The increase in data usage over the past few years brings into focus the increasing value of data. Everybody from businesses to NGOs to government entities uses data. Data has become one of the most valuable assets for businesses today. Data plays a major role in a business today having effects in everything from financial to consumer data. With the rise of data collection, organizations are able to monetize and utilize the data. Unfortunately, most data generated today is not used and just goes to waste. Additionally, consumers have almost no control over their data. It is gobbled up by large organizations and then used to advertise to those consumers, but with very little benefit to the data consumers themselves. The major reason for this is that most valuable data systems are closed. This restricts businesses from gaining access to critical data as well as consumers from understanding the data that has been gathered about them. Due to all of the limitations of data of today, there are some very real opportunities to improve this through new inventive technology.
What is Data Economy?Data economy is defined as the processes, tools, and technologies that allows access to the data and the generation of data. This gives control over how they are collected, stored, and used. It is used to achieve models that work for the best of the users and the data provider. Globally, the increase in data generation led to the creation of companies that leverage the data. For example, Google leverages upon its keyword data to provide relevant ads to the user. This adverting revenue is based on the data provided by the Internet users. Data economy is a process that allows businesses to use the Internet users’ data to generate profit. Data carries information that gives information about the user, their behavior and preferences. These data, when analyzed and used, can give a lot of information about the user. Data economy is hence the business model and the business use of data and the techniques and technologies used to generate and utilize the data effectively.
What is Ocean Protocol?Ocean Protocol is a decentralized data marketplace protocol established to unlock the value stored in the data that is not accessible by businesses and organizations. The Ocean ecosystem aims at generating a new decentralized data exchange protocol that allows people and organizations to access the data they need through secure data sharing.. It is a business model that uses blockchain technology to create a data economy that everyone can access and use. The Data Economy is a process that allows everyone equal access and benefit from the data and provides a platform for all to share and utilize it.
The Ocean TeamThe team developing the protocol is composed of different people from various backgrounds. It includes software engineers, data scientists, and blockchain developers. Ocean Protocol was cofounded by Bruce Pon and Trent McConaghy. Bruce Pon, also found BigchainDB, a blackchain database software company as well as multiple other ventures. He has an experience of more than 15 years in providing technology that enables users to access and monetize their data. Trent McConaghy, is an AI expert, who has worked with the Canadian government as well as other organizations. Before Ocean Protocol he founded multiple other companies that leverage AI models and neural network technology.
The Ocean Protocols MissionOcean Protocol values were set by the founding team. They established two sets of values that sets the foundation of the protocol. The values are based on the idea to create a data economy that rewards all its users. These values are:
1. User control.This values ensures that the user control their data asset and the way it is used. This means that users take control over their data and the Ocean Protocol gives the users the opportunity to choose how they want to use their data.
2. Open and free.This ensures that anyone who uses the Ocean Protocol has free and open access. This value entails that anyone can join and use the protocol and its services.
3. Privacy.This is to ensure that the users’ personal data is protected and safe. This value ensures that there is no compromise of the users’ data and that private data is kept private.
4. Transparency.This value aims at ensuring that the users and the users to access and monitor the data provided by the data providers and other actors in the ecosystem.
How does Ocean Protocol Work?The Ocean Protocol utilizes smart contracts on the Ethereum block chain to power multiple dapps. The main steps of the protocol are:
Data provision and collection:This is the process and the system used to collect and create data.
Data verification:This step is used to verify the authenticity of the data. The data quality is improved by this process.
Data distribution:The data is stored in a decentralized network. This is achieved using blockchain technology. Each data is linked to the user who provides it.
Data permissions:The permissions of the data is done using blockchain technology. This step allows the users to control who can use their data and how they can use it.
Data monetization :This process is used to reward the data owners who contributed data and also reward the people who contributed to the verification of the data.
AI capabilities:There are additional associated services that Ocean users will be able to tap into utilizing the Ocean Market app, once the trust infrastructure has been completed and put into place. The Ocean Protocol network will integrate AI and machine learning toolsets into their services allowing supported data wallets to leverage these advanced datasets.
The Ocean TokenThe Ocean Token is an Ethereum token. The token is used to power the ecosystem and to reward the various actors in the ecosystem. The token:
- Ocean Tokens are used to power the data economy services.
- These data tokens are used to reward the various actors in the ecosystem.
- The tokens are then used to interact with the Ocean datasets, Ocean libraries, and onchain digital assets utilizing their tokenized service layer.