Data Ownership Platform: turning privacy laws from an obstacle to an opportunity

Project Information

DOP

Grant agreement ID: 101072296

DOI

10.3030/101072296

Project closed

EC signature date 16 May 2022

Start date 1 June 2022

End date 30 November 2022

Funded under

• European innovation ecosystems

Total cost

No data

EU contribution

€ 75 000,00

Coordinated by

ECOSTEER SRL
Italy

Periodic Reporting for period 1 - DOP (Data Ownership Platform: turning privacy laws from an obstacle to an opportunity)

Reporting period: 2022-06-01 to 2022-11-30

Summary of the context and overall objectives of the project

Ground-breaking innovation of the underlying systems upon which our society is built cannot be enacted by fitting new facts into old schemes. Disruptive solutions require a paradigm shift that could be paralleled to a Copernican Revolution of our time. The revolution I’d like to see unfold is the introduction of a new, decentralised, and distributed data economy. EcoSteer, an IoT and Blockchain start-up for data ownership and monetisation, aims at doing precisely that. Data is rapidly becoming the sustenance fuelling economic growth and innovation, yet its economy is utterly asymmetrical and controlled by a handful of tech giants.
Ecosteer technology implements an entirely new, decentralized approach to data access control. Based on a patented multicast end to end encryption scheme, DOP assigns data access control at its point of origin – any IoT devices –enabling data owners to unilaterally grant and revoke visibility over their data to chosen third parties, enabling European Companies to become the leaders of a new data economy, based on the ethical principles established by the GDPR.
The ultimate goal of this project was to advance in the go to market strategy, being ready for technology commercialization and in a better position for raising €2M.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The main activities performed to achieve the project’s goal are:
1) Develop commercial relationships – with both prospect clients and commercial partners.
- 2 new pilot projects and 2 in pipeline for 2023 (NDAs signed) secured
- A database of prospects with detailed information about roles of engaged people, discussion status and feedback was created
- Ongoing discussion with a system integrator

2) Obtain from legal counsels a formal opinion document that certifies technology compliance with EU GDPR
- The document has not been finalized yet.

3) Extend IP protection
- After having granted the patent from the EU PTO, the EU national phase has been completed with the obtaining of patents in the following countries: AT, BE, CH, DE, EE, ES, FI, FR, GB. IT, LT, LU, MT, NL, NO, SE.

3) Prepare for fundraising
- A database with contacts of VC firms, with feedback and outcomes was created
- LOI from Bandwidth Capital received

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

In summary, Ecosteer was able to reach the expected milestones. By executing the planned activities, Ecosteer decreased the risks associated with bringing to the market its technology, as demonstrated by new pilot projects and signed NDAs, and it obtained a LOI from an investor.
To ensure the success of deep technologies such as Ecosteer DOP, it is required a strategic investor able to bring key contacts to accelerate the go to market strategy and quickly obtain significant tractions.

Data Ownership Platform Architecture