- IOTA Network has partnered with Bolt. Earth will build a more decentralized and optimized EV charging infrastructure.
- IOTA EVM is suitable for tokenizing EV charging infrastructure as it enables scalable, fast and secure smart contracts.
Salima, an IOTA enthusiast, recently shared some exciting developments with X:Three days ago, the first smart contract appeared on IOTA's testnet, marking the beginning of real-world tokenization of EV charging infrastructure with bolt_earth. ”
bolt. Founded in 2017 and headquartered in Bangalore, Earth has become India's largest electric vehicle (EV) charging network. The company has deployed more than 100,000 chargers in more than 1,800 cities.
The company controls about 63% of India's private charging market. Serving more than 307,000 active users, the company operates a peer-to-peer distributed charging network that supports two-, three-, and four-wheel EVs, and offers both standard and fast charging options.
The company's extensive network includes a variety of charging solutions, from home and work environments to high-speed Blaze DC and Lightning DC chargers designed for all types of EVs. The company plans to deploy approximately 1 million chargers per year by 2028, targeting 60-70% of domestic EV charging demand.
The partnership is currently rolling out its 'RealFi' initiative beyond India, with testnet deployments across four pilot locations.
In Malaysia, testing sites include Eco Majestic in Semenyi, a progressive town just south of Kuala Lumpur. Mount Austin in Johor Bahru is a rapidly expanding urban district with high EV penetration. Located in the Klang Valley, Majestic Lab is Bolt Earth's research and development center located in the country's major technology corridor.
Around the world, Nottingham, UK is serving as Bolt Earth's first European pilot site. According to Salima, each of these stations has been registered and tokenized on-chain during this testing phase using the IOTA Rebased Move VM.
This development confirms an earlier report on October 18th in which IOTA enthusiast Mr. Moon pointed out that the Indian company, which operates more than 100,000 EV charging stations, is planning to expand into Malaysia, Singapore and Europe. Based on these numbers, Moon concluded that the company in question was Bolt. Earth.
Why is IOTA perfect for EV charging?
Charging an EV involves countless microtransactions. This often consists of just a few kilowatt-hours of each vehicle charging session, which generates a payment event. Blockchains like Bitcoin (BTC) and Ethereum (ETH) can be slow or expensive for such large numbers of small payments.
For example, 1,000 EVs charging at multiple stations can all process micropayments simultaneously without clogging up the network.
EV users also expect near-instantaneous confirmation that charging has started or ended, and their bills should reflect that immediately. With IOTA, these transactions are confirmed immediately because Tangle allows for parallel processing instead of waiting for block confirmations sequentially.
Supports real-time accounting and automatic reconciliation for EV charging operators.
There's also scheduling, dynamic pricing, loyalty benefits, energy trading, and even vehicle-to-grid (V2G) interaction. The advantage of IOTA is that smart contracts are deployed via IOTA EVM, which is compatible with Ethereum tools, allowing automatic execution of contracts between parties.
Comes with bolts. With global awareness, IOTA is poised for increased adoption. To date, IOTA EVM has processed a total of 15,628,000 transactions, including 41,242 transactions in the last 24 hours.
IOTA is mining-free, energy efficient, and optimized for smart charging, allowing EV charging networks to run on the blockchain without compromising the environmental benefits of electric vehicles.
To further strengthen the network, CNF reported on IOTA’s recent integration with private key management platform Turnkey. This partnership will enable developers to leverage transaction automation, integrate non-custodial wallets without using seed phrases, and build secure applications on IOTA.
