IOTA

April

<ul>
<li><strong>Decentralized data marketplaces offer more transparency, efficiency, and security than traditional centralized systems.</strong></li>
<li><strong>IOTA is used in the data marketplace ecosystem to merge, analyze and process datasets from various sources for diverse applications in smart cities.</strong></li>
</ul>
<hr />
<h2 id="decentralized-data-marketplaces-in-making-cities-smarter">Decentralized Data Marketplaces in Making Cities Smarter</h2>
<p>As digital technologies continue to disrupt various sectors, distributed ledger technology (DLT) is emerging as a popular solution. DLTs like blockchain are decentralized databases that offer benefits like transparency, efficiency, and security.</p>
<p>In a <a href="https://www.ethnews.com/iota-unleashes-game-changing-digitalmrv-platform-for-accurate-carbon-footprint-monitoring/">decentralized data marketplace</a>, all contributing peers communicate with similar privileges, creating a fairer and more trustworthy platform. Smart contracts and DApps can also be employed to provide a decentralized solution to address challenges in data marketplaces.</p>
<p><img decoding="async" loading="lazy" src="https://media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs10669-023-09907-0/MediaObjects/10669_2023_9907_Fig1_HTML.png" alt="figure 1" width="685" height="661" aria-describedby="Fig1" /></p>
<h2 id="benefits-of-dlt">Benefits of DLT</h2>
<p>DLTs like blockchain have become popular since the advent of cryptocurrency like Bitcoin. Blockchain is a public ledger centered on consensus protocols that provide a verifiable, append chained based data structure of transactions.</p>
<p>DLT allows data to be updated and stored distributivity, which reduces the risk of the entire digital platform failing. In a <a href="https://www.ethnews.com/vechain-and-authentic8-partner-to-improve-product-authentication-and-traceability/">blockchain</a> network, a consensus protocol is instantiated on many distributed nodes called miners to preserve the sanctity of the data stored on the blocks.</p>
<p><img decoding="async" loading="lazy" src="https://media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs10669-023-09907-0/MediaObjects/10669_2023_9907_Fig2_HTML.png" alt="figure 2" width="685" height="373" aria-describedby="Fig2" /></p>
<h2 id="decentralized-data-marketplaces">Decentralized Data Marketplaces</h2>
<p>In a decentralized data marketplace, all contributing peers within the network communicate with similar privileges, creating a fairer and more trustworthy platform. The data provider uploads the data to advertise these datasets to data consumers who access the data marketplace using the peer-to-peer distributed network.</p>
<p>The datasets uploaded by the data provider comprise raw encrypted data saved on the cloud server. However, the limitation of this decentralized data marketplace approach is that data consumers cannot <a href="https://www.ethnews.com/iota-and-shimmer-revolutionizing-iot-in-billion-dollar-market-with-superior-tech/">completely</a> trust the shared dataset.</p>
<h2 id="smart-contracts-and-dapps">Smart Contracts and DApps</h2>
<p>Smart contracts are self-executing scripts deployed within blockchain that enable parties to autonomously make payments based on the contract in a transparent way. DLT aids the implementation of decentralized applications (DApps) which are developed in the form of a smart contract and executed on a DLT network to deploy predefined agreements and algorithms without depending on third-party involvement.</p>
<p>Therefore, smart contracts and DApps can be employed to provide a decentralized solution to address challenges in data marketplaces.</p>
<p><img decoding="async" loading="lazy" src="https://media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs10669-023-09907-0/MediaObjects/10669_2023_9907_Fig3_HTML.png" alt="figure 3" width="685" height="655" aria-describedby="Fig3" /></p>
<h2 id="related-works-of-data-marketplaces-in-smart-cities">Related Works of Data Marketplaces in Smart Cities</h2>
<p>Several studies have explored the use of blockchain and other DLTs to facilitate trading of IoT data in smart cities. The studies have proposed blockchain-supported data marketplace systems that help address issues related to regulations, efficiency, fairness, privacy, and security.</p>
<p>The studies have also developed cost-effective blockchain-based IoT data marketplaces based on a credit invariant, semantic-driven data marketplaces, and smart contract-oriented review applications for an IoT data marketplace.</p>
<p><img decoding="async" loading="lazy" src="https://media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs10669-023-09907-0/MediaObjects/10669_2023_9907_Fig4_HTML.png" alt="figure 4" width="685" height="413" aria-describedby="Fig4" /></p>
<h2 id="designed-ecosystem-for-data-marketplaces">Designed Ecosystem for Data Marketplaces</h2>
<p>To develop data-driven services in smart cities, there is a need to develop decentralized data marketplaces that allow datasets from different sources to be merged and analyzed, processed, and acted upon to support the deployment of diverse applications.</p>
<p>The ecosystem for data marketplaces is designed based on IOTA tangle and MQTT protocol, providing zero fees for miners and supporting micro-transaction systems via a secure data transmission protocol. However, there may be challenges for IOTA tangle to directly monitor data flow via MQTT connections, making fair enforcement of trade contract difficult.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3d9.png" alt="🏙" class="wp-smiley" style="height: 1em; max-height: 1em;" />Smart cities need data marketplaces, but how do you trust the data?<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;" /> </p>
<p>This study designed a decentralized brokered enabled ecosystem powered by the <a href="https://twitter.com/hashtag/IOTA?src=hash&amp;ref_src=twsrc%5Etfw">#IOTA</a> Tangle, which supports data sharing and guarantees data integrity &amp; immutability.</p>
<p>Here&#39;s how<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/teeuAiZ5IC">https://t.co/teeuAiZ5IC</a></p>
<p>&mdash; IOTA (@iota) <a href="https://twitter.com/iota/status/1647585638101794817?ref_src=twsrc%5Etfw">April 16, 2023</a></p></blockquote>
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<p>The post <a rel="nofollow" href="https://www.ethnews.com/iota-tangle-powers-decentralized-data-marketplaces-in-smart-cities-in-billion-dollar-market/">IOTA Tangle Powers Decentralized Data Marketplaces in Smart Cities in Billion-Dollar-Market</a> appeared first on <a rel="nofollow" href="https://www.ethnews.com">ETHNews: Bringing you the news of everything blockchain, Ethereum, and the internet.</a>.</p>

IOTA Tangle Powers Decentralized Data Marketplaces in Smart Cities in Billion-Dollar-Market

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