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- IOTA pitches for decentralized data marketplaces that will cater to futuristic smart cities using its IOTA Tangle technology.
- Along with Tangle, IOTA proposes the use of the Message Queuing Telemetry Transport (MQTT) protocol for seamless and secure data transfers.
When it comes to offering decentralized solutions for smart cities, the IOTA Foundation has been one of the front-runners in the matter. For smart cities, IOTA has been working to cater to a wide array of applications such as the Internet of Things (IoT), supply chains, and others.
However, for smart cities to stay futuristic, they need data marketplaces that are decentralized. IOTA sheds light on the decentralized broker-enabled ecosystem powered by the IOTA Tangle. This would support key features of data sharing along with offering guarantees on data immutability and integrity.
Smart cities need data marketplaces, but how do you trust the data?
This study designed a decentralized brokered enabled ecosystem powered by the #IOTA Tangle, which supports data sharing and guarantees data integrity & immutability.
Here’s how https://t.co/teeuAiZ5IC
— IOTA (@iota) April 16, 2023
Over the years, data has emerged as a very valuable commodity. IOTA believes that data generated through IoT, smart sensors, smart meters, etc. could provide citizens with an additional income opportunity. They can trade their data with businesses that are data owners.
Here’s where data marketplaces come into the picture as they promote a data-sharing economy along with the provision of available data that is useful for cities. However, the existing marketplaces face issues with security, efficiency, and adherence to privacy regulations. Furthermore, there’s no common understanding of how to achieve trust and fairness among data owners as well as data sellers.
As a result, IOTA has designed an ecosystem powered by its Tangle technology and Message Queueing Telemetry Transport (MQTT) to ensure trust and fairness in data-sharing activities.
IOTA: Building a decentralized data marketplace
In futuristic smart cities, there will be multiple sources of generating data such as vehicles, air quality monitors, smart trash cans, security, surveillance, etc. But for all these different sectors to effectively communicate with each other, data marketplaces are a must. The data marketplace shall function as an online store or digital platform facilitating data trading for buyers and sellers.
IOTA is confident that it can build decentralized data marketplaces using emerging technologies such as blockchain and distributed ledger technology (DLT). As we know, decentralized technologies mitigate performance issues and eliminate any single point of failure.
The IOTA Tangle technology is well-suited as it “improves security, mitigates performance issues, and eliminates any single point of failure”. Furthermore, DLT will leverage the consensus protocol to support traceability, auditability, and immutability for data provenience.
Also, unlike other blockchain platforms, IOTA Tangle does not require fees. Such fees could be a barrier to smaller payments such as those frequently required for trading IoT data streams in smart cities.
Using the IOTA Tangle, data producers or data owners, and traders could securely enter into an agreement without any intervention from trusted third parties. This allows safe and secure trading of data sources. Also, IOTA noted that it shall employ the message queuing telemetry transport (MQTT) protocol. It explains:
No spam, no lies, only insights. You can unsubscribe at any time.
MQTT utilizes a brokerage concept to broadcast information as messages. In the smart city domain, MQTT is generally utilized to transfer Internet of Things (IoT) data in real-time based on the publish-subscribe messaging method, in which a broker is employed to orchestrate data communication among data producers and consumers.
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