Data is money, $13,000,000,000,000 to be exact. That is the value of data stored today in the global economy. With an approximate data generation of 1.7 MB per person every second by the year 2020 and an estimated population of 7,580,000,000, this means a whopping 12 Petabytes (1024 Terabytes) of data will be generated per second in 2020.
Data is Isolated
One of the major hurdles in converting data into a meaningful form that unlocks its true value is that the data is stored in servers and locations which are only accessible by the data owners. Concerns for privacy and information protection mean that nearly all data generated never gets to see the light of day. This creates a massive shortcoming in the data market – the data lies useless, in silos and isolated conditions, bringing no benefit to the owner.
The isolated nature of data means that those who do have the need and skills to process the data and gain benefit cannot get their hands on it. Even if they can, there are big data companies or intermediaries involved that take a very high commission for providing the data. This massive imbalance means that trillions of dollars worth of data that can help the global economy still lies untapped.
Ocean Protocol – The Decentralized Data Economy
Ocean Protocol is a decentralized data platform based on blockchain technology that allows isolated data centres to connect and monetize their data. The platform not only brings data owners and buyers together, it allows people and organizations to connect to multiple data marketplaces and gain the maximum benefit possible.
The decentralized nature of Ocean Protocol also enables owners to monetize their data directly – instead of selling their data to big data companies or market owners who then resell the data with a significant markup, the data owners are given complete ownership until they agree to share their data to a customer, allowing them to capture the entire value segment. With blockchain technology, data generators and owners are also at ease when it comes to privacy, as they have total control and transparency on what data is passed on.
With no physical borders, Ocean Protocol has the ability to unlock the global data economy on a massive scale and create a whole new market. The Co-founder of Ocean Protocol, Bruce Pon said the following:
“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.”
Ocean Protocol Announces IEO on Bittrex
After a successful Token Generation Event (TGE), held in partnership with crowdfunding platforms Coinlist and Fractal, the data economy platform has decided to go for the next round of token distribution through the leading global crypto exchange Bittrex. The Initial Exchange Offering (IEO) began on the 30th of April at 1600 GMT. The OCEAN tokens have gone through all the compliance and technical tests required to list on the Bittrex International platform. All verified traders of Bittrex can take advantage of the event and acquire the OCEAN tokens through exchanging for BTC.
For more information on the borderless data economy, visit their website: http://www.oceanprotocol.com/
Please note: this is a paid for, sponsored article. Ocean Protocol is the source of this content and is responsible for the content, and the accuracy of the content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This article is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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Image Courtesy: Ocean Protocol