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What You Should Know About IOTA’s Marketplace
The Internet of Things (IoT) has radically altered how we interact with each other and machines. Today objects utilizing smart sensor technology can communicate in real time over networks and systems. As a result, there’s a budding Machine to Machine (M2M) industry. However, it’s hampered by gaps in the supporting technology.
The IOTA Foundation found an opportunity to bridge these gaps through its Tangle network and marketplace. Tangle is the next-gen distributed ledger technology (DLT) network that facilitates easy communication between men and machines. It’s an open-source DLT supporting the frictionless transfer of data, value feeless, and scalability. To grasp IOTA’s significance in the M2M sector, it’s essential to understand its marketplace and practical applications.
The IOTA Marketplace
The IOTA Marketplace is a platform where vendors and buyers interact with trading data and value. There are two major marketplaces:
- The Data Marketplace
- The Industry Marketplace
The Data Marketplace
The data marketplace is IOTA’s solution to the ballooning data demands globally. It is a digital space where anyone can participate in storing, accessing, and trading data streams. It seeks to connect men and machines to share technological resources in real time and over a distributed network. In so doing, it eliminates central points of failure and frees the resource infrastructure.
Industry Marketplace
The Industry Marketplace is an industry and vendor-neutral platform that automates the exchange of goods and services. It enables the “economy of things” by drawing from the specifications of Plattform Industrie 4.0. In addition to distributed ledger technology, the platform uses immutable ledger audits and machine-readable contracts to enhance industrial automation.
Applications of The IOTA Marketplace
The IOTA marketplace caters to a wide variety of use cases. It’s applicable in any industry that automates its functions through smart contracts. The following are some of its industrial applications.
Digital Identities
In a world teeming with identity fraud cases, having a foolproof identity management system is vital. Through its digital identities framework, IOTA creates a tool for building trust between people, institutions, and things.
It has three leading players. First, the holders own digital data and control how they share it. Second, the issuers are authorities that issue credentials to the holders. The third is verifiers who authenticate a holder’s data.
Verifiable Credentials
Holders use Decentralized Identifiers to prove their Verifiable Credentials. The platform is handy in validating addresses, verifying ages, and authorizing logins.
Digital identities give you a borderless digital passport. Anyone or any digital device can verify you anywhere. Besides, it helps organizations comply with regulatory requirements.
Automotive Sector
The mobility sector has made leaps thanks to technological advancements. That said, it needs to keep innovating to meet new and emerging demands. IOTA is awake to this reality and has positioned itself to drive the adoption of new technologies in the crypto space.
IOTA sees a car’s value beyond its transportation function. It regards them as digital platforms for generating and sharing data and other resources. The project will enable the seamless communication of connected vehicles through the Tangle network.
Digital Twin
The autonomous cars in IOTA’s ecosystem play a dual role. Buyers pay parking fees, toll charges, and EV charging costs. On the other hand, vendors will sell data and its excess energy to the ecosystem.
Additionally, IOTA provides a transparent record of a vehicle’s entire lifecycle. It does so through the digital twin, an immutable record on the Tangle. The record prevents fraud as it tracks ownership and usage in real time. And it encourages the development of applications such as pay-per-use, usage-based insurance, and others.
Securing Healthcare Data
Data is central to a functioning healthcare system. Digitizing healthcare information has led to an exponential growth of health records. However, the development presents security and privacy challenges, pain points that IOTA’s EHealth platform solves.
EHealth uses other IOTA applications like Digital Identity, Access, and Streams to give patients control over their medical data. The platform captures and secures streams of healthcare data and integrates them with traditional healthcare records.
EHealth Use Cases
The EHealth platform can be applied to three areas. First is the monitoring of patients remotely. Again, it allows for sharing that data seamlessly while preserving confidentiality. Further, it helps to protect the integrity of data from clinical research.
The platform hosts three projects. First, First, Skelly is a tool for insurers to track healthcare data over Tangle. SmartOptz, on the other hand, allows patients to monitor and share their healthcare data. Lastly, Pact enables the sharing of data between institutions and patients.
Trade and Logistics
For all its intricacies, the global trade system still depends on paper documentation and outdated processes. It’s no wonder the sector loses $4 Trillion a year from its inefficiencies. There’s a need for a better system, and IOTA provides that solution.
IOTA’s supply chain of the future runs on DLT technology. It enables uploading original data and availing it to the concerned parties in real time. That way, they all access this data, not its duplicates, in multi-siloed systems.
Shared Resource
The solution creates a shared resource where businesses and governments collaborate to ensure transparency and efficiency in supply chains. Traders control their data and may use it to seek better trading deals. Government agencies can cut out intermediaries since they own their data too.
Also, government agencies collaborate in information sharing and joint inspections. Their meshed efforts ease the process and eliminate redundancies in verifying and ensuring compliance with goods.
All the parties to a trade deal have access to the consignments and their status information. They can track it in real time. It helps them predict landing times and optimize their resources or efforts. It’s also easy to identify problems and resolve them.
Final Thoughts
The machine-to-machine sector relies on efficient underlying supporting structures. However, gaps in most of today’s distributed ledger technologies would hinder progress in the M2M sector.
IOTA provides the bridge that effectively links men and machines through its Tangle network, allowing them to transact data and value in real time. It has two primary market segments: the data marketplace and the industrial marketplace. Both of these support solutions that will significantly enhance the quality of human life. Investing in IOTA is the key to a thriving and autonomous future.
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