IoT Data Marketplace is in Development
One of the more intensely debated subjects within the IoT landscape is the IOTA cryptocurrency, currently valued at $3.7 billion and the subject of both praise as well as scepticism.
Either way, the value of the coin is expected to triple within a year and its concept of digital payments continues to attract much attention around the world. Now, the organisation behind the IOTA currency, Berlin-based IOTA Foundation, is gearing up to launch another idea: an IoT data marketplace.
The marketplace, which was created as proof-of-concept more than direct functionality, is currently open to everyone and aims to allow users to “securely store, sell and access data streams.” The application programming interface (API) that is available to the users is open-source and allows them to contribute sensors and new data-driven applications. Apart from IOTA Foundation, currently 35 other companies are also working on the initiative despite its highly explorative nature. One of the main goals, according to IOTA Foundation themselves, is to investigate the challenges and opportunities that come with the marketplace and build knowledge.
Apart from security, which is a prominent concern with all things IoT, the main challenges include whether organisations are logistically ready to accept open markets of IoT data. Jessica Groopman, industry analyst and co-founder of Kaleido Insights, believes it is too early to predict whether IoT marketplaces will take off. “Not only are companies hesitant to place high-volume, sometimes mission-critical transaction data on such a nascent technology architecture – never mind one run by a startup – companies are still grappling with IoT data management, analysis and security in current architectures.”
Groopman also highlighted the requirement for trust between companies in order for such concepts to truly succeed. “We’re in the very early days. Sharing only works when trust is present — if interpersonal or organizational trust is impossible, then companies need architectural trust.”
Dashboard believes there is, indeed, feasibility in the concept. The same problem of ownership-minded companies has been overcome in other areas, such as mangOH or the OCP which have since met success despite initial struggles. Sharing data and information is a future-facing business model and we have much faith in it.