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1417 October 2018 / Dubai World Trade Centre

Exhibitor Press Releases

31 Aug 2017

SettleMint announces the token sale for DataBroker DAO

Matthew Van Niekerk

SettleMint announces the token sale for DataBroker DAO (Leuven, August 31, 2017)

SettleMint, a Belgian Blockchain technology startup, has launched its whitepaper for the upcoming token sale for DataBroker DAO. DataBroker DAO is a peer to peer marketplace created to provide Internet of Things (IoT) sensor owners with a clear path to data monetization and data consumers with a decentralized marketplace to buy IoT sensor data. DataBroker DAO has been referred to as an “eBay” or “Amazon” for IoT sensor data. With the token sale, SettleMint aims to further expand the team and the platform beyond the current beta version of this Blockchain application to commercialisation. The early token sale will start on September 18, 2017. The whitepaper is available on the website: https://databrokerdao.com

Individuals, companies, researchers and governments are spending hundreds of billions each year on buying and maintaining IoT sensors according to Verizon and McKinsey studies. The growth of investment and applications in IoT is truly staggering, and yet, the data captured by these devices is currently firmly locked up in data silos and walled gardens.

The amount of money spent on IoT is truly staggering as is the number of devices already deployed. By 2016, the global market for IoT sensors surpassed 600 billion USD per year, which is expected to grow to 1.2 trillion USD per year by 2019. This includes the purchase, installation and maintenance of sensors and the software packages to interpret and enrich the data. By 2016, there were no fewer than 9 billion sensors deployed globally, which is estimated to grow to 33 billion by 2019.

Enabling the monetization of IoT sensor data, turning sunk costs into perpetual revenue streams

Before DataBroker DAO, there was no clear path to IoT sensor data monetization. Whether for primary usage or enrichment and direct re-sale, the data remains grossly under-utilized and the utility for society locked away in closed organizational silos, stifling innovation and holding back societal improvement.

DataBroker DAO unleashes the potential of data that is currently inaccessible, moving data from uni-purpose to broadly accessible for the broad creation of value added services. As with the financial markets, where the importance and value of company data have been apparent for decades, giving rise to Bloomberg Market Data, Thomson Reuters, Fact Set and many data service vendors, the same opportunity will emerge for IoT sensor data via DataBroker DAO.

Doing so with a distributed foundational layer for the buying and selling of IoT sensor data DataBroker DAO will unlock unimagined uses of data to create incredible value adding services that will enrich the quality of life in our cities and our societies as a whole.

DataBroker DAO is the first marketplace for IoT Sensor data that will connect sensor owners with purchasers of the data directly, utilizing existing infrastructure from telecommunication providers operating sensor connectivity networks based on GSM, Lora, SigFox or via a proprietary gateway of the sensor owner.

In a sense, the DataBroker DAO can be likened to a “secondary market” for IoT sensor data and has been referred to as an “eBay” or “Amazon” for IoT sensor data.

A wide range of parties will benefit greatly, such as Smart City initiatives

The current parties in the IoT space have a lot to gain: sensor owners (enterprise to individuals) can monetize their data and turn their sunk costs into a potential money maker and at enable sensor owners to recoup their investments in IoT sensors. Network operators gain scale and speed in the adoption of their network as connected telcos can present a win-back to their enterprise accounts, a clear USP. And last but not least, sensor manufacturers can stop the “race to the bottom” for production and pull resources and capital out of manufacturing and allocate these to more successful SaaS offerings.

At the same time, the new types of buyers have unprecedented access to data and options to monetize their own data: Smart City Initiatives can limit the upfront cost of populating the town with sufficient sensors and turn the expense into an investment with a 2–3 year payback period and a continuous income stream after that.

In the Agricultural sector in Belgium today, 10% of farmers are “techie”. They deploy sensors include for the wind, temperature, barometric pressure, humidity, PH level in the soil. The platform will provide the possibility to recoup some of this cost.

Academics get access to thousands of sensors and can buy data directly and cheaper on the marketplace, cutting out established data providers.

And the platform does not stop there. Many organizations specialize in aggregating and/or  enriching data for resale. DataBroker DAO will provide access to a pool of data that has previously been inaccessible. DataBroker DAO will also provide these data processors with an additional channel through which they can monetise their enriched data offering.

Underpinned by public and private Blockchain technology

The core marketplace functionality is powered by an Ethereum smart contract, written in the Solidity programming language, which enables the listing of the data for sale by IoT sensor owners and the purchase of the data by data consumers with an ERC20 compliant utility token.

The data sold on the platform is recorded on a private/permissioned Blockchain or traditional cloud infrastructure and subsequently anchored to a public Blockchain to ensure the integrity of the data being bought and sold.

International interest for DataBroker DAO

SettleMint is one of several blockchain-focused investments by Medici Ventures, which furthers its goal of advancing blockchain technology with strategic investments in six key areas; capital markets, money and banking, identity/KYC, land, voting, and database technology.

“I was impressed by the DataBroker platform when SettleMint first provided a private demo to Medici Ventures in January 2017,” said Medici Ventures President Jonathan Johnson. “With the analysis of product-market fit for DataBroker that SettleMint has done in Europe, the Middle East and Asia over the past six months, and the continued improvement of the platform, SettleMint has made great strides towards commercializing DataBroker. I’m excited to see more in the months ahead. The sale of the DATA utility token for use in DataBroker DAO is well thought-out and well-constructed. The DATA utility token is integral to the efficient economic functioning of the DataBroker DAO ecosystem.”

“The intersection of IoT and blockchain is enormously promising,” said Patrick M. Byrne, CEO and founder of Overstock.com, Medici Ventures’ parent company. “For sensor-owning organizations, the ability to use an immutable ledger to store data, ensure its integrity, and provide a clear path to data monetization, is a stellar example of the promise of blockchain. The magnitude and potential value of a marketplace for data-hungry third parties for IoT data is staggering.

“We made an extremely early investment in SettleMint because Matthew and Roderik have a laser focus on bringing game-changing applications of blockchain technology like this to market, and because we were so impressed with them personally,” Byrne continued. “I believe that what online retailers like Overstock.com have done for making physical goods accessible online, DataBroker will do for sensor data.”

In the last few months, DataBroker has also been actively showcased on events like the Blockchain Expo in London, Dublin Tech Summit, IoT World Paris, Smart City Saudi Arabia, IoTX Dubai, MoneyConf Madrid, Money2020 Copenhagen, TechXLR8 London, Tech Open Air Berlin, Unbound London and the Smart Dubai Office’s Blockchain Challenge. The feedback and interest has been off the charts, DataBroker is clearly ready for major next steps. The token sale will enable DataBroker DAO to reach commercialisation.


 

Contact information:

https://databrokerdao.com

Matthew van Niekerk, CEO / Matthew@SettleMint.com

Els Meyvaert, MarCom / Els@SettleMint.com

+32 16 36 89 02

 

About SettleMint

SettleMint helps organizations take advantage of blockchain and adjacent technologies, whether they are looking to extend existing products to their customers, create efficiency gains, or completely reinvent an existing business model. SettleMint offers their customers ‘Mint’, a set of modular middleware solutions that take away many of the complexities of blockchain technology. To demonstrate the versatility of this middleware, SettleMint developed several working applications including document management, a know-your-customer solution, a proxy-voting product and a data marketplace.

 

About Medici Ventures:

Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including t0.com, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, t0.com, executed the world’s first blockchain-based stock offering in December 2016.

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