Moreover, huge chunks of data remain under the control of specific entities, leaving companies with little or no access to information that can be useful when adopting new business models. The IOTA marketplace addresses this situation by developing a secure and decentralized data marketplace accessible to any party. Becoming an IOTA data marketplace member allows anyone to purchase and sell encrypted data from the network.
How IOTA Sustains a Vast Data Marketplace
IOTA’s idea of a decentralized marketplace focuses on modernizing the IoT and the machine-to-machine economy. The existence of a data marketplace introduces everyone to an economy whereby data streams are monetized and exchanged in real-time.
Therefore, being a dynamic and possibly disruptive ecosystem, IOTA set out to involve individuals and organizations in figuring out the value of the data economy. As such, the IOTA Foundation designed an open-source framework in 2017 known as the Proof of Concept. It ideally aims to decentralize every aspect of the data marketplace through the community.
In a PoC consensus, every member is involved in determining whether or not a certain scheme will succeed. Involving a community of participants marks the first step in analyzing new business mechanisms, M2M/IoT advancements, and the development of a community-based data marketplace.
Segments of the IOTA Marketplace
Below is an outlook on the various protocols developed under the IOTA marketplace ecosystem:
The Open Marketplace is a futuristic project launched in 2020 by the IOTA community. Here, users can freely operate their business or online stores in an open application. What’s more, the project removes any transactional costs for users.
The Open Marketplace also supports the development of decentralized applications which can be hosted through Open Cloud or self-hosted. A team is currently taking part in an IOTA hackathon and working on the project’s Proof of Concept. Some of the features that the PoC hopes to implement include
- A real data and payment system using drones that facilitate loading and delivery services.
- Passive income opportunities for drone operators and manufacturers who enable successful delivery of services to customers.
In the 13 Marketplace, data merchants and applications assemble under one roof to leverage a vendor-independent data infrastructure. The project aims to give an in-depth evaluation of IoT marketplaces and collaborate with suppliers to design an environment that supports the testing of IoT network components.
To achieve ultimate success, the University of Southern California proceeded to form the 13 Marketplace where users can purchase or sell data. Furthermore, the Marketplace only plays the role of an intermediary while accommodating both IoT devices and humans.
On the other hand, buyers must possess authentic data since the 13 Marketplace does not offer any data storage location. As a bonus, users on this platform will encounter IOTA’s Tangle a public ledger that allows immutable data storage.
The Industry Marketplace represents a decentralized space that allows the autonomous trade of physical/digital goods and services. The IOTA Foundation designed the unique platform, featuring key entities including Neoception, Helmut Schmidt University, WeWash, ECLASS, and the Otto Von Guericke University.
Aside from managing data concerning assets, Industry 4.0(14.0) projects a scenario where machines can act independently to make certain economic decisions. Such included purchasing materials required for production processes.
The 14.0 goal, however, is highly reliant on the cooperative efforts of companies at a local and international level. Industry Marketplace will also use IOTA’s DLT solution to manage its payment system, data storage and boost the connection between humans and machines.
Besides leveraging the IOTA network, the Industry Marketplace utilizes ECLASS ISO/IEC standard language that gives comprehensive information or descriptions of a company’s products. Today, 44 industries and 3500+ companies are using the ECLASS cross-industry standard in their operations.
Telco Asset Marketplace
Nowadays, communication service providers (CPS) sell their advanced transmission assets like fiber networks as a service to end-users. The assets are necessary tools required to set up a fast connection service within an area. Vodafone, Orange, r3, Infosys, Nokia, and IOTA, initiated a case study that sought to create business opportunities in regions with little or no infrastructure.
That way, the Telco Asset MarketPlace would open up doors for other small-medium-sized providers in the market with the potential to deliver convenient mobile services. Operating in this decentralized Marketplace ensures that CPSs can share network tools and significantly lower their operational charges.
Additionally, with the help of IOTA’s decentralized technologies, service providers can post their products to interested parties and leverage an automated payment system with tamper-proof features.
Decentralization of a data marketplace through the PoC consensus is receiving numerous responses from diverse sectors in the economy. The growing interest owed is from the IF’s efforts in hosting webinars, information sessions, and hackathons. They tackle topics ranging from IOTA Streams, Data Marketplace, Trusted IoT to Personal Data and GDPR.
In order to build an innovative marketplace, active and viable participants need to be present and establish a mutually beneficial working relationship. Moreover, cross-server data exchange requires massive teamwork since most value chains may undergo frequent configurations.
By January 2019, the open-source PoC received more than 80 participants from different sectors such as agriculture, energy, supply chain, consulting universities, and many more. Paris is an appropriate example where the IOTA Foundation took part in initiating a hackathon for testing the data marketplace.
The geared IOTA Marketplace is providing more innovative business solutions for individuals and organizations. By using its innovative blockchain network, industries expect a secure autonomous economy that evolves rapidly with the changing technology. On top of that, the Marketplace will greatly improve the way we interact and constantly exchange information on the internet.