Microsoft, Fujitsu, and 20 other companies have collaborated to launch the first openly available data marketplace for the Internet of Things. What makes this effort particularly attractive is that the market runs completely on a distributed ledger.
This program aims to establish a proof-of-concept for the tamper-proof data market. For immutability, information scatters among a large number of nodes when uploaded to IOTA’s distributed general ledger.
IOTA is presently the ninth largest cryptocurrency in the market. For the record, its capitalization of coins has a market capitalization of $2.95 billion. In particular, IOTA practices an exciting fresh method for decentralizing and centralizing ledgers. On top of that, distinct from the typical blockchain technology utilized by most enterprises, IOTA depends on a technique called Tangle.
Related to the blockchain, IOTA co-founders Dominik Schiener and David Sønstebø claim that Tangle offers permitted dealings and improves scalability.
Sønstebø said they are very glad to broadcast the promotion of the Data Marketplace. Sønstebø adds that it acts as a compound for an entirely new standard in research, artificial intelligence, and data democratization.
In accumulation to Microsoft and Fujitsu, many further top-tier companies such as Deutsche Telekom, Bosch, Accenture, and PwC will attend the said demonstration.
IOTA Foundation’s New Data Marketplace Initiative
Omkar Naik, Microsoft’s blockchain specialist, said they are happy to work with the IOTA Foundation and are proud to be part of the IOTA Foundation’s new Data Marketplace Initiative.
This next-generation [sic] technology accelerates the connected intelligent world and goes further than the blockchain to drive innovative solutions, applications, and pilot projects for real-world customers, he said.
The marketplace demo will have its course until January. IOTA has also assured its audience to publish a sequence of blog posts and case studies. The online journal will focus on the highlight of different ways businesses and individuals can profit from utilizing the technology.
Regular Internet users also have the opportunity to trade their data to the market. The steps include linking their IoT device to the IOTA ledger. In this way, you can benefit from a variety of data, one of these is meteorological station statistics.
In this first demonstration, IOTA states that all information will evaluate correspondingly. However, they concluded that this is subject to modification in the future. This is proof that all data evaluate equally, says Schiener. Within the next iteration, they will combine it with a more complex query of the dataset to integrate a modest order mechanism, he added.
“The opinions voiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations are not necessarily endorsed by Your Crypto Banker or its subsidiaries.”