IOTA, an open-source blockchain network, has teamed up with some of the biggest global corporate names led by Cisco Systems Inc, Volkswagen AG, and Samsung Group to launch what is aimed to be a secure marketplace for data.
According to Reuters, David Sønstebø (IOTA co-founder) said:
The data marketplace is a completely separate project that simply utilizes the underlying IOTA protocol.
Any kind of data can be monetized.
As soon as data is put onto IOTA’s decentralized ledger, it is distributed to countless nodes or the computers that connect to the blockchain network, ensuring that it is impossible to tamper with the data.
Each of IOTA’s partners on the marketplace project 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.
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.
IOTA said that more than 2.5 quintillion bytes of data are generated daily and are increasing exponentially on a monthly basis. However, 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.