Data Ownership and Monetization for a new, Decentralized and Distributed Data Economy, aligned with the GDPR
Overview:
EcoSteer is an IoT and Blockchain software startup for data ownership and monetization. Based on end-to-end encryption and smart contracts, EcoSteer US-patented Data Ownership Platform (DOP) is a data sharing governance layer that decentralizes data access control, giving it back to data owners, who have full control over third party access to their data and are compensated for data sharing. DOP supports GDPR-compliant, decentralized corporate data streams marketplaces, allowing energy and mobility companies – EcoSteer’s initial target sectors – to invite selected partners to access IoT customer data in compliance with privacy laws, generating new revenues while involving customers into the data value chain.
The US-patented EcoSteer Data Ownership Platform:
By technically implementing the legal principle of Data Ownership established by the GDPR, EcoSteer Data Ownership Platform (US Patent N. 10,771,243) decentralizes data access control through end-to-end encryption and blockchain smart contracts. Data is encrypted at the point of its generation – an IoT device – and can only be decrypted at its point of usage – the Data User application – after explicit consent from the Data Owner. By fully decentralizing data ownership control, the Blockchain Smart Contract allows the Data Owner to grant data access to selected Data Users, and to revoke it unilaterally at any time. Additionally, the Smart Contract sets the value of data in Tokens and the conditions for its usage.
Being an overlay network independent from both the data source and the data distribution platform, the DOP is a completely retrofit solution that can be installed onto any existing corporate infrastructure and can support any business purpose, thus enabling companies to deploy their own GDPR-compliant, decentralized Data Streams Marketplaces.
DOP enables Corporate Data Streams Marketplaces:
The Data Streams Marketplace architecture proposed by EcoSteer has the ability to link a real time data source with multiple applications and stakeholders within a GDPR-complaint, decentralised data sharing governance framework. Thanks to the DOP, access control to live data is decentralised and in the hands of the rightful Data Owners, and data value is distributed among all stakeholders – Data Owners, Data Marketplace, Data Users.
Such Data Marketplaces powered by the DOP allow companies to maximise their IoT investment – for example in smart meters for Utilities and in telematics for insurances – multiplying the value of IoT data by sharing it with multiple Business Partners, while involving consumers into the data value chain. In fact, consumers exchange their data with tokens that will be used to buy services offered by the same Business Partners participating at the Marketplace. Companies will generate new revenues from the Data Streams Marketplace management (transaction fee and tokens sale).
We have the first client – Alperia – the South Tyrol Utility and several prospects both in the energy and mobility space. We partner with system integrators such as PWC, HPE & NTT Data to deploy the technology within the Client’s IT infrastructure and scale up the corporate data stream marketplace project.
Please find here a presentation to download: https://bit.ly/2KWlakf
