An open source blockchain network named IOTA has announced plans to work with some of the biggest global companies including Samsung, Cisco, and Volkswagen in hopes to secure a marketplace for data. Blockchain has been recording and keeping track of assets across all industries and has been a digital leader of transactions that strengthened the very first crypto-currency bitcoin.
Headquartered in Berlin, IOTA is working with China’s multinational networking and telecommunications company, Huawei to establish this data marketplace object. It aims to create a market for data that firms can purchase and sell. More than 2.5 quintillion bytes of data are generated daily and has been growing on a monthly basis but more than 99% of this data is wasted and lost due to owners’ lack of ability to sell or share this data in secure ways.
The data would be distributed to multiple computers that connect to IOTA that would ensure security and would enable a very diverse and open data marketplace. Since their crowdfunding event two years ago, IOTA has raised more than 1,300 bitcoins and got rid of limitations such as fees, centralization, and scalability.