Blockchain Network IOTA Teams Up With Cisco, Volkswagen, Others On Data Marketplace

NEW YORK (Reuters) - IOTA, an open-source blockchain network, partnered with some of the world's top corporate names led by Cisco Systems Inc, Volkswagen AG and Samsung Group to launch what is intended to be a secure data market, he said. IOTA co-founder David Sønstebø on Tuesday.

Blockchain is a digital accounting book of transactions that supported the first cryptocurrency bitcoin. It has gained worldwide prominence due to its perceived usefulness in recording and tracking assets in all industries.

"The data market is a completely separate project that simply uses the underlying IOTA protocol," Sønstebø said in responses sent by e-mail to Reuters.

IOTA is based in Berlin.

China's Huawei group, a multinational network and telecommunications company, is also part of the data market project, IOTA said.

The project aims to create a data market that companies can buy and sell. 300-209 Braindumps

IOTA said that more than 2.5 trillion bytes of data are generated daily and that they are increasing exponentially each month. However, more than 99 percent of this data is wasted and lost in a vacuum because there is currently no possibility for owners to sell or share this data in a secure manner.

"Any kind of data can be monetized," Sønstebø said. "If you have a weather station that collects data on wind, temperature, humidity and barometry, for example, you can sell it to an entity that is doing climate research."

As soon as the data is placed in IOTA's decentralized ledger, it is distributed to countless nodes or computers that connect to the blockchain network, ensuring that it is impossible to manipulate the data, Sønstebø said.

Each of the IOTA partners in the market project will provide data within their sector.

"The goal is to enable a very diverse and open data market ... that encourages a free flow of data between entities," said Sønstebø.

The IOTA network has been live since 2016, the co-founder of IOTA said in a previous interview with Reuters.

He held a crowdfunding event in 2015, so that people could support the project, raising more than 1,300 bitcoins, he said.

"IOTA is the first distributed book that goes beyond the block chain," said Sønstebø.

"We got rid of the blocks and got rid of the chains, which has resulted in getting rid of the main weaknesses or limitations of the block chain, such as tariffs, scalability and centralization."