IOTA has associated with some of the biggest international corporate names led by Volkswagen AG, Samsung Group and Cisco Systems, Inc. (NASDAQ: CSCO) to launch what is intended to be a safe marketplace for data.

The details

Blockchain can be explained as a digital ledger of transactions that fortified the preliminary crypto-currency bitcoin. It has received prominence globally due to its seen benefits in recording and maintaining a track of assets across different industries. David Sønstebø, the co-founder of IOTA, expressed that the data marketplace is an entirely separate project that uses the underlying IOTA guideline. IOTA has its headquarter in Berlin. Huawei group is also part of the key project. This project intends to establish a data market that firms can sell and buy.

IOTA stated over 2.5 quintillion bytes of data is produced daily and are growing exponentially month-on-month basis. However, over 99% of this data is lost and wasted because there is presently no ability for owners to share or sell this data in a secure way.

Sønstebø added that any form of data can be monetized. If there is a weather station collecting humidity, barometric, wind and temperature data, for example, this data can be offered to a firm that is performing climatic research.

After data is entered onto IOTA’s technology, it is distributed to innumerable nodes or the systems that link to the blockchain network, confirming that it is impossible to meddle with the data. Each of IOTA’s associates on the marketplace project will offer data within their division. The objective is to enable an open and very diverse data marketplace, which supports a free flow of data between firms. The IOTA planned a crowdfunding event in 2015.

In the last trading session, the stock price of Cisco declined 0.66% to close the day at $37.48.