Blockchain Network IOTA Launches Data Marketplace

Announcements, Blockchain, Innovation | December 8, 2017 By:

Open-source blockchain network IOTA, in partnership with Microsoft, Samsung, Cisco, and Volkswagen, has announced its data marketplace, a Tangle-based solution built to help monetize data.

IOTA co-founder David Sønstebø said the data marketplace will enable companies to distribute and monetize data via blockchain technology. He added that the data marketplace is a completely separate project that simply utilizes Tangle, the underlying IOTA protocol that uses a directed acyclic graph. With Tangle, users will have to work to approve other transactions. The Tangle ledger will also be able to settle transactions with no fees.

The company said more than 2.5 quintillion bytes of data are generated daily and are increasing exponentially on a monthly basis. More than 99 percent of this data is wasted and lost to the void because there is currently no ability for owners to sell or share this data in a secure fashion.

In the IOTA marketplace, the data is distributed to the innumerable nodes of the network, making data tampering impossible. The company said the project partners will provide data within their sector.

“The goal is to enable a very diverse and open data marketplace which incentivizes a free flow of data between entities,” Sønstebø said. “IOTA is kind of the first distributed ledger that goes beyond the blockchain. We got rid of the blocks and we got rid of the chains, which has resulted in getting rid of the major pain points or limitations of the blockchain such as fees, scalability, and centralization.”

“This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real world solutions, applications and pilots for our customers,” said Microsoft’s Omkar Naik.