Refining the Data Market for Quality Data Provision Through Datum

Published: 2021-09-14 14:25:10
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The world does not stagnate at any point. It keeps on moving to greater heights. This generation is privileged to be living at a time where gold is being redefined. There was a time when oil and other physical assets were ‘gold’, however, that time is long gone and now data is the new ‘gold’ running the economy of the world. The amount of data produced daily through various technologies is staggering. As with every resource, there are a lot of vices in the data space. Datum is coming up with a data marketplace as a solution to a number of challenges faced in this delicate economic space.
Need for privacy and security
At the top of the problems the data economy is facing are two major aspects, privacy and security. The originators or owners of data cannot really ascertain that the data they create or keep in online sources are fully secure. The US elections in 2016 and the exposé that was done on Cambridge Analytics show the consequences of an unchecked data space. Data can be easily used to manipulate and exploit people. It is for such reasons that Datum is opening up its data market, to prevent the exploitation of people through the data they create. Furthermore, Datum’s plan is to empower data creators by giving them a platform where they can generate some revenue as a result of the data they sell to willing buyers. The security and privacy of data will rest on the shoulders of the creators of this data through the use of the Datum platform. Blockchain will be used to further increase the security and trust within the platform among other advantages.How it works
Operating Datum is made so simple such that anyone can use the platform either to buy or to sell data. To use Datum, one has to register for the platform. After registering, users can then start submitting data through client software. The data submitted in the platform undergoes encryption for security purposes. The decryption key to access this data is held by the owner or submitter of the data. Users however have to pay gas to submit the data. Once submitted, the data is uploaded into storage nodes which then replicate it across all storage nodes in the Datum network, the data will however still be encrypted during replication and transfer processes.
The Datum platform will feature a plethora of data that will likely influence different parties. A consumer interested in a specific data will send a purchase request to the owner of the data who may decide to accept, counter or reject the offer that will have been placed. If accepted, the owner will receive the value of the data in DAT token while the consumer receives decryption key thus access to the data.
What it solves
Datum is all about transparency and privacy as provided by blockchain. Data creators will have full ownership of what is rightly theirs.
Datum’s market place would have provided a legitimate source where data consumers can easily purchase data though DAT. There would be no need for having data brokers who may get their data from illegal sources or via unethical practices. The transparency on data collection within this industry is likely to increase through Datum’s initiative. This is likely to topple the illegal data trade being carried out by unscrupulous data vendors in the data market space.
By incentivizing data, Datum will create a pull such that their users will be inclined to submit quality, accurate and authentic data on the platform. Just as gold is filtered and refined, Datum’s platform creates a sort of filter and refinery through incentives.

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