This market will be driven by a decentralized ledger and will allow interested parties to share and monetize their data in a secure manner.
Norwegian cryptocurrency startup IOTA has partnered with Microsoft, Fujitsu and 20 other companies to launch the first public access data market for the Internet of Things . This market will be completely driven by a decentralized ledger .
The first cryptocurrency market for the Internet of Things will allow interested parties to share and monetize their data in a secure manner . Its goal is to demonstrate a proof of concept for a tamper-proof data market. Once loaded into the distributed IOTA ledger, all data is distributed to innumerable nodes to guarantee immutability.
IOTA is currently the ninth largest cryptocurrency by market share, with a market value of 2.95 billion dollars. The startup uses a new technique to distribute and decentralize its ledger. Unlike the standard blockchain technology used by most companies, IOTA is based on a method called Tangle. Tangle offers free transactions and scaling opportunities much better than blockchain, according to the Norwegian company.
“We are very pleased to announce the launch of our data market. This will act as a catalyst for a new paradigm of research, artificial intelligence and data democratization, “said David Sønstebø , co-founder of IOTA.
The market demonstration will run until January. IOTA has promised to launch a series of publications and case studies to show the various ways in which businesses and individuals can benefit from the use of their technology, reports TNW . Netizens will also have the opportunity to sell their data in the market by connecting their IoT devices to the IOTA book.
In addition to Microsoft and Fujitsu , other high-profile companies, including Deutsche Telekom, Bosch, Accenture and PwC , will also participate in the initiative. “We are excited to partner with the IOTA Foundation and its new initiative in the data market,” said Microsoft Blockchain specialist Omkar Naik.