iex.ec data wallet

Enterprises can now rent AI and datasets on the blockchain, through iExec’s new data wallet.

iExec, the company known for bringing exciting new developments to decentralised cloud-computing on the blockchain, have given their fans another reason to wax lyrical about their platform. V3, their major new release, introduces the Data Wallet, a feature that now makes secure data renting possible.

When it comes to upgrades, this is a huge leap for the company, and it brings lots of advantages. iExec’s decentralised cloud marketplace is now faster, more flexible and more secure than ever. Plus it now gives both individuals and enterprises the chance to earn money by either offering a share of their computing power to the platform or their datasets. Their Enterprise Edition in particular will help corporations looking to do business on the blockchain.

With data renting, all data providers are able to list their valuable datasets or AI models, and use them with an application that combines remote computing power through iExec. Whether you’re providing datasets, applications or computing power, every entity has the opportunity to be rewarded on iExec’s decentralised marketplace, and it’s the blockchain that makes this grand vision possible.

Coveted datasets likely to find a home on the platform are trained neural networks, which can be monetised and rented through the Data Wallet. Because of the huge amount of data, coupled with the time it takes to train and optimise these networks, they are extremely valuable, with a wide range of industries looking to pay a considerable amount to have access to them, from those in healthcare, to fintech and cybersecurity.

The old way of acquiring these datasets relied on companies paying subscription fees which meant the dataset creator lost ownership of their data. That’s the great thing about iExec – it creates businesses relationships where enterprises can execute code on a remote machine which is never able to inspect, copy or meddle with the data, with providers able to revoke all access whenever they choose.

iExec’s marketplace offers other advantages too, with V3 providing an array of new technical features to enhance speed and security. Upgrading their distributed computing middleware, the newly named ‘iExec Core’ enables integration with the iExec Trusted Execution Environment solution (TEE), ensuring data is protected when it’s running on remote, untrusted machines. Plus, a dedicated bridge, compatible with sidechains and decentralised brokering, has increased the overall efficiency of their marketplace. Now decentralised oracles can be constructed and provide access to real-world data for blockchain apps.

With V3 introducing iExec Enterprise aimed at businesses, it proposes custom offers to address the distinct needs of different corporations, doing so with paid support and consulting services. They can adapt their package by selecting which sections of it their partners or clients have access to, giving them only the specific resources they need. This is what iExec is doing with France’s biggest utility provider, EDF. Combining distributed computing with blockchain consensus and trusted execution environments, iExec are seen to be a safe pair of hands that gives consortiums exactly what they need to conduct effective business on the blockchain.

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