This article was first published on IOTA - Medium
After reading the first and more business-oriented part of our blogpost, this second part will guide through the technical implementation of our Telco Asset Marketplace and show how it works in practice.
A multi-sided marketplace can only build on a decentralized trust layer. In our prototype marketplace, the trust layer was provided by the IOTA infrastructure.
To build an asset-trading marketplace, we need to develop a number of building blocks, more or less decentralized.
The result of our work is the first IOTA Telco Asset marketplace PoC. You can play with it here.
For our first PoC (Proof of Concept), we focused on the Orders Management, Settlement and Payments architecture blocks. By storing agreements onto the IOTA Tangle, we keep an immutable trail of which asset is accessed by which Service Provider, without the involvement of any centralized third-party authority. Based on this information, requested payments can be easily tracked and distributed.
The figure below summarizes the different functions available to the marketplace actors, namely Asset Providers, Service Providers and Auditors.
To implement the proposed workflow and to capture each actor data and transactions, the implemented architecture utilizes MAM channels. A digital twin based on the offers, requests and orders data models was defined as the basic structure for every MAM message. As a result, each MAM channel represents an immutable audit trail of asset offers, requests and orders.
MAM Channels were preferred to store data instead of using individual and independent IOTA transactions, for the following reasons:
- Assets belong to a given Asset Provider, therefore they are unique and need to have associated offers easily linked together. This can be done by posting MAM messages with the current offer (e.g., availability and price) in a dedicated Asset MAM channel.
- Requests generated by the ...
To keep reading, please go to the original article at:
IOTA - Medium