What is it that makes Smart Cities so smart? Management. The concept of Smart Cities relies on knowing exactly how things are going and how you would like them to go in order to improve the life quality of all citizens. This is achieved through the use of IoT sensors which capture real-time information recording this in the form of data.
Unfortunately that’s not where we are today. Now companies do make use of sensor data, albeit to optimize and monitor their own operations. But what if someone else could put that data to productive use? What if you want to share this data with others? What if more value for society could be created by making your otherwise dormant data available? That’s where SettleMint’s newest proof-of-concept ‘DataBroker’ comes in.
What is ‘DataBroker’?
‘DataBroker’ is a clever way to use blockchain technology. It is an app that allows you as a producer to sell and as a customer to purchase sensor-generated data streams in a secured way. Blockchain encryption techniques ensure the integrity of the data and prevent unauthorized access or modifications to this data.
To buy and sell data on the ‘DataBroker’ platform is direct, from producer-to-customer. Cutting out these excessive layers of middlemen makes data accessible and affordable for everyone! On the other hand, all participating producers — be they the sensor owners or network owners — can be guaranteed fully automated, direct compensation for their contribution in a sale.
How is this a sustainable concept?
In 2016 businesses globally spent around €600 billion on the purchase and installation of IoT sensors. A rather large investment without any direct financial return: the benefits of being “in the know” are enhanced with the sensor data, however this improves the ability to better manage the business rather than having a direct bottom line impact.
With ‘DataBroker’ it is possible to directly connect the sensors — and their owners — to a marketplace environment allowing for these data to be seamlessly monetized. This new revenue stream can then get reinvested into the main business, providing a sustainable model for the future.
This platform could ultimately benefit everyone interested in buying and selling data:
- the shipping director who needs to track their container temperature sensors across the world in case something goes wrong, and the insurance company wanting to buy this information.
- the consultant who needs to be informed on the latest trends in an industry in order to advise their clients
- the environmental engineering student who needs to analyze traffic flow research and CO2 emission levels for their thesis research
- the city that strives to be smart in the future but does not have the budget to “sink” in order to get started
Making specific data available at a reasonable price will improve research & development, enable companies to optimize their customer experience and motivate smart growth for businesses and governments.
‘Databroker’ is an innovative way of using blockchain technology and a clear demonstration of defining new business models to support the digital revolution.
If you want to know more about how blockchain works or other ways to use it, get in touch via the form below!