Data Monetizaton with Crossbar.io's XBR technology
Crossbar.io's XBR technology forms the technological basis of Continental's new data monetization platform for the automotive sector.
Demonstrated at Mobile World Congress 2019¶
"At Mobile World Congress in Barcelona, February 25-28, 2019, at the HPE booth (hall 3, booth 3E11), HPE, Continental and the technology startup Crossbar.io demonstrate[d] the blockchain-based data monetization platform with a driving simulator."
The data monetization platform uses the XBR technology stack developed by Crossbar.io for the sharing of encrypted data as well as for the billing for transactions.
Breaking down the data silos¶
"Enterprises across different industries have understood that they need to find ways to break down data silos and enable multiple parties to work together to extract the full value from their data."
"Several existing digital ecosystems enable data sharing based on a middleman model, where platform owners centrally coordinate the data flows and monetization."
Using the XBR technology, multiple stakeholders can share their data within data markets set up for specific purposes, under their full control, and with the possibility for all participants to benefit monetarily.
"Participants, such as car manufacturers, continue storing the data in their own data centers and only share specific data sets upon purchase directly with the buyer. This approach gives data sovereignty to all participants in the ecosystem."
Retaining control over their data dramatically increases the willingness of stakeholders to participate in data sharing, and radically eases conformance with applicable regulations (e.g. the GDPR). The benefits of this are immediately clear - for example in the automotive sector:
“Sharing vehicle data across vendors can solve some of the toughest traffic problems and improve driver experience by leveraging the power of swarm intelligence,” said Phil Davis, President Hybrid IT, Chief Sales Officer, HPE. “Together with Continental, we provide the key to unlock the value of this data treasure, not by taking control of the data ourselves, but by giving control to the drivers and car manufacturers.”
As an initial use case, sharing data about road weather conditions between different car manufacturers is being addressed.
A giant first step towards a data economy¶
“We are sure that our platform cuts the Gordian knot of data sharing and data privacy,” said Helmut Matschi, Member of the Executive Board, Interior Division, Continental AG. “We invite car manufacturers globally to join our platform and collaboratively shape this quickly growing ecosystem.”
At Crossbar.io, we are proud to be a central enabler for this breakthrough - and are looking forward to supporting the data revolution in other business sectors as well.
All quotes taken from the Continental press release for the demo at MWC