IOTA has published the new version of its data transfer protocol IOTA Streams – and is laying another cornerstone for the decentralized data economy of tomorrow.
The IOTA Foundation has released the final alpha version of IOTA Streams
IOTA Streams is intended to enable the secure transfer of encrypted data and messages within the Tangle, IOTA’s disitributed ledger technology. This should set the course for the decentralized exchange of and trade in data in the Internet of Things. In contrast to cloud-based solutions, the data should remain in the owner’s possession until a buyer can be found.
If there is a device that produces data, then there is a good chance it is valuable to someone or something. This value must be included as close as possible to the point of data creation, because waiting until this happens in the cloud harbors a multitude of security risks, single points of failure and the potential for data theft and manipulation,
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The data exchange between network participants takes place via „channels“. In order to be able to access a data stream – for example from a network node that supplies sensor data – a user must know the name of the channel (Channel ID). A channel can support one (single branch) or several strands (multi branch) of data.
IOTA Streams is a second layer solution: This means that part of the authenticity check of the data takes place outside the Tangle. Among other things, this should enable a higher data throughput.
„Own your data“ IOTA streams for the responsible data producer
The IOTA Foundation provides a concrete use case in the blog post. IOTA cites the “Zero Dollar Car” as an example. This is a thought experiment by John Ellis, who was technology chief at the car manufacturer Ford.
Cars are currently being equipped with sensors that collect valuable information about the driver and the road conditions. What if the driver could exchange this information for money? This information could be so valuable that they could pay for the car,
Ellis describes the “Zero Dollar Car” in the blurb of the book of the same name.
In a TedX talk, to which the IOTA Foundation referred in their blog post, Ellis put the value of the data that an average family of four generates for Google in one year just from the use of laptops, smartphones and the like at US 5,500 -Dollar.
Technologies like IOTA streams can, according to the blog posthelp to ensure that data producers have a way of monetizing them in the future; especially when not only search queries but also sensor data from cars, refrigerators and the like can be sold.