FAME: Federated Decentralized Trusted Data Marketplace for Embedded Finance

Abstract

Due to its multivariate and multipurpose use and reuse, data's worth is dramatically increasing, leading to an era characterized by the generation of data marketplaces towards accessing, selling, sharing, and trading data and data assets. However, most market vendors still follow a centralized monolithic cloud model for controlling most of the market for data services. Also, this strategy is incompatible with European objectives for cloud computing and the data economy, lacking data sovereignty and cross-cloud interoperability principles. Towards these limitations, the FAME project is introduced as a joint effort in the fields of data management, data technologies, data economy, and digital finance to develop, deploy and launch to the global market a unique, trustworthy, energy efficient, and secure federated data marketplace for Embedded Finance (EmFi). This marketplace is envisioned to alleviate the proclaimed limitations of centralized cloud data marketplaces towards demonstrating the full potential of the data economy. Security, interoperability, decentralized and regulatory compliant data exchange, data assets' trading and pricing, as well as integration of trusted and energy efficient analytics are among the core functionalities of FAME, which aims to act as a single-entry point data marketplace for the EmFi domain. FAME will be evaluated upon different real-world use cases covering the financial industry, building a vibrant community of EmFi stakeholders around the envisioned marketplace.