Using Blockchain to support Data & Service Monetization

Abstract

Two required features of a data monetization platform are query and retrieval of the metadata of the resources to be monetized. Centralized platforms rely on the maturity of traditional NoSQL database systems to support these features. These databases, for example, MongoDB allows for very efficient query and retrieval of data it stores. However, centralized platforms come with a bag of security and privacy concerns, making them not the ideal approach for a data monetization platform. On the other hand, most existing decentralized platforms are only partially decentralized. In this research, I developed Cowry, a platform for publishing metadata describing available resources (data or services), discovery of published metadata including fast search and filtering. My main contribution is a fully decentralized architecture that combines blockchain and traditional distributed database to gain additional features such as efficient query and retrieval of metadata stored on the blockchain.