The Grand Challenge in Event Processing serves as a common goal and mechanism for coordinating research across the spectrum of people working on event processing. The Grand Challenge is a single, though broad, challenge that impacts society which the community can use as a basis for measuring progress in research and application.
In this paper we will present an analysis of the recent development in the realization of the Grand Challenge and elaborate on its implementation using the current development in the so called Real-time Web - a decentralized, global, Internet-like infrastructure, built upon widely-accepted open standards.
We present a particular solution that has been developed in the scope of the EU project PLAY (www.play-project.eu), that is aiming to develop an elastic and reliable platform for dynamic complex event-driven interaction in large highly distributed and heterogeneous federated service systems. The main outcome is an Event Marketplace Platform which offers and consumes real-time data of all sorts and across the whole Web.
We explain the theoretical principles behind the Event Marketplace, discuss the research and technological challenges required for its efficient development, present the implementation and evaluation details and demonstrate several applications that have been built on the top of the Platform so far.