A Peer-to-Peer Ownership-Preserving Data Marketplace

DataMesh+: A Blockchain-Powered Peer-to-Peer Data Exchange Model for Self-Sovereign Data Marketplaces

“…According to [ 1 , 2 ], projections indicate a surge in the global data sphere to 181 ZB by 2025, as shown in Figure 1 a, alongside an anticipated revenue boost for the global big data market to 655.53 billion dollars by 2029, as shown in Figure 1 b. The convergence of mobile cloud computing and communications, the Internet of things (IoT), artificial intelligence (AI), big data analytics, and blockchain technologies has created unprecedented economic prospects for individuals and organizations to capitalize on their data [ 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 ]. However, the path to effective monetization of data is riddled with challenges, mainly stemming from the limitations of traditional online data marketplaces [ 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 ].…”

“…However, the path to effective monetization of data is riddled with challenges, mainly stemming from the limitations of traditional online data marketplaces [ 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 ]. To address these challenges, the establishment of peer-to-peer (P2P) marketplaces is imperative, facilitating direct transactions between data providers (sellers) and consumers (buyers) over the Internet [ 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 ]. A P2P data marketplace is an internet-based marketplace, also referred to as an electronic marketplace (e-marketplace) platform where users can connect to directly exchange, sell or buy data with or without the involvement of intermediaries [ 12 , 13 , 14 ].…”

“…To address these challenges, the establishment of peer-to-peer (P2P) marketplaces is imperative, facilitating direct transactions between data providers (sellers) and consumers (buyers) over the Internet [ 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 ]. A P2P data marketplace is an internet-based marketplace, also referred to as an electronic marketplace (e-marketplace) platform where users can connect to directly exchange, sell or buy data with or without the involvement of intermediaries [ 12 , 13 , 14 ]. In the inherently trust-challenged realm of the Internet, trusted third parties (TTPs) play a vital role in fostering trust and resolving disputes among transacting parties [ 15 , 16 , 17 ].…”

“…In the inherently trust-challenged realm of the Internet, trusted third parties (TTPs) play a vital role in fostering trust and resolving disputes among transacting parties [ 15 , 16 , 17 ]. Powered by a community comprising data providers and consumers, P2P marketplaces require a robust infrastructure to enable secure, fair, transparent, and reliable transactions, along with seamless payment processing [ 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 ].…”

“…However, traditional data marketplaces are inadequate. Operating as centralized platforms, they lack the necessary levels of trust, transparency, fairness, accountability, and security [ 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 ]. Despite their extensive adoption, these centralized data marketplaces are often face vulnerabilities such as single points of failure (SPF) and fail to offer adequate ownership and consent control over data use [ 16 , 17 , 18 , 19 , 20 ], thus contravening data protection regulations such as the General Data Protection Regulation (GDPR) [ 23 ].…”