Periodic Reporting for period 1 - FAME (Federated decentralized trusted dAta Marketplace for Embedded finance)
Okres sprawozdawczy: 2023-01-01 do 2024-06-30
FAME is a joint effort of world-class experts in data management, data technologies, the 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). The FAME marketplace will alleviate the proclaimed limitations of centralized cloud marketplaces towards demonstrating the full potential of the data economy. In this direction, the project will enhance a state of the art data marketplace infrastructure (i.e. H2020 i3-Market marketplace) with novel functionalities in three complementary directions namely:
- Secure, interoperable, and regulatory compliant data exchange across multiple federated cloud-based data providers in-line with emerging European initiatives like GAIA-X.
- Decentralized, programmable, data assets trading and pricing leveraging blockchain tokenization techniques (including support for accruing data assets value in NFTs).
- Integration of trusted and Energy Efficient (EE) analytics based on novel technologies such as Quantitative Explainable AI, Situation Aware Explainability (SAX), incremental EE analytics, and edge analytics.
FAME will become operational in a federated cloud environment with multiple providers of EmFi data assets, including datasets, AI/ML models, and more. It will become interconnected with more than 12 data marketplaces that are operated by the project partners, as well as with other data infrastructures that will support the implementation of 7 pilots. Through this process, the catalog of the FAME marketplace will be populated with a critical mass of 1000+ data assets. Furthermore, FAME will establish a Learning Center (LC) for tech and non-tech users, as this is a key prerequisite for unlocking the potential of the data economy. FAME will build a vibrant community of EmFi stakeholders around the FAME platform, which will serve as a catalyst for the sustainability of the project’s results.
- Secure, interoperable, and regulatory compliant data exchange across multiple federated cloud-based data providers in-line with emerging European initiatives like GAIA-X.
- Decentralized, programmable, data assets trading and pricing leveraging blockchain tokenization techniques (including support for accruing data assets value in NFTs).
- Integration of trusted and Energy Efficient (EE) analytics based on novel technologies such as Quantitative Explainable AI, Situation Aware Explainability (SAX), incremental EE analytics, and edge analytics.
FAME will become operational in a federated cloud environment with multiple providers of EmFi data assets, including datasets, AI/ML models, and more. It will become interconnected with more than 12 data marketplaces that are operated by the project partners, as well as with other data infrastructures that will support the implementation of 7 pilots. Through this process, the catalog of the FAME marketplace will be populated with a critical mass of 1000+ data assets. Furthermore, FAME will establish a Learning Center (LC) for tech and non-tech users, as this is a key prerequisite for unlocking the potential of the data economy. FAME will build a vibrant community of EmFi stakeholders around the FAME platform, which will serve as a catalyst for the sustainability of the project’s results.
During period 1 (M1-M18), in WP1 several coordination activities were executed led by the Project Coordinator together with the partners involved in the Technical and Scientific Management of the project. The activities performed by the partners followed a planned project roadmap with the objective of achieving technical and non-technical results. The activities have been constantly monitored by periodic calls involving the WP leaders, Plenary Meetings, and e-mail exchanges. The completion of semestral technical and administrative internal reports by each single partner has supported the monitoring activity.
In WP3 During the first reporting period (M2-M18), the initial version of the Authentication and Authorization Infrastructure (AAI) was developed using i3-Market technologies. This version mapped its functionalities to the technical requirements identified in Task T2.1 and documented in Deliverable D2.1. The first version was detailed in Deliverable D3.1 and used in the first integrated demo. However, a limitation of this version was that it only offered a desktop identity wallet for storing verifiable credentials. To enhance user convenience, partners conducted research and discussions, concluding that a mobile wallet was needed to allow users to scan QR codes easily. Based on this research, the partners designed the architecture for the second version, which incorporates OID4VCI and OID4VP standards.
During the first 18 months, FAME achieved significant progress across all project objectives, including:
• Stakeholder Requirements: Specification of business and regulatory requirements driving project developments.
• Reference Architecture: Development of a reference architecture (FAME-RA) for the digital finance and insurance sectors, aligning with the Data Spaces DSSC reference model.
• Data Management Systems: Implementation of unified data management systems for digital finance, covering transactional, analytical, structured, unstructured, semi-structured, streaming, and at-rest data.
• Federated Data Assets Catalogue (FDAC): Creation of a federated catalogue for integrated data management.
• Regulatory Compliance Tools: Development of tools to enhance regulatory compliance, including anonymization and onboarding tools.
• Semantic Interoperability Framework: Creation of a framework leveraging standard ontologies and graph analytics for the financial sector.
• Blockchain Technologies : Implementation of blockchain technologies for secure data trading.
• Data Analytics: Development of frameworks for data preprocessing, preparation, and incremental analytics in digital finance.
• ML Algorithm Library: Creation of a comprehensive library of Machine Learning algorithms for digital finance applications.
• Testbeds and Sandboxes: Setup of testbeds and sandboxes for hosting FAME developments, including shared environments for consortium FinTech enterprises.
• Pilot Systems: Implementation and initial validation of seven pilot systems covering various finance and insurance applications, such as risk assessment, AML, fraud detection, personalized asset management, and more. Demonstrators were presented to stakeholders for feedback.
• FAME Marketplace: Development of the FAME marketplace, which hosts packaged and reusable assets, with several assets already accessible.
In WP3 During the first reporting period (M2-M18), the initial version of the Authentication and Authorization Infrastructure (AAI) was developed using i3-Market technologies. This version mapped its functionalities to the technical requirements identified in Task T2.1 and documented in Deliverable D2.1. The first version was detailed in Deliverable D3.1 and used in the first integrated demo. However, a limitation of this version was that it only offered a desktop identity wallet for storing verifiable credentials. To enhance user convenience, partners conducted research and discussions, concluding that a mobile wallet was needed to allow users to scan QR codes easily. Based on this research, the partners designed the architecture for the second version, which incorporates OID4VCI and OID4VP standards.
During the first 18 months, FAME achieved significant progress across all project objectives, including:
• Stakeholder Requirements: Specification of business and regulatory requirements driving project developments.
• Reference Architecture: Development of a reference architecture (FAME-RA) for the digital finance and insurance sectors, aligning with the Data Spaces DSSC reference model.
• Data Management Systems: Implementation of unified data management systems for digital finance, covering transactional, analytical, structured, unstructured, semi-structured, streaming, and at-rest data.
• Federated Data Assets Catalogue (FDAC): Creation of a federated catalogue for integrated data management.
• Regulatory Compliance Tools: Development of tools to enhance regulatory compliance, including anonymization and onboarding tools.
• Semantic Interoperability Framework: Creation of a framework leveraging standard ontologies and graph analytics for the financial sector.
• Blockchain Technologies : Implementation of blockchain technologies for secure data trading.
• Data Analytics: Development of frameworks for data preprocessing, preparation, and incremental analytics in digital finance.
• ML Algorithm Library: Creation of a comprehensive library of Machine Learning algorithms for digital finance applications.
• Testbeds and Sandboxes: Setup of testbeds and sandboxes for hosting FAME developments, including shared environments for consortium FinTech enterprises.
• Pilot Systems: Implementation and initial validation of seven pilot systems covering various finance and insurance applications, such as risk assessment, AML, fraud detection, personalized asset management, and more. Demonstrators were presented to stakeholders for feedback.
• FAME Marketplace: Development of the FAME marketplace, which hosts packaged and reusable assets, with several assets already accessible.
• Technological results:
FAME is advancing the development in semantic interoperability, blockchain-based trading, and AI technology components as described in the report, and in particular the WP3, WP4 and WP5 main achievements and results.
• Economic results:
FAME project positions itself in the Data Space landscape and has recently been listed in the Data Spaces Radar (dataspaces-radar.org). Albeit marked as in progress, FAME occupies a relevant niche in the financial sector.
• Moreover, FAME proposes a fair pricing and trading of data assets mechanism along with supporting regulatory compliance in embedded finance, poses the ground for creating a strong ecosystem for Embedded Finance.
• Societal results:
With the concept of FEDERATION, which was outlined in the project in WP2/D2.3 FAME addresses the scope of providing trust in EmFi services, moreover with the technologies being developed in WP5/T5.3 is supporting greener data-driven solutions
• Scientific results:
FAME has published a number of papers and is creating awareness around the concept of federated Data Space for Embedding Finance through a series of White Papers and Articles also addressed to the academic public.
FAME is advancing the development in semantic interoperability, blockchain-based trading, and AI technology components as described in the report, and in particular the WP3, WP4 and WP5 main achievements and results.
• Economic results:
FAME project positions itself in the Data Space landscape and has recently been listed in the Data Spaces Radar (dataspaces-radar.org). Albeit marked as in progress, FAME occupies a relevant niche in the financial sector.
• Moreover, FAME proposes a fair pricing and trading of data assets mechanism along with supporting regulatory compliance in embedded finance, poses the ground for creating a strong ecosystem for Embedded Finance.
• Societal results:
With the concept of FEDERATION, which was outlined in the project in WP2/D2.3 FAME addresses the scope of providing trust in EmFi services, moreover with the technologies being developed in WP5/T5.3 is supporting greener data-driven solutions
• Scientific results:
FAME has published a number of papers and is creating awareness around the concept of federated Data Space for Embedding Finance through a series of White Papers and Articles also addressed to the academic public.