Automated IoT data monetization: A Common Case for Robonomics and Ocean

TOLYATTI, Russia, July 6, 2021 /PRNewswire/ — Robonomics engineers have unlocked the ability for robots to sell and buy data they gather in the field, autonomously!

Utilizing the Ocean Protocol to secure and tokenize datasets, Robonomics — who have been among pioneers in blockchain-enabled Internet of Things (IoT) research — have created an entirely new class of assets that were previously unavailable due to the inability to secure and exchange proprietary data.

The process sounds complicated but in reality is quite simple: any dataset can be transformed into a fully-fledged asset via tokenization (handled by the Ocean Protocol). Ownership of this token enables access to the embedded data using public-private key cryptography. Thus, it becomes possible to monetize tokenized data, creating markets for them and utilizing the full power of emergent decentralized finance (DeFi) tools.

Because Robonomics deeply understands automation — having developed open, decentralized platforms for robots and IoT control and communication — they have been able to not only utilize and monetize the activities of robots and devices, but also enable them to communicate data and trade value between each other automatically. With Ocean Protocol, almost any device that generates and captures valuable data can be turned into a passive source of income for its owner, and with Robonomics, that same device can also become a subscriber and consumer of useful data to more effectively complete its tasks.

In the real world, what could this look like?

Perhaps the most interesting illustration of such an application would be the tokenization of environmental data. The value of such data is only growing, taking into account the increasing interest of the population, companies and regulators in the problems of environmental management.

A mobile device or a network of IoT-connected stationary sensors can collect reliable environmental data which can be stored on the blockchain in a secure and tamper-proof way. This data can then be automatically tokenized using Ocean Protocol, enabling a second layer of responsive devices to consume, digest and act on this data.

While this valuable application of the given technology is perhaps the most rudimentary, the value unlocked by the tokenization of data and the markets it creates for corporations, governments and the public, (as well as for robots) will ensure that countless new applications will appear in time.

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SOURCE Robonomics