IOTA, a decentralized distributed ledger designed for the “Internet of Everything,” has unveiled a fresh endeavor. The platform has introduced the I3-Lab, located within the Dyson School of Design Engineering at Imperial College London, to delve into circular economy research. The announcement was made through its official X account to share project specifics.
On this remarkable day of July 3, 2024, we mark the inauguration of the I3-Lab, housed at the esteemed @ImperialDyson, a division of @imperialcollege. This state-of-the-art facility, partly supported by an #IOTA Foundation grant, is dedicated to exploring circular economy research utilizing digital tools⤵️
https://t.co/8ZYuosD5Gf
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— IOTA (@iota)
July 3, 2024
IOTA Initiates I3-Lab Project for Circular Economy Research
Furthermore, a dedicated blog post was published on its website, expressing great excitement about this initiative. The I3-Lab is highlighted as a cutting-edge research endeavor at Imperial College London. The IOTA Foundation contributed a significant sum of up to £1 million to kickstart the project, with Imperial pledging additional financial support.
Additionally, the European Union and UK Research and Innovation are set to provide supplementary grants for backing the initiative. The I3-Lab will be hosted at iCUBE, a specialized facility serving as a central hub for driving sustainability research. The complete name of the lab is Imperial IOTA Infrastructure Lab, emphasizing its focus on advancing digital tools to enhance the circular economy.
The platform emphasized that conventional business models often tie resource consumption to economic advancement, leading to unsustainable practices. The circular economy seeks to disrupt this linkage by emphasizing sustainability through recycling and reuse techniques. Achieving this transition requires embracing cutting-edge production technologies and methodologies that promote sustainability.
This emphasis aligns closely with the endeavors of the IOTA Foundation. The company highlighted that various projects are already leveraging its distributed ledger technology (DLT) to pioneer novel economic paradigms. One key feature of the I3-Lab is its objective to underpin distinctive business and ownership models in accordance with servitization.
Significant Progress Already Evident
These models enable flexible access to and sharing of resources, services, and products. Notably, the project has secured substantial funding and additional grants for Autofair, a Horizon Europe initiative focusing on offering efficient AI algorithms. Furthermore, it encompasses iCircular3, a project delving into circular practices in the realms of outdoor equipment, automotive sector, and robotics.
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