Today, the IOTA Foundation announced the launch of its decentralized
marketplace for automated trading of goods and services. It hopes to enable secure, feeless, and industry neutral trade in one platform. The marketplace utilizes distributed ledger technology (DLT) in its decentralized IDs (DIDs), digital contracts, and audit logs.
A key selling point of the platform is automation and machine to machine communication, linking in with the Foundation’s Internet of Things (IoT) focus. Instead of trusting a central authority, the marketplace provides trust in cryptographic proof. This paves the way for automatic trading between devices with digital contracts.
Dr Jörg Nagel, the MD of founding participant Neoception,
explained how the platform could be used for selling data between businesses. Say a network of sensors measuring temperature data puts its information on the decentralized market. A weather forecast provider could request specific data for a specified period.
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