IOTA, Microsoft and others team up on Blockchain-based data marketplace
As reported by Reuters, IOTA, the Germany-based open-source blockchain network, has collaborated with Microsoft, Volkswagen and Samsung Group for the launch of a secure data marketplace.
David Sønstebø, IOTA co-founder said that the objective is to create a marketplace for data that can be bought and sold by companies. As he told Reuters “The data marketplace is a completely separate project that simply utilizes the underlying IOTA protocol.”
As noted by IOTA, 99 percent of digital data is wasted due to the lack of the ability of the owners to securely sell or share this data. Using Blockchain tech, IOTA aims to face this problem.
Sønstebø explained that when data is put on IOTA’s decentralized ledger, it is distributed to the innumerable nodes of the network, making data tampering impossible. 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.”