Industry Marketplace Demonstration | How entities interact & participate

welcome to the industry marketplace this
tutorial demonstrates how entities in the industry marketplace namely the
service requester and the service provider interact with each other for
the sake of this demonstration both roles are displayed on one screen in the
real world they would run fully automated directly on a machine as part
of a headless application the user interface is optional and of course only
useful for human operators on the left hand side we see the service requester
the requester creates the contract and specifies its contents on the right hand
side we see a service provider the service provider can react to contracts
and offer the requested services in this example the service requester is
requesting transport from A to B he starts a new request and specifies the
parameters relevant to the contract such as the start and destination remember
that this is just a demonstration in real world scenarios there would be
additional attributes to specify for example the quality of a good or service
or to add more context to the request in this demo the request can be filled with
randomized content by clicking the arrows in the top right corner the
request is now sent to the industry marketplace the service provider can
view the request instantly and there’s little or no need for manual
intervention the semantics language and clear description of each party’s
requirements really simplify things here of course humans usually prefer
visualization and in this example the location can be viewed on a map but
machines do everything automatically they interact through predefined
specifications from an automated legally binding contract the service provider
answers with her price which in this case is 25 iota the service provider has
already described what she can deliver and will therefore only receive requests
which fit her own delivery capability all other requests are filtered out the
bid is sent to the marketplace where the service requester receives it reviews the
price and then chooses to accept or reject it
iota underlying technology the tangle ensures the secure handling of
information and provides a single point of truth for both participants the
proposal has now been accepted the next step for the service provider is to
fulfill the request and confirm its fulfillment
this has managed outside the marketplace through the company’s own tools
remember that automating things as far as possible is a key requirement for
industry 4.0 so this interaction can be completely automated if desired the
delivery is now confirmed the service requester also confirms the
delivery from his side by issuing the payment the payment is sent directly
from the service requesters wallet to the service providers wallet without any
fees or middlemen a map provides additional means to
visualize and track the activities on the industry marketplace for example for
fleet or factory operators dashboard it can be integrated into an application or
the company’s own internal monitoring systems and filters can be applied to
display only activities that are relevant the details of every activity
are recorded in an encrypted and immutable audit log through this audit
log parties can keep a full record of all their industry marketplace activity
to fulfill their legal regulatory and financial obligations the log is machine
readable and can be incorporated into a company’s existing software this ensures
seamless integration between the industry marketplace and your back-end to join the industry marketplace please
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28 Replies to “Industry Marketplace Demonstration | How entities interact & participate”

  1. Question: How long will the immutable audit log (3'40") be verifiable online? As I learned that tangle snapshots are made to save space by deleting old transactions, I wonder if both parties should download the log for future reference?

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