Skip to main content

Data Provision Request

This is a special type of Dapp, which is unique to Soarchain and is natively supported through a special type of smart contract logic. In essence, it is a secure, decentralized and efficient way for data generators to share their data with data consumers. The specific flow is as follows:

  1. Vehicle drivers, passengers, pedestrians and other road users are the generators of data, which is very valuable to the consumers of this data. Data consumers include but is not limited to: insurers, loan providers, vehicle leasing providers, banks and lenders, OEMs(vehicle manufacturers), Tier-1 and other suppliers, automotive supply chain optimization, vehicle servicing providers, dealerships, energy suppliers, businesses with vehicle fleets, retail, entertainment and media, telecoms.

  2. Data generators don't know which of their data is valuable to whom, and when. For this, the data consumers should have a specific demand for this data. Soarchain enables "Data Provision Requests (DPR)," in which the data consumers can specify what type of data they want, in which time period, with what frequency and with which level of reliability(alongside a long list of these parameters). This feature, native to Soarchain, enables data consumers to open customizable DPRs on Soarchain.

  3. DPRs are issued by staking a certain amount of Soarchain's native tokens proportional to the total value of that DPR, which is dynamically calculated and depends on the number of vehicles, size, quality, availability quotient and recency of the specific data.

  4. Once the DPR request transaction is issued on-chain, data generators get notified of this DPR, and their Soarchain-connected devices automatically check their eligibility. Once they pass the eligibility check, they opt-in to sharing their data with the data consumer that has submitted the DPR. They can choose whatever they want to share, as long as they fulfill a minimum threshold (e.g., if the submitter of the DPR requests a minimum data resolution of 100 data points per day). They get rewarded proportionally to the contribution they make to the DPR. (Note that a person can choose to have their opt-in settings set to "Join all when eligible" by default on their wallets, which would automatically join any DPRs that they are eligible for.

  5. Eligible data consumers issue a "join" transaction to the DPR and become responsible for providing the minimum data that is requested from each participant. Staking rewards are given out in proportion to the number of tokens staked to the DPR, and these rewards are sent to the data generators based on how much they contributed.

  6. A DPR can be terminated if the predetermined time or data limit has been reached.

Note that the system described above assumes that the potential submitter of the DPR demands future data and not retrospective data. As it is extremely costly to store all data that is generated by all vehicles at all times, it makes more economical sense to design a system where requests are aligned with the future needs. It is possible that a certain Dapp on Soarchain could enable each vehicle owner to store all their data continuously and permanently on some decentralized storage solution, and sell their data if and when needed.