Source: Tobias Arhelger – Shutterstock
- GRUPPE plans to bring decentralized data ownership in web3 for hardware owners and data creators.
- They plan to leverage IOTA-like distributed ledger technology (DLT) to make it possible.
The European crypto regulatory landscape has been shaping up well with initiatives like MiCA regulatory framework. However, these frameworks lack in parts to address the inclusivity with Web3, DeFi, smart contracts, and other facets of the decentralized markets.
The growth of Web3 would empower individuals and hardware owners to control data usage and monetization. Benjamin Bönisch, VP of Digital Products & Services at ETO GRUPPE, expects IOTA to play a leading role over the next five years in Europe, becoming similar to TCP/IP.
Web3, as described by @BenBoenisch, empowers hardware owners to control data usage and monetization. He predicts crypto networks such as @iota will become pervasive in Europe within 5 years, functioning similarly to TCP/IP https://t.co/bAyGIX1nFT
— Michael Atlan (@micatlan) August 6, 2023
Bönisch added that at GRUPPE they prioritize distributed ledger technology for their IoT devices. By combining DLT with Self-Sovereign Identities, their users can have full control over their personal data and its sovereignty. As we know, the IOTA DLT technology has been the forerunner in offering multiple use cases for the IoT industry.
Bringing Farmers to the Decentralized Supply Chain of Farmsense
Bönisch said that GRUPPE is working to bring the distributed ledger technology (DLT) to Farmsense where farmers can sell weather and farm data in addition to potatoes or wheat. this would greatly change the perception of data ownership.
Currently, all market players collect and profit from farmers’ data without their involvement, which they must accept in the terms and conditions. However, in Web3, the hardware owner and data creator should have the right to decide how the data is used and monetized. Though it’s a challenging journey, we are beginning to take the first steps, noted Bönisch.
GRUPPE would, however, implement a platform fee to run and maintain the entire IOT platform. Also, the platform would come with the additional benefits of secure login and tamper-proof data. Bönisch also stated that their primary goal is to allow users to monetize their own data. Thus, they are not rushing toward asset tokenization at the moment. He added:
We cannot jump everytime the market changes its opinion about what is hyped or not. There is definitely a benefit in NFTs and ownership management. And there will be new features coming in the future.
Leveraging IOTA
Although not mentioning IOTA directly, Bönisch said that they have plans to use DLT in different projects ahead. “We’ve observed that other companies in the industry are also exploring these technologies through PoCs but keeping their progress private. It appears that everyone is being cautious and waiting,” he said.
Bönisch added that many participants are not yet familiar with these new technologies, despite their immense potential benefits. The identity market is expected to grow exponentially as IoT devices, smart cars, and smart homes require solutions. Once Self-Sovereign Identity (SSI) becomes more mature, other companies will likely adopt this technology as well.
With the implementation of MiCA in Europe, Bönisch is confident that it will be widely accepted, and DLT will play a significant role. Although it will be a crucial part of the system, it might not be noticed by the general public, similar to how TCP/IP operates seamlessly in the background.
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