more efficient industrial plants is only one of many applications where IOTA will be used in the future. - Holger Kther, Director of Partnerships, IOTA Foundation

Because of the aging problem in Japan, we seriously need the AI system supporting our business in place of retired RBM consultants. We expect that IOTA Tangle will enable us to securely collect and store RBM related data including sensitive plant information which is the key to the accuracy of the AI system. - Shigemitsu Kihara, Best Materia, CEO

The project will develop a cloud-based SaaS software with the following capabilities:

Key Statistics About The Project:

Organizations collaborating on this project include Best Materia, IMC, High Pressure Institute of Japan, The Society of Chemical Engineers Japan, OMC, Lloyds Register and Yokohama National University.

About NEDO

NEDO is an Independent Administrative Agency under the jurisdiction of the Ministry of Economy, Trade and Industries, Japan. In 2020, it allocates over 1.38 Billion dollars to domestic / international R&D projects by private companies and universities in Japan.

NEDO plays an important role in Japans economic and industrialization policies through its funding of technology development activities. NEDO also acts as an innovation accelerator to realize its two basic missions of addressing energy and global environmental problems and enhancing industrial technology. It does this by coordinating and integrating the capabilities of industry, academia and government.

About IOTA Foundation

IOTA is a global non-profit foundation supporting the research and development of new distributed ledger technologies (DLT), including the IOTA Tangle.

The IOTA Tangle solves the fundamental shortcomings of blockchain: scalability, environmental sustainability and cost. IOTA is an open-source protocol connecting the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer and feeless micropayments.

To learn more visit http://www.iota.org, the IOTA Foundation YouTube channel and follow @iotatoken on Twitter.

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IOTA Joins Project Funded by Japanese National R&D Agency NEDO to Build First-Ever AI and DLT-based Predictive Maintenance System - Business Wire