Information is power in today’s world. With data being generated constantly, it has become one of the most valued commodities globally. From the immense data generated by a government, to an individual whose smart phone records its owner’s movements, everything and everyone today is a data generator and a data consumer. With estimated data production of 1.7 MB by every person on the planet by 2020, the market is certainly growing.
Isolated and Unutilized Data
Even with so much data generated constantly, there are two interdependent, major issues today that prevent mankind from accessing the true potential of information:
- Inaccessible Data: Data is usually stored in central servers, which are isolated from the rest of the world. The data may be important to the owners, but as long as it is kept disconnected from the world, its only utilization will be what the owner wants from it - what value it actually posseses will not be realized.
- Data Starvation: Many organizations have the potential and the expertise to utilize data to gain maximum benefit from it, but unfortunately are not able to get their hands on the data due to the aforementioned data silos.
Breaking Silos: The Ocean Protocol
Ocean Protocol is a data sharing framework based on blockchain that is creating a new data economy. The Ocean Protocol allows data owners and buyers to interact with each other directly, breaking down the walls that have kept them apart till now. Ensuring that the data is truly the ownership of the ones generating it, people and organizations have total control over their data and how they would like it to be used by other parties.
Bruce Pon, cofounder of Ocean Protocol, said, “With Ocean Protocol, people with data can be connected with people who need data. This is the start of a new data economy and Ocean is the means to promote liquidity and ultimately a financial value for data”
The use of blockchain means that data shared is secure and is directly done between data generator and consumer, without any middleman taking a huge commission. The protocol allows different data marketplaces to connect with its ecosystem, thereby giving data owners and buyers the freedom to move between different markets and obtain their preferred data/monetization of data.
Ocean Protocol IEO on Bittrex
Following the successful token generation event last March that raised over USD 1,800,000, Ocean Protocol has teamed up with globally renowned crypto exchange BIttrex for its Initial Exchange Offering (IEO). Ocean Protocol and its OCEAN tokens went through a series of tests and audits by the exchange that included technical, regulatory and compliance checks. Traders at the exchange will be offered to back the Ocean Protocol by directly funding OCEAN tokens.
The IEO will commence on 30th April at 1600 GMT and traders will be able to acquire OCEAN tokens through BTC.
For more information on the data economy changer, visit its website.
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