Data exchanges, as Digital Public Infrastructures are poised to significantly contribute to the data driven economies across the world. Cities worldwide have leveraged Data Exchanges to enhance efficiency, improve citizen services, reduce costs, and generate new revenue streams. Beyond serving as a public good, data exchange platforms also establish a framework where stakeholders, such as data providers and consumers, can trade and monetize data. While financial payment gateways offer significant utility, they also present several challenges, including security issues and the reliance on third-party applications. These limitations must be addressed to ensure the efficacy and trustworthiness of the system. This work explores the integration of crypto-based payment systems into Web 2.0 applications, with a specific focus on their application within Data Marketplaces, the India Urban Data Exchange (IUDX), and Agricultural Data Exchange (ADeX) platforms. The integration of crypto payments offers significant technical advantages, including enhanced security, faster settlement times, lower transaction fees, and decentralized control over funds. This work discusses the technical aspects of crypto payment integration, such as crypto payment gateways, smart contracts, and wallet integration. Additionally, it highlights the specific benefits for Data Exchanges, including seamless data discovery and purchase flows, secure transactions, and innovative business models like tokenized data access and decentralized governance. Addressing regulatory challenges, scalability, and user adoption are identified as crucial steps for realizing the full potential of crypto payments. This integration proposes to create a secure, efficient, and user-friendly ecosystem that fosters innovation and promotes the growth of the data economy.

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Integrating Crypto-Based Payment Systems for Data Marketplaces: Enhancing Efficiency, Security, and User Autonomy

  • Vipul Walunj,
  • Vasanth Rajaraman,
  • Jyotirmoy Dutta,
  • Abhay Sharma

摘要

Data exchanges, as Digital Public Infrastructures are poised to significantly contribute to the data driven economies across the world. Cities worldwide have leveraged Data Exchanges to enhance efficiency, improve citizen services, reduce costs, and generate new revenue streams. Beyond serving as a public good, data exchange platforms also establish a framework where stakeholders, such as data providers and consumers, can trade and monetize data. While financial payment gateways offer significant utility, they also present several challenges, including security issues and the reliance on third-party applications. These limitations must be addressed to ensure the efficacy and trustworthiness of the system. This work explores the integration of crypto-based payment systems into Web 2.0 applications, with a specific focus on their application within Data Marketplaces, the India Urban Data Exchange (IUDX), and Agricultural Data Exchange (ADeX) platforms. The integration of crypto payments offers significant technical advantages, including enhanced security, faster settlement times, lower transaction fees, and decentralized control over funds. This work discusses the technical aspects of crypto payment integration, such as crypto payment gateways, smart contracts, and wallet integration. Additionally, it highlights the specific benefits for Data Exchanges, including seamless data discovery and purchase flows, secure transactions, and innovative business models like tokenized data access and decentralized governance. Addressing regulatory challenges, scalability, and user adoption are identified as crucial steps for realizing the full potential of crypto payments. This integration proposes to create a secure, efficient, and user-friendly ecosystem that fosters innovation and promotes the growth of the data economy.