IOTA has partnered with a corporate group led by industry giants Cisco Systems, Samsung Group and Volkswagen to build a reliable data market with Blockchain technology. David Sonstebo, co-founder of IOTA, revealed that Chinese network and telecommunications giant Huawei Group is also involved in the project.
IOTA, based in Berlin, offers Blockchain technology designed especially for the Internet of Things (IoT), but also applicable to other areas, such as data exchange. Despite operating with Blockchain, IOTA does not use the traditional blockchain, but a system called Tangle, which represents a complex data structure called DAG. Regarding the announcement, Sonstebo told Reuters:
The data market is a completely separate project that simply uses the underlying IOTA protocol.
The objective of the project is to launch a data market where organizations can market. The IOTA token will become the key instrument for monetizing data. According to the firm, more than 2.5 quintillion bytes of information are generated daily, and the figure registers an exponential growth every month. Even so, almost 99% is lost because there is no safe place to exchange and share this data safely.
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In his statements to Reuters, Sonstebo said:
Any type of data can be monetized. If you have a weather station that collects wind, temperature, humidity, and barometric data, for example, you can sell it to an entity that is doing climate research.
In this regard, the executive said that the IOTA system could collect data in its distributed ledger so that it can not be altered in any way. The companies that participate in the project will provide data of their industry. The purpose is to enable a very diverse and open data market that encourages the free flow of information between these entities.
Interestingly, the IOTA announcement does not include VW, Cisco and Samsung in the list of companies involved in the project. Instead, we could find many more important names, such as Bosch, Orange or Fujitsu. This announcement has been the main driver of the value of the IOTA cryptocurrency, which has increased 87%, from US $ 0.80 to US $ 1.50.