A strategic partnership announced earlier this week is intended to redefine how people use and sell data online.
Swiss tech company Streamr launched its real-time data marketplace earlier this week at Consensus 2018 in New York, shortly before announcing related partnerships with Finland-based Nokia and California’s OSIsoft.
Reported by Forbes on May 16, the new partnership has taken aim at the data economy that is emerging as a result of the growing Internet of Things (IoT), and will focus on creating a marketplace that ushers in a new paradigm for data ownership and – once data is owned – the sale of that data for money.
Data will be collected from Nokia’s telecom “base stations,” which are essentially industry-grade WiFi hotspots that are typically located in rural areas. Per Streamr’s website, “Streamr provides a complete system to tokenize the value of real-time data to enable a new way for machines and people to trade it on a decentralised P2P network.”
Theoretically, users of Nokia’s base station hot spots could eventually buy and sell data worldwide via the Streamr Marketplace.
OSIsoft, which facilitates integration between people and systems with sensor-based information, could potentially allow users to share, trade, and sell data via Streamr’s ERC20 token, DATAcoin.
“By integrating OSIsoft’s PI System with the Streamr Marketplace, we take a step toward offering our customers the ability to share and monetize their [operations’] data,” said chief technology officer of OSIsoft, Rickard Beeson. “The partnership with Streamr demonstrates how the PI system can plug into an open source platform and highlights our commitment to empowering our customers to maximize the value of their business operations data.”
There are currently a variety of concepts in the works for capitalizing on emerging data markets, which will see machines communicating independently with one another (possibly more than we communicate with each other). As the way we value data evolves, market solutions such as the one being created by Streamr could come to define much of the conceptual shift in the way people think about work, labor, and value.
Streamr has recently also partnered with Hewlett Packard Enterprise on similar initiatives.
Jordan Daniell is a full-time staff writer for ETHNews with a passion for techno-social developments and cultural evolution. In his spare time, he enjoys astronomy, playing the bagpipes, and exploring southern California on foot. Jordan lives in Los Angeles and holds value in Ether.
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