IoTex's new DeFioT solution will enable users to utilize, tokenize and monetize their IoT data as digital assets.
IoTex, a platform based on the Internet of Things (IoT), is developing a solution that seeks to establish a new paradigm in relation to the growing IoT data market, which today, thanks to the introduction of smart devices in virtually all areas of our lives, is developing exponentially.
The number of IoT devices is growing every day, but even more astonishing is the amount of IoT data that is being generated with the introduction of these smart devices. It is estimated that by 2025 there will be about 80 zettabytes of IoT data, which is equivalent to about 8 trillion gigabytes – a simply astonishing amount. But the value of all this data is also something astonishing: 8 trillion gigabytes will be worth several trillion dollars, according to marketing agency Priceonomics Data Studio.
The era of the Internet of Things (IoT), which now provides connectivity to thousands of devices that previously did not need the Internet to function, such as a refrigerator that keeps track of the food it stores and indicates when it is running out, a toaster oven that has access to the Internet, among many other devices, is developing by leaps and bounds; and with it, the amount of data produced in the IoT.
Now, in relation to this incredible amount of data, IoTex proposes a solution that will allow companies and common users of these devices to have control over their own data, breaking the oligopoly that dominates this market.
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Decentralizing the IoT data market
IoTex seeks to enable IoT data owners to have the power to manage, control and administer their own data at all times. But IoTex also seeks to enable data owners to get the most out of it, so the platform not only raises the possibility for companies and common users to own and control their own data, but also to be able to Tokenize and monetize them as digital assets.
With the philosophy that “you cannot control or monetize what does not belong to you”, IoTex is implementing the concept of DeFIoT, to empower users with the data that truly belongs to them. Owning our own IoT data is something that will bring great benefits to users, even though many ordinary people may not fully understand it. However, to explain the importance of owning our IoT data, IoTex asserts that, in a world increasingly immersed in the technological and digital age, ownership over our identities and personal data is vital to our independence.
To achieve this, it is therefore necessary to break the oligopoly of the few companies that control this market, and to convert IoT data into data for the exclusive use of its owners and not of greedy corporations as is currently the case.
Use cases arising from ownership of our data
First and foremost, the privacy and security of our data is a priority, especially if we consider that there are currently a large number of data breaches and hacks on digital platforms that handle our information. Likewise, for many users and companies, it is important to be able to analyze their own data privately, a privilege that IoTex guarantees through the confidential computing.
Finally, IoTex points out that tokenization and monetization of data will allow us to take advantage of this growing market, which is currently only benefiting from large corporations and governments.
“As the global IoT data market grows from billions to trillions of dollars, we must seize the enormous financial opportunity of owning and monetizing the data from our daily lives and businesses. By shifting our view of data as a series of ones and zeros to data as a property rights, a new era of human-centric global finance will emerge with DeFIoT at its core.”
Platform IoT analytics made several estimates about the future growth of this market in about 5 years. Thus, by 2025, it is estimated that the IoT data market will grow to 6,1 trillion dollars or more.
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