Virtuous Data Monetisation Cycle: A Hybrid Consensus Substrate Automotive Consortium Blockchain Solution

Description

We propose a data monetization architecture based on the Substrate blockchain framework for leveraging automotive radar data. The architecture is designed to enable a virtuous economic cycle involving the Radar automotive data for the consortium members of Automotive enterprises, Vehicle owners, and Radar Equipment manufacturers. The data represented as Non-Fungible Token (NFT) is sourced from the vehicle owners by the Radar component manufacturers and enhanced upon them. It is offered as a token road signature service (NFT) back tothe vehicle owners completing the virtuous economic loop. All the participant interactions are monetized and incentivized by dynamic pricing and commission sharing. Data interactions are certified for integrity, and reviews for each NFT are maintained in the blockchain. Architecture respects the fairness, privacy concerns, as well as fidelity aspects. Architecture is implemented in the Substrate Blockchain framework and tested for hybrid consensus scalability of Proof of Authority algorithms. The algorithms evaluated are Aura and BABE, along with GRANDPA for block authoring and finalization, respectively, in a cloud-based implementationthat suits the enterprise consortium networks.

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International audience

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