A market is a meeting place for suppliers and consumers who exchange goods among themselves. Here we bring market in Digital platforms act as intermediaries which connect two or more market participants via the platform and simplify their interaction. A data marketplace can be understood as a digital platform on which data products are traded by linking several actor groups via the marketplace, a more efficient interaction is made possible through standardized interfaces and services. If a market is determined by a digital platform, these platforms constitute a data-driven overall system that handles all market transactions.
In multilateral markets, on the other hand, the interactions between the market sides are made possible by platforms (intermediaries) which themselves are not involved in the ‘direct’ interaction. All the interactions are recorded and managed by smart contracts built on Ethereum platform.
These platforms must act like a neutral intermediary and allow anyone (or at least a large number of potentially registered customers) to upload and sell their data products. Data marketplaces can provide both static data or (dynamic) data streams and allow access via various access types, such as individual file downloads, APIs or customized web interfaces. Therefore, data marketplaces provide standardized licensing models, as well as regulations regarding data access and usage.