  The IoT ecosystem suffers from a variety of problems around security,
identity, access control, data flow and data storage that introduce friction
into interactions between various parties. In many respects, the situation is
similar to the early days of the Internet, where, prior to the establishment of
Internet Exchanges, routing between different BGP autonomous systems was often
point to point. We propose a similar solution, the IoT Exchange, where IoT
device owners can register their devices and offer data for sale or can upload
data into the IoT services of any of the big hyperscale cloud platforms for
further processing. The goal of the IoT Exchange is to break down the silos
within which device wireless connectivity types and cloud provider IoT systems
constrain users to operate. In addition, if the device owner needs to maintain
the data close to the edge to reduce access latency, the MillenniumDB service
running in an edge data center with minimal latency to the edge device,
provides a database with a variety of schema engines (SQL, noSQL, etc). The IoT
exchange uses decentralized identifiers for identity management and verifiable
credentials for authorizing software updates and to control access to the
devices, to avoid dependence on certificate authorities and other centralized
identity and authorization management systems. In addition, verifiable
credentials provide a way whereby privacy preserving processing can be applied
to traffic between a device and an end data or control customer, if some risk
of privacy compromise exists.
