Let us introduce to you another exciting European project Arthur’s Legal and its Strategies & Systems departments are proudly part of, called PISTIS:Promoting and Incentivising Sharing and Trading of Interoperable Data Assets.
PISTIS aims at delivering a secure and controlled platform for the exchange and usage of data assets and data-driven intelligence. The goal of this project is to develop a reference federated sharing and trading platform for secure, trusted, and controlled usage of proprietary data assets and data-driven intelligence.
PISTIS brings forward a reference federated data sharing/trading and monetisation platform for secure, trusted and controlled exchange and usage of proprietary data assets and data-driven intelligence (derivative data assets). In its effort to unleash the actual and still untapped data potential, PISTIS will advance the currently available techniques and technologies, such as federated data discovery and sharing, distributed ledger technologies (DLT), data non-fungible tokens (NFTs), AI- driven data quality assessment and monetisation, to build trust among different stakeholders acting as data holders, data recipients and users, and addresss challenges, mitigate risks and facilitate the benefits. Such stakeholders will formulate a distributed network of existing and new data spaces with built-in governance brought by PISTIS to eliminate data silos while accruing the actual data value and multiplying it through derivative assets (e.g. data analytics and insights) in a fair and transparent manner.
Co-Creating & Co-Resourcing, by Arthur’s Legal, Strategies & Systems
We always aim to supporting organisations, sectors and markets with their great capabilities to improve, while adding merit to the symbioses of people, society and planet.
In the PISTIS project, together with the various partners and other stakeholders, we will be co-creating and developing a trusted, trustworthy and accountable framework and reference platform, where we for once will focus on strategy, impact, ethics, policy and legal domains and dimensions, and most of all trust components.
The PISTIS framework and platform will be composed of federated deployments for releasing the full potential of the data economy, by renovating the way data is managed, shared and monetised, bringing into the picture best-of-breed methods and solutions from diverse domains (e.g. data management, analytics, finance, crypto, security) which, if combined through an orchestrated architecture are in a position to accommodate all the needs to the core stakeholders engaged and realise the broader concept of the European Data Spaces for highly efficient and trustworthy sharing and monetization of data assets. Our firm will also advice on legal and ethical standards and requirements. PISTIS brings forward a novel approach where existing or emerging data space infrastructures are being strengthened through the provision of highly trusted, sophisticated, yet easy-to-operate services, that are able to renovate the quality of the included data and derivatives and turn them into truly interoperable and monetizable artefacts.
About the Consortium
The Consortium involves 31 partners from 11 European countries and will run up to Mid 2026.
PISTIS follows a User-Driven Innovation Approach, involving the demonstrator hubs and other stakeholders of the data-value chain in all stages of the project life cycle, as key enablers of the PISTIS innovation process, towards encouraging active and collaborative contribution in the development of a unique data-driven ecosystem for data sharing and monetisation.
The User-Driven Innovation Approach will be realised through the establishment of the PISTIS Living Lab activities, which involve identifying needs and requirements of the data economy, as well as integrating stakeholders’ feedback into the technical framework. In addition, to demonstrate the applicability of the solution in both vertical and cross-domain/sector scenarios, the project will validate data sharing, exchanges, and transactions among different partners in three cross-domain settings, referred to as the “demonstrator hubs”. The learning and engaging activities will start at the end of 2023.
Why is Data the biggest challenge and the driver of the PISTIS project?
Data is becoming an increasingly valuable asset in the digital economy as they bring tangible benefits and innovation not only in business but also in social life. It is expected 175 zettabytes (ZB) to be produced by 2025 up from 33 ZB currently. Despite the potential benefits of this resource, approximately 80% of industrial data is never effectively used. In fact, data management and sharing remain elusive due to several issues, concerning technical, cultural/organizational, economic, and legal factors. The PISTIS project aims to address these challenges by developing secure, trusted, and controlled data batches for ensuring a valuable usage of data assets.
In summary the objectives:
– To set and implement the foundations for trusted, fair and reliable data sharing, trading and exchanges
– To design and deliver interoperable and secure data asset management and governance techniques
– To develop rigorous and fit-for-purpose data valuation and monetisation tools for data providers
– To integrate the PISTIS platform with easily deployable software, enabling trustful, reliable & interoperable exchanges
– To deploy, operate and validate the PISTIS platform within a set of representative real-world scenarios
– To diffuse, replicate and scale up the PISTIS offerings, satisfying the needs of a wide range of stakeholders
– To cultivate a data sharing mentality within organisations
How will we demonstrate the value of PISTIS?
The first demonstrator hub will take place in the region of Athens in Greece. The pilot is set to build an effective chain which will be centered around data trading and sharing among stakeholders from various sectors. These sectors in focus are: aviation, public transportation and public administration. The hub will include data consumers and providers to assess five use cases: baggage handling management, transfer passenger management, aircraft turnaround process, public transportation planning support and insights for city commercial businesses.
This demonstrator hub aims to provide a real environment for validating the operational benefits of data sharing, with a specific focus on the electrical distribution network and how different actors can set more efficient and sustainable procedures. The involved sectors are the energy market, prosumers (i.e., individuals who are both energy producers and consumers in this case) and technical support. The hub involves four actors from the energy sector value chain in the evaluation of the following use cases: increasing the hosting capacity of the grid, investment deferral, P2P trading between users or energy communities and monetization of data owned by different actors.
This demonstrator hub aims at promoting environmental-friendly, safe, and efficient mobility and transport, directly supporting the European Green Deal. The hub will use various data sources, including connected vehicle data from car manufacturers, vehicle trip data, weather data, map data and air quality data in order to provide to individual drivers, businesses, and public administrations. The focus will be on two use cases: Traffic Quality Assessment and Driving Attitude and Risk Assessment.
This project is expected to have a significant impact on the digital economy by optimizing the way data is stored through secure and trusty procedures. The promotion and the entry to the market of the platform implemented will guarantee the achievement of this innovation and promising solution.
We are very much looking forward to a fruitful collaboration with all the partners and stakeholders involved in PISTIS.
To learn more about the various other projects, Arthur’s Legal, Strategies & Systems is in, have a look at the overview.