Decentralized Data Marketplace to Enable Trusted Machine Economy

Abstract

Transacting IoT data must be different in many from traditional approaches in order to build much-needed trust in data marketplaces, trust that will be the key to their sustainability. Data generated internally to an organization is usually not enough to remain competitive, enhance customer experiences, or improve strategic decision-making. In this paper, we propose a decentralized and trustless architecture through the posting of trade records while including the transaction process on distributed ledgers. This approach can efficiently enhance the degree of transparency, as all contract-oriented interactions will be written on-chain. Storage via an end-to-end encrypted message channel allows transmitting and accessing trusted data streams over distributed ledgers regardless of the size or cost of the device, while simultaneously making a verifiable Auth-compliant request to the platform. Furthermore, the platform will complete matching, trading and refunding processes with-out human intervention, and it also protects the rights of data providers and consumers through trading policies which apply revolutionary game theory to the machine economy.