Enabling Data Markets Using Smart Contracts and Multi-party Computation

Abstract

With the emergence of data markets, data have become an asset that is used as part of transactions. Current data markets rely on trusted third parties to manage the data, creating single points of failure with possibly disastrous consequences on data privacy and security. The lack of technical solutions to enforce strong privacy and security guarantees leaves the data markets’ stakeholders (e.g., buyers and sellers of data) vulnerable when they transact data. Smart Contracts and Multi-Party Computation represent examples of emerging technologies that have the potential to guarantee the desired levels of data privacy and security. In this paper, we propose an architecture for data markets based on Smart Contracts and Multi-Party Computation and present a proof of concept prototype developed to demonstrate the feasibility of the proposed architecture.