Blockchain marketplace: make money while driving

The Austrian company Riddle and Code went live today with a blockchain marketplace that enables vehicle-generated data to be traded.

The Austrian blockchain company Riddle & Code Since yesterday, November 2nd, it has made it possible to monetize vehicle-generated data and to trade on an automated marketplace. With the product Drive & Stake An exchange of tokenized data should take place, which not only benefits other companies, but also the vehicle owner: inside.

Thomas Fürstner, founder and CTO of Riddle & Code, explained that with the product, the company “enables and controls the secure extraction of vehicle-generated data, in particular how this data is accessed [wird] and how they are used ”.

Riddle & Code explained to BTC-ECHO that Drive & Stake “all participants have the opportunity [bietet]To be part of and benefit from a decentralized economy ”. The company would like to involve the drivers in the monetization process. In this way, the data generated when driving a car can be converted into tokens. Participants can then exchange these for fiat money or make them available for staking on various platforms. You can then use it to increase your assets.

The Vienna-based company cooperated for this Ocean Protocol, EFS Consulting and ELOOP. While Ocean Protocol is responsible for the data exchange and the associated monetization, EFS Consulting and ELOOP are working on specific use cases of the technology in practice. In the collaboration, Riddle & Code provides the blockchain-based marketplace and the physical component for it – an auto wallet – to tokenize the data generated.

According to a press release that BTC-ECHO has received, concrete use cases of the automated marketplace include pay-as-you-drive applications, networked parking in the car sharing area, incentivized mobility patterns, sustainable EV battery management and traceability of supply chains.


The conflict of goals around data

As the mobility industry advances more and more towards the Internet of Things (IoT), in which various components of a system automatically communicate with each other, it is becoming more and more important to remain in control of your data. The blockchain cooperation tries to combat a well-known conflict of interests in the industry.

Because: The fact that motorists generate an abundance of data inside is nothing new. However, the problem lies with data usage. The blockchain company explains that the infrastructure of networked systems can often be traced back to a central entity. Accordingly, the information would currently not be shared with other stakeholders in the mobility network and would be “locked in isolated data silos”. OEMs (Original Equipment Manufacturers) therefore find themselves in a dilemma: Either these third parties have to grant access to the generated data, or they have to rely on the profits from the pure data management.

This is where Drive & Stake comes into play. The platform allows users to decide how their data will be used. At the same time, they can then earn tokens on their car wallet.

The Austrian blockchain company can meanwhile add big names to its partner list. Accordingly, a hardware car wallet, for example, has emerged from the collaboration between Riddle & Code and Daimler. This maps the vehicle’s own identity on the blockchain in order to use the resulting data.


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