Berlin-based IOTA Foundation teams up with Microsoft, Fujitsu and twenty other companies to launch the very first publicly accessible micropayment-based data marketplace for the Internet of Things that will be completely powered by distributed ledger technology.
The initiative, allows stakeholders to securely transfer and monetize data and aims to demonstrate a proof of concept for a tamper-proof data marketplace.
In order to ensure inflexibility, the data after being uploaded to IOTA’s decentralized ledger distributes to uncountable nodes.
IOTA is the ninth biggest cryptocurrency with a current market cap of about $3 billion. When launched at the Taiwan-based exchange Bitfinex in June, the currency smashing trade volume records reached $1.5 billion market capitalization just within hours.
The key feature that differentiates IOTA from other blockchain technologies is that it relies on a method it calls ‘Tangle’. Compared to standard blockchain, this astounding method offers zero-fees transactions plus much better scaling chances, as claimed by co-founders Dominik Schiener and David Sønstebø.
“We are very excited to announce the launch of our data marketplace,” said Sønstebø. “This will act as a catalyst for a whole new paradigm of research, artificial intelligence, and democratization of data.”
Along with Microsoft and Fujitsu 20 other global organizations including high-profile names – like Deutsche Telekom, Bosch, Accenture and PricewaterhouseCoopers – as well as some research groups from universities around the globe will take part in the demo, that will run until January.
“We are excited to partner with the IOTA Foundation and proud to be associated with its new data marketplace initiative,” said Microsoft blockchain specialist Omkar Naik.
“This next generation [sic] technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real-world solutions, applications and pilots for our customers,” he continued.
— Dr. Rolf Werner (@RolfWerner) 26 November 2017
The startup has assured to release a series of case studies and blog posts showcasing the several ways in which companies and individuals can take advantage of the technology.
Ordinary cybersurfers will also have the opportunity to sell their data on the data marketplace by simply connecting their ‘Internet of Things’ devices to the IOTA ledger. This will let them cash in on numerous data.
According to IOTA, all the data will be valued equally for the inaugural demonstration, however, the scheme might change in the future. “For this proof of concept, all of the data is rated equally,” said Schiener. “In the next iteration, we will include a simple bidding mechanism coupled with more complex querying for datasets.”