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i3-MARKET Data pricing recommendation tool

i3-MARKET Data pricing recommendation tool

Without a doubt, data trading is becoming an increasingly popular source of revenue. In particular data monetization, a practice that is gaining ground as a valuable business model across all sectors and industries. However, as much as our society is moving towards this direction, putting a price tag on a dataset remains notoriously difficult.

Assessing the monetary value of information and other forms of intangible goods still constitutes a challenging task.

Data is a “strange beast”, meaning that its economic characteristics make it harder to evaluate. It is non-rival, it has several positive and negative externalities, while commonly its value is not necessarily apparent to its owner, and may significantly increase if combined, or if it is further analyzed.

To overcome this issue, authors Dr. Vasiliki Koniakou, Dr. Stratos Baloutsos, Timoleon Farmakis (PhD Candidate) from Athens University of Economics and Business (AUEB), and contributor James Philpot (European DIGITAL SME Alliance) developed a price recommendation tool, which borrows from cost-, income- and value-based approaches.

To download the report, click here.


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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

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Newsletter #6: Latest Backplane Version Launched

Latest Backplane Version Launched: i3-MARKET Newsletter #6


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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article News

Data Pricing Tool

i3-MARKET builds Data Pricing Tool

The Athens University of Economics and Business has created a new tool for SMEs to help them determine how they can put a price on their data and datasets, based upon a range of paraments that can evaluate the value of the data. This tool has been developed by Dr. Vasiliki Koniakou and PhD candidate MSc Timoleon Farmakis and will be integrated into the i3-MARKET Backplane to help companies set a fair price for their data when selling it via the Backplane, demystifying the process of putting a price tag on their datasets.

Why is it difficult to value data?

SMEs often have difficulty when evaluating the value of a dataset, for several reasons. Firstly, the constant growth of data sources and datasets means that the availability and demand for a particular set of data is changeable, leading to differing values for different consumers. Secondly, as demand grows and companies increase their reliance on data, the value of data increases as well. However, it is difficult to anticipate by how much demand will rise or fall, thereby making it difficult alter the price accordingly. Moreover, it is often difficult to assess how much value the dataset will create for the buyer, to estimate what would be a reasonable price.

Thirdly, infrastructure to collect, store and trade data are regularly being developed and updated and the cost of use is evolving over time, leading to variable overhead costs for companies that are looking to buy and sell data.

However, these issues for SMEs are also compounded by the fact that the data economy also features many large players, who have pricing and selling/buying strategies that are predetermined and to a large extent non-negotiable (and when they are negotiable, it is a very asymmetric transaction), which means that SMEs are often faced with take it or leave it offers, for a price which they can struggle to verify as presenting fair value.

For these reasons, the i3-MARKET project will be integrating a pricing tool into the Backplane, so that SMEs can use this system to assign a value to data they may be selling and estimate a fair value for data that they may be interested in purchasing.  Simultaneously, the tool hopes to make the process of pricing data more accessible and transparent, premised on specific metrics instead of discretion and abuse of market power.

How does the tool work?

The tool arrives at the value of the dataset through the use of several parameters that are used to  evaluate the quality, scarcity, accuracy and completeness of the dataset, as well as estimate the overhead costs of producing/storing the data and the value to the buyer to arrive at a value for the dataset.

These parameters have been refined through study groups and interviews with SMEs in workshops and will be further refined as the tool is developed, to understand the weight that each factor should contribute to the final value.

How can you use the tool?

Information on how the tool can be used will be released shortly!

A first step, with a long road ahead

Pricing intangible goods, and most prominently information, is notoriously difficult, and although the price recommendation tool wishing to offer some guidance, clearly there is a long road ahead. The further development of the tool requires rigorous testing beyond the sandbox of a European funded research project. The weights may need to be further calibration and adjustment based on the needs of specific sectors and industries, and/or following the market. Additionally, the metrics and the specific parameters may need to be adjusted to better reflect the specificities of particular sectors.

Yet, an easy to use tool, that requires no previous knowledge, and is designed to cover the needs of less tech-savvy users is a first step towards opening up the data trading economy to larger audiences, and assisting SMEs in overcoming some of the barriers that do not allow them to enjoy the benefits of the data trading market.



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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article Events News

CWSI Workshop 2022

3rd Connected World/Web & Semantic Interoperability Workshop – 7 November 2022

A Connected World/Web of Things is an emerging area that not only requires development of infrastructure but also deployment of new data services capable of supporting multiple, scalable (cloud-based) and interoperable (cross-systems and cross-domain) applications.

In the race of designing the Connected World/Web as part of the Future Internet architecture, academia and Information and Communication Technology (ICT) industry communities have realized that a common problem to be tackled is the interoperability of the data and their availability for providing information services.

Worldwide there is an increasingly focusing on how to evolve communications technologies to enable a Connected World, thus Semantic-enabled Web of Things systems will need to interact and be interconnected for offering the always-promoted everything-connected interoperability paradigm.

The Connected World/Web & Semantic Interoperability workshop provides to developers, scientific researchers, industry experts and general audience interested in the evolution of the Internet of connected things world, the possibility to explore interoperability research challenges and provide a room to expose their research scientific ideas and progress and also explore new trends and opportunities of using semantic web technologies for solving problems and creating new solutions on emerging specialized paradigms like the current Internet of connected Things or simply acknowledge as Internet of Things (IoT).

Workshop Topics

In this emergent Connected World/Web of Things dynamic environment, where technology evolves rapidly and thus data sources change formats at all the time, there is a strong requirement to integrate multiple information sets. This describes the necessity to be interoperable at the data/event level so that it becomes easier to combine/aggregate data/event coming from heterogeneous data sources. This raises also the challenge of being able to look up/discover data source and relevant data.

Semantic Web has been identified as one of the most popular methods and technologies that in combination with communication services enlighten the convergence and interoperability. However, there are yet gaps to ensure semantic interoperability in a Connected World also to ensure cross-domain interworking: Healthcare, Wellbeing, Smart Ageing, Smart Cities, Agriculture, and Industrial Internet.

Relevant related topics for this workshop include, but are not limited to:

• Semantic/non-semantic methods, models, and formats for interoperability,
• Linked Data approaches for World/Web of Connected Things data integration,
• Information frameworks/systems and models for data exchange,
• Knowledge representation and connected World/Web domain models.
• Architectural building blocks and their ability to be integrated into multi-tiered systems
• Cross-domain semantics and cross-domain Interoperability models
• Design and development of Connected World/Web of Things systems;
• Data analytics for Connected World/Web of Things applications;
• Streaming data integration and complex events processing;
• Sensor data management, actuation and smart behaviour;
• Security/privacy/trust in a Connected World/Web of Things;
• Supporting web of things implementations with semantic web technologies;
• Marketplaces for semantic/non-semantic interoperable systems, applications and services;
• Use-cases and implemented applications demonstrators and proof of concepts;
• Alignment between different description models for Services/Resources/Entities;
• Standardization, Communities and Initiatives;

The above list is not exhaustive, and we would like to encourage participants to be creative.

Submitted Papers (Coming Soon)



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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article News

Engaging the Community: i3-MARKET Newsletter #5

Engaging the Community: i3-MARKET Newsletter #5


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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article Events News

i3-MARKET Workshop: The Price of Data 14 July

The Price of Data - Workshop with experts from i3-MARKET and EUHubs4Data

Why join the Workshop?

This workshop will enable companies to understand better how to determine the value of data and data sets when attempting to buy or sell on data marketplaces. This will be done by looking at how companies can access data marketplaces and then hosting an interactive session to determine how such platforms arrive at values for data exchanges. Through this, participants will learn how they can price their data and develop new business models. To complement this, the audience will be introduced to the training resources available through the EUHubs4Data Federation support catalogue, which helps companies develop new business models, price data and establish data exchanges.

Description of the Workshop

With data being described as the “new oil”, how can SMEs correctly value and price their data to create new revenue streams and business models to take advantage of the new data economy? Understanding the value of the data you produce can be a complex process, as the standard factors to determine pricing may no longer apply when valuing data.

Establishing new business and pricing models for your data is one way companies can benefit from Europe’s data economy, but creating new models can be difficult without understanding the market.

In this workshop, the business and data experts (from the Athens University of Economics) and training professionals from the KNOW CENTRE Digital Innovation Hub (part of the EUHubs4Data project) will help SMEs to understand how they can put a value on their data and begin to trade in the data economy, through an interactive session that explains the process of creating a business model for data exchanges.

The i3-MARKET presenters, the Athens University of Economics and Business, will explain how SMEs access European data markets (using the example of i3-MARKET technology) and how they intend to price data exchanges on the platform, based upon your input of how your company operates and trades data. This interactive session will also allow you to better understand the value of the data you have generated so that you can begin to price your data appropriately.

Following this session, KNOW CENTER, one of the Digital Innovation Hubs in the EUHubs4Data DIH Federation, will explain the resources available within the Federation to help SMEs develop new business models and better understand how they can take advantage of their data, and join Europe’s data economy.




Introduction to the workshop – James Philpot


09.35 – 11.35


The Price of Data Workshop – Athens University of Economics and Business: Vasiliki Koniakoi and Timoleon Farmakis


11.35 – 12.00How can Digital Innovation Hubs help SMEs monetise their data and develop new business models? KNOW CENTRE, Christof Wolf-Brenner


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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article Events News

i3-MARKET at IoT Week 2022

i3-MARKET at IoT Week 2022

i3-MARKET partners organised a series of workshops at the 2022 IoT Week, which took place in Dublin on June 22, on the topic of “Perspectives and Horizons for Data Marketplaces: Focusing on Interoperability and Open-Source Solutions for the Internet of Things.”

You can find out more information about the IoT Week via their website. 

Agenda for the Workshops:

09:00 – 10:30

Part I – Pilot Demonstrators and Industrial Use Cases 

Industry 4.0 Applications – 25 Min. + 5 Min. Q&A

– Edgar Fries, SIEMENS, Germany

Automotive Services – 25 Min. + 5 Min. Q&A

– Carmen Perea Escribano, Atos,  Spain

Wellbeing and Healthcare – 25 Min. + 5 Min. Q&A

– Bruno Michel, IBM, Switzerland 

10:30 – 11:00Coffee Break
11:00 – 12:30

Part II – Technical Presentations for SMEs and Stakeholders

Security & Privacy, Trustworthiness Perspectives to Secure Data Platforms in a competitive Digital Single Market – 20 Min. + 5 Min. Q&A

– Alessandro Amicone, GFT Italia

Wallets, secure Auditing, Blockchain Network– 20 Min. + 5 Min. Q&A

– Juan Hernandez, Rafael Genes, UPC, Spain

Experiences on providing Support Tools for Data Marketplaces and Data Spaces – 15 Min. + 5 Min. Q&A

– Ivan Martinez, Atos,  Spain

Smart Contracts Tools – 15 Min. + 5 Min. Q&A

– Susanne Stahnke, SIEMENS AG, Germany 

12:30 – 13:45Lunch Break
13:45 – 16:00

Part III – Business Models and Sustainability for Data Spaces and Marketplaces with Stakeholders Interaction

 Business Modelling Process, Cost Model Vs Prize Model Tool – 25 Min. + 5 Min. Q&A

– Timoleon Farmakis, AUEB,  Greece

Data Privacy Impact Assessment Tool – 25 Min. + 5 Min. Q&A

– Philippe Hercelin, IDEMIA,  France

Legal Considerations on Digital Markets – 10 Min. + 5 Min. Q&A

– Vasiliki Koniakou, AUEB,  Greece

Interactive bespoke feedback and requirements gathering session with Participant SMEs, Companies, Stakeholders – 55 Min. + 5 Min. Q&A


16:30 – 17:15Coffee Break
17:15 – 18:30

Part IV – Open Source and Engagement Networking Feedback

Data Sharing of Real Time Data – 15 Min. + 5 Min. Q&A

– Alex Gluhak, Urban Data Collective, UK

Semantic Data Model – 15 Min. + 5 Min. Q&A

– Martin Serrano, NUIG, Ireland

Open Source Tools – 15 Min. + 5 Min. Q&A

– Rishabh Chandaliya, NUIG, Ireland

Engagement Networking Feedback & Wrap up– 15 Min. + 5 Min. Q&A

– All



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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article Events News

Using Big Data and Data Marketplaces to power Digital Transformation for European SMEs

Using Big Data and Data Marketplaces to power
Digital Transformation for European SMEs

i3-MARKET organised a workshop at the 2022 Data Week, on 3rd June, between 12.00 and 14.00 CEST.

The workshop demonstrated to SMEs how the i3-MARKET Backplane will enable them to access a vastly greater marketplace of data, both for sourcing new datasets and providing their own datasets on European marketplaces. This was done through an examination of the existing business models, opportunities and challenges that SMEs encounter with European data and data marketplaces, and using the i3-MARKET Backplane as a possible tool to improve that access. The system was briefly demonstrated to show how they could use it themselves.

The Workshop was divided in three short sections: the first section was a panel debate, where experts discussed how SMEs could benefit from new digital technologies and the challenges of adopting new technologies and tools, and whether they are properly designed for SMEs to take advantage of.

The second section looked more in depth at the i3-MARKET backplane, including how the design processes attempted to make the tool as SME friendly as possible, and demonstrated the backplane in action with the results of our industrial pilots.

The final section engaged the audience via a feedback session to discuss their experiences and user stories with regard to data sharing and using data marketplaces and to discuss new business models that can be derived through the expanding data economy.




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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.


i3-MARKET Backplane V2 Release Announcement

i3-MARKET Backplane V2 Release

Intelligent, Interoperable, Integrative and deployable open source MARKETplace backplane

Tools for easy deployment of DaaS and a platform to support online data marketplaces.

April 8th 2022, Brussels, BE – i3-MARKET Open-Source Software Available

– Announcement –

The i3-MARKET consortium is pleased to announce that the second version of its Backplane software is now publicly available to the Community. After the release of v1 to industrial stakeholders, the consortium organised a number of consultation events with SMEs, Developers, Industry stakeholders and attended developer events to understand the requirements and demands from developer communities and entrepreneurs, so that the v2 release could be built with these improvements in mind.

The i3-MARKET strategic plan to enlarge the ecosystem and reach out to the largest developer communities with this i3-MARKET Public Version has proceeded with success and i3-MARKET backplane V2 is now accessible in and . The i3-MARKET’s developers’ team has made an extra effort to release the V2 in these well-known platforms as they are amongst the largest and most popular Open-Source communities. To ensure the transparency of the release, i3-MARKET has undertaken all necessary efforts to establish an automatic synchronisation and the OSS governance methodology to support members of both communities. This means that assets that are committed and released in one platform is available to the other community in a matter of few minutes.

i3-MARKET are currently following the project plan for development and continuous support and new improvements, as well as planned activities for enlarging the ecosystem alongside the start of testing the technology in industrial pilots to have them as reference deployments for testing and validation.

The i3-MARKET Backplane tools are available at:

– i3-MARKET Backplane Software Tools –

The Backplane is a set of software components that are aimed at facilitating easier access for SMEs to European data marketplaces, by allowing them to view, buy and sell data from/to multiple marketplaces, through one interface.

i3-MARKET partners have built the systems to ensure that trust, privacy, and security are embedded in the integration processes, so that transactions can be carried out with confidence. This is done via the use of smart contracts and robust privacy standards, ensuring that all relevant European legislation is respected.

With the release of the public version of the software, stakeholders, developers, companies can now begin to test the tools and onboarding process, so that they can learn, interact, experiment, and contribute with the development and improvement of the solutions. This process is simultaneously being validated internally, through the deployment of three pilots that connect ATOS, Siemens, and IBM data marketplaces to the i3-Market Backplane. i3-MARKET project consortium have made available a collection of information resources for the project and the project details that can be reached at:
i3-MARKET main Project Website: <> and the i3-MARKET community and open-source Developers Portal:

– Background –

The i3-MARKET project addresses the growing demand for a single European Data Market Economy by enabling secure and privacy preserving data sharing across data spaces and marketplaces. i3-MARKET aims at providing technologies for trustworthy (secure and reliable), data-driven collaboration and federation of existing and new future data marketplace platforms. Special attention is given to industrial data, particularly sensitive commercial data assets from both SMEs and large industrial corporations.

It is well known that despite various research and innovation attempts working on Big Data management and sharing, there is no broadly accepted trusted and secure solution for federation of data marketplaces. i3-MARKET is addressing this gap by developing lacking technologies and solutions for a trusted (secure, self-governing, consensus-based, and auditable), interoperable (semantic-driven) and decentralised (scalable) infrastructure, the i3-MARKET Backplane, that enables federation via interoperability of the existing and future emerging data spaces and marketplaces.

– Events and Activities –

The release of the software will be accompanied by three events addressing different communities and introducing the backplane tools and support tools to the three main user groups also named stakeholders.

The events are organised in the way that they are going to provide informative and to demonstrate the design and architectural building blocks of the i3-MARKET architecture, the individual and integrated software functionalities and the applications of the i3-MAKRET backplane in reference industrial pilots.

The first even is the third SME Forum organised by DIGITAL SME where the i3-MARKET Backplane will be demonstrated to data consumer community through the presentations and online tools prepared for the user groups.

The second event will be an onboarding session organised by Technical experts where the i3-MARKET will be presented targeting Data Providers, Data Marketplaces and Data Spaces.

The third event is for a larger industry community at the IoT Week taking place in Dublin in June 2022 where i3-MARKET backplane has a dedicated session allocated to present and provide applications – in particular, industry pilots. At the same event I3-MARKET will take part of the International Data Hackathon where students, entrepreneurs and developers will be able to test the code and connect their systems looking to create a solution using the i3-MARKET tools and sample data sets provided by the industry partners.

– Improvements in V2 & Next Steps –

The i3-MARKET project addresses the challenge of being integrative following design methods used in industry and OSS implementation best practices, interoperable by using semantic models that defines a common conceptual framework and information model that enables cross domain data exchange and sharing, intelligent from the perspective of smart contracts generated automatically and associating those financial operations into a set of software tools that facilitate that data assets can be commercialised via intra-domain or cross-domain almost transparently in a secure and protected digital market environment.

– i3-MARKET Consortium –

The i3-MARKET project is a consortium of diverse 14 partners, from large industries and system integrators, SMEs associations and research organisations, and different EU countries that collaborate to address common challenges in the area of Big Data technologies. We are a cluster of experts performing multiple activities, from coordination and management to technical design and software development, that all together bring the know-how and the expertise in building the i3-MARKET backplane solution based on high quality standards.


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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.

Article Events News

SME Forum Report: Understanding the Needs of Data Users and Data Owners

SME Forum Report: Understanding the Needs of Data Users and Data Owners

On 31 January, i3-MARKET hosted an SME Forum with members of the European DIGITAL SME Alliance, to hear their thoughts and feedback on how they currently use data and data marketplaces, with the purpose of using this information to help develop the i3-MARKET backplane to better serve the needs of European SMEs. 45 people took part in the Forum, which began with presentations from the i3-MARKET coordinator to introduce the current European landscape for data marketplaces and the benefits that greater data sharing would have for the European data economy. After providing this high-level overview, i3-MARKET technical partners then demonstrated the backplane technology that the project is developing, highlighting how this could be used by European companies to access multiple data marketplaces across a range of sectors.

Following these presentations, the participants were divided into thematic breakout sessions to discuss in more detail their experiences and motivations for using data marketplaces with i3-MARKET partners. From these discussions, i3-MARKET was able to understand several important factors that can help inform the development of the backplane to ensure that it suits the needs of its users.

One key takeaway from the Forum was that there was a stark divide between the participants in attendance as to how much time they would be willing to spend to connect to the Backplane, as some would be willing to invest more than two weeks to onboard, while others would only want to spend less than two days – and the split of participants was nearly 50/50 along this divide. This contrast could be interpreted in a number of ways, but this would suggest that perhaps some companies are still struggling to find value through data marketplaces and therefore don’t see them as a something worth investing time in. In this breakout room, the split between data providers and data consumers was also nearly 50/50, highlighting two of the key audiences that the project can engage with, and potentially form the basis of future Forums or workshop. It would be interesting to investigate further whether there is alignment between company role (data provider/data consumer) with regard to the Backplane and their willingness to invest time into onboarding, as this could reveal motivations for companies engaging with the Backplane. It did appear from initial discussions that data providers were willing to spend time onboarding, and data consumers not as interested.

The second takeaway from the meeting is that companies were interested to understand further how the Backplane could impact their business models. There were several comments regarding the incentives to use the Backplane and how i3-MARKET conceptualised transactions. Timoleon presented the i3-MARKET business models, highlighting where value could be derived for the users of the Backplane.

There was also discussion regarding the value proposition of the Backplane for SMEs, which can be considered at two levels: firstly, the practical, felt benefits of integrating with an ecosystem of data marketplaces: i.e being able to find already sorted/indexed data, more markets for data providers to sell to, greater ease-of-use for buyers, easier to source relevant data for testing new applications; and secondly, higher level, more abstract benefits, that potentially relate to the develop of the data economy, such as development of new innovations and the creation of new business models around data sharing. While it can be quite easy for the project to demonstrate how the Backplane will provide the practical benefits for companies, the conversation around the abstract level benefits – which may be required to convince non-data user companies to begin using data in their business practices, may need development, and in this, i3-MARKET is perhaps only one voice among many.

To complement this, it was agreed that the status of the Backplane as a non-profit technology based on an open-source approach was a positive indicator.

The Forum also helped the project partners identify some challenges that companies will face when adopting the backplane. Trust in the sources of data was raised as a particular concern, as users would like to be sure of the accuracy and legitimacy of the data that they will be receiving. Ensuring user trust in the system can be achieved through greater communication of the privacy, trust and security design features of the backplane. The sharing of data was also discussed, as consent would be needed from data owners before sharing their data across different platforms.

Further to this, there was interest in the anonymisation techniques that would be used and whether these could result in loss of information when transferring data. Another challenge that was raised was the supply of data for the platform. The access to large amount of data that the Backplane provides is a pull factor for SMEs to use the platform and in the World Café session there was interest in understanding the onboarding process for big data suppliers to ensure that there was a strong supply of data for companies to access.

The challenges of different data models and how companies would like to access data was raised by ATOS during this session, but it appears that there was no consensus on the type of data standardisation that would be preferred by companies. This could be explored further in a follow up meeting, as enabling ease-of-access is a good value proposition for the backplane. Another issue that was raised was how

Thanks to the hard work of partners in preparing an interesting and relevant workshop and the attendees for sharing their thoughts, experiences and opinions, i3-MARKET was able to host an informative and engaging SME Forum that will contribute to the design of the Backplane and hopefully its adoption by SMEs looking to benefit from greater access to data. The Forum provided some clear insights into the value of the platform, as well as highlighting areas in which the consortium needs to deal with challenges. Given the diversity of companies that took part in the forum, there are many avenues that can be explored in the future for further requirements gathering, including organising workshops by user type and offering more practical onboarding services for the companies that are already interested in using the backplane.



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The i3-Market project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement no. 871754.