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TRUSTS – Modern Business Development for data-driven innovations

Accelerating European Economy through efficient use and reuse of Data

Digital Economy
Industrial Technologies

The Horizon 2020 innovation action TRUSTS – Trusted Secure Data Sharing Space – develops a trustworthy federated platform for personal and non-personal data in Europe. One of the key goals is to enrich existing data marketplaces with new functionalities, targeting both industrial and personal use. This not only creates innovation potentials for current business models, but also generates entirely new business opportunities. “National projects primarily focus on establishing the basis for a working platform. TRUSTS reviewed the existing data market landscape and solutions, identified current shortcomings and functional gaps as well as best practices regarding organizational, technical and operational aspects, with a special focus on data privacy”, states Gianna Avgousti, R&D Project Manager at eBOS Technologies Ltd and Use-Case-Leader at TRUSTS. Clarified and concrete requirements for sustainable success Setting up a European data market requires active exchange between various stakeholders. A clear understanding of the stakeholders’ needs and what they consider valuable and viable for the data marketplace is important. That is why a requirements elicitation process, based on the three TRUSTS use cases, was accomplished to ensure that TRUSTS results are applicable in day-to-day business. Gianna Avgousti says: “Having the main contributors of two previously established data market platforms in the TRUSTS consortium enables us to leverage, adopt and improve existing components and ensure that the TRUSTS platform can act as a technology leader at European and international level.” Strengthening Europe’s economy with data-driven innovations TRUSTS supports the emergence of a European data economy based on secure and GDPR-compliant data exchange. An important goal is to accelerate sustainable innovations and business models so that enterprises can implement them into their processes. This is not only profitable for the businesses themselves but for the entire European business landscape. “Data has become an important commodity that is of high importance in nearly every industry sector worldwide. To fully unleash the data economy benefits, we need to ensure a free flow of data, allowing companies and public administrations to store and process non-personal data wherever they choose in the EU”, highlights Gianna Avgousti. Sustain the outcome – focus on practical Use Cases In a first business validation, a detailed set of measurements of each use case was developed. The partners of the Consortium used those sets in order to validate the progress on the implementation of the project and the overall alignment with the project’s output. The outcome of this first validation provided a solid foundation on which further business analysis will be carried out. In order to continuously maintain the product quality, a second business validation and final round will be performed. “TRUSTS has the goal to create viable business plans for its defined targets. The business cases and business plans will be strongly informed by the business outcomes of the three use cases, which will provide unique input to the final business plans of TRUSTS”, concludes Gianna Avgousti.

Keywords

Data Markets, Business Validation

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