PRESS RELEASE: ARXUM Has Tested First ERC20 Token-based Production Protocol with IOTA Tangle

ARXUM has just taken a big leap by providing the first working PoC for plugging the IOTA Tangle into the ARXUM Production Protocol. The PoC starts the execution of the ARXUM Production Protocol with an Ethereum smart contract consuming the transaction cost through ARXUM’s ERC20 token AX.

This process is important so the AX token is always utilized by the network – an indispensable requirement for any AX token holder. While the transaction fee is paid through Ethereum, any other blockchain technology can be plugged into the mechanism to handle all production-related transactions. This has already been done with IOTA.

For ARXUM, it is important not to be bound to a single blockchain, but that it can be built on any available blockchain protocol that can run smart contracts. Each blockchain technology has its own advantages and disadvantages, such as specific programming languages, consensus protocols, transaction costs and speeds, scalability, security, and features such as state channels. As ARXUM provides a digital supply chain infrastructure for industrial manufacturing companies, ARXUM will select the best technology for any supply chain application.

Some production processes create a high number of payment transactions over time and thus, state channels could be beneficial. Other production scenarios may have low transaction volumes but require elaborated smart contract templates. Others may have a high number of participants interacting with a single manufacturing order over a long period of time. Several further scenarios could demonstrate ARXUM’s necessity for being agnostic to different types of blockchain protocols.

To maintain its claim of blockchain flexibility, ARXUM is currently conducting extensive research to implement proofs-of-concept for plugging in different blockchain base protocols. Therefore, they can be extended to potentially new, upcoming blockchain base protocol projects. Further research with other blockchain technologies is currently being conducted and will soon yield further announcements.

About ARXUM

ARXUM is the new blockchain based solution to organize the cross-company production of mass-customized products. The ARXUM Production Protocol brings all production peers together in one single smart contract per production order and uses blockchain-inherent features to implement a multitude of functionalities required in a digital supply chain.

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