Data Marketplace (BiiLabs)

TangleID now has two major scenario: Certification and Data Marketplace. The most significant difference between them lies in the entities. The former one still focuses on human beings while the latter one expand to "Human–Machine Interaction (HMI)" or even "Machine to Machine (M2M) Interaction."

Introduction

The value of data is not a new thing, whether in business or in warfare. The successes of Alphabet, Facebook and Amazon are further changing our cognitions of profitable business models in current world. Either the goal of precision marketing or the material collection for machine learning, their intentions can be shorten into one word: data, the oil in the digital era.

Not surprisingly, data storage and marketplace turn into new challenges. However, current data storage and marketplace, featured as centralized modes, still face up substantial costs and huge risks. More urgently, the issues of security and transparency not merely remain, but further deteriorate.

Therefore, what BiiLabs provides is an innovative type of data marketplace platform with distributed ledger technology (DLT) to transform data into profits with better trust basic.

Data Marketplace Platform

Inspired by the concept of The Streaming Data Payment Protocal (SDPP）, BiiLabs proposes a new type of data marketplace platform based on MAM Channel, DID Auth and Smart Contract. Meanwhile, differing from SDPP, our implementation puts not merely the trading records but also the transaction process on the distributed ledgers. This way can efficiently enhance the degree of transparency, since all interactions with smart contracts will be writen on-chain.

In other words, household tranports the encrypted data to smart contracts for storage via "MAM channel," and simultaneously make a verifiable Auth-compliant request to the platform in claim of "being tradable." Later, the verified data will enter data marketplace to be traded. What's more, the platform will complete matching and trading without human intervention in the whole process, and finally meet both providers' and consumers' expectations.

The ecosystem consists of three mechanisms: data recording, matching and data trading, which are similar to most trading platform. The tasks of the platform can be divided into two parts: seller filtering and system maintenance. The former one aims to avoid data bias by previous selection, while the later one intends to confirm the system stability with continued technical supports. Also, according to the mechanism, sellers will only receive the pay from the buyers until transactions are confirmed, or the fee will be temporally stored Ethereum Chain.

Use Case: Airbox

Take the use case of Airbox for instance. Every household with Airbox can collect air quality records automatically and autonomically, rather than passively accept the outcomes from the centralized authorities. To protect privacy, data should be encrypted before on-chain. As for the data reliability, BiiLabs designs the smart-contract-oriented structure to write down every transaction. At the same time, data on-chain will send a verifiable request to mark itself as "being tradeable." This step enables buyers to review and bargain at will. Last but not least, payments will be stored on the smart contracts until the transactions are confirmed.