United Nations Office for Project Services Announces Collaboration with IOTA

In a joint venture to bring "Transparency and efficiency" to the work of the United Nations, IOTA has signed a Memorandum of Understanding with the United Nations Office for Project Services.

Operating across more than 80 countries, UNOPS has a stated interest in using IOTA's DAG-based ledger to optimize its efforts in global peace, security, humanitarianism, and development.

A central operational arm of the United Nations, UNOPS is a self-financed subsidiary offering project management, human resources, procurement, infrastructure and financial management services to the UN. Regularly liaising with the World Bank, United Nations Development Program, and the Department of Peacekeeping Operations, the collaboration could be a significant milestone for the Germany-based IOTA. In a bipartisan press release, both parties explained how IOTA's technology would economize the administration of UN documents, real-time transactional payments, and supply chains.

While the news is a plainly positive sentiment-booster for IOTA, bulls would appear indifferent to the collaboration.

Amidst late May's sub-$8000 BTC price, IOTA's value seems to have declined since the announcement's outbreak.

Aiming to become the "Backbone" standardized ledger for the Internet of Things, IOTA facilitates transactions between the world's 8.4 billion interconnected devices.

Pointing to the scalability, security and cost-related issues of blockchain technology - currently limited to thousands of transactions per second - IOTA offers its 'Tangle' as the solution to accommodate the high transactional rate of IoT devices.

"Shared global problems require shared global solutions. With our open-source, permission-less innovation approach, IOTA's distributed ledger technology lends itself uniquely to this kind of cooperative problem-solving."

Where most may associate the IoT with markedly corporate projects, the United Nations' expression of interest would appear a decided indicator of the industry's significance.

Delivering $1.8 billion of spending in 2017 alone, the UNOPS' scope of the project could certainly lend IOTA's vision of "The connected world" a weighty push.