The open-source blockchain network IOTA has established a collaboration with some of the biggest names of the corporate world such as Volkswagen AG, Cisco Systems Inc and Samsung Group to come ahead with a secure marketplace for data. This information was revealed by David Sønstebø, the co-founder of IOTA on Tuesday.
For those who are new entrants in the world of cryptocurrencies, Blockchain refers to a digital ledger which underpinned the transactions pertaining to the first ever crypto form termed as Bitcoin. Its immense usefulness in the field of recording and keeping track of assets spread across industries has made Blockchain an overnight favourite amongst technology nerds.
IOTA is headquartered in Berlin revealed that Huawei Group of China which is a multinational networking and telecommunications company is also scheduled to participate in this data marketplace project. The IOTA project hopes create a market for data which can be bought and sold by companies worldwide. IOTA revealed that about 2.5 quintillion bytes of data is being generated on a daily basis and is also increasing at a rapid scale with each passing month. But 99% of the data generated accounts for wastage since the owners cannot buy or sell the same in a secured fashion as of now.
“Any kind of data can be monetized. If you have a weather station collecting wind, temperature, humidity, and barometric data, for instance, you can sell that to an entity that is doing climatic research.”
The data is distributed across countless computers connecting the blockchain network or notes immediately after being put into IOTA’s decentralized ledger. This will make it impossible to tamper the data. Sector specific data shall be provided by each of IOTA’s partners working on the marketplace project. “The goal is to enable a very diverse and open data marketplace…which incentivizes a free flow of data between entities,” Sønstebø said.
The co-founder of IOTA had revealed in an earlier interview that the network had been live since 2016. A crowdfunding event was held by the same in 2015 for garnering people’s support and helped in raising more than 1300 bitcoins.
“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,”
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Tarunima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
Source : Kryptomoney