Ocean Protocol, a new decentralized data sharing platform, is working to create a whole new ecosystem for data-related services that respects and honours privacy.
While the world moves ever further towards big data and blockchain technology, it is often assumed that the coming years will lessen data privacy for us. But, with blockchain technology and the concept of ethical handling of data becoming more and more popular, one can be optimistic about the future of data handling with blockchain as the saviour of the industry.
Ocean Protocol, a new decentralized data sharing platform is working to create a whole new ecosystem for data-related services that respects and honours privacy. The new blockchain-based platform aims to kick-start a new data economy that works for both data creators, users and entities in need of that data.
The new system uses Distributed Ledger Technology (DLT) and smart contract features to aid the safe and secure trading of data. The conditions of access to the data are executed with expertise and efficiency – Ocean Protocol therefore aims to inspire the new generation of data exchange, preferably one that will involve voluntary sharing of data rather than the involuntary, by unlocking value streams for the everyday user.
The power of data is immense as petabytes of data are being created every day and stored on servers and devices around the world. Because data storage capacity is limited, most of the data will eventually be deleted without being put to good use – but with a revolutionary new marketplace for everything data-related like Ocean Protocol’s, the data can bring great benefits, to owners and buyers alike.
Moreover, data owners are increasingly demanding an ecosystem that works for them and such a system will be eagerly awaited in the tech industry. According to Bruce Pon, the CEO of Ocean Protocol:
“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.”
For this purpose, the Ocean Protocol team has partnered with Bittrex cryptocurrency exchange international to raise funds following their private investment drives earlier that resulted in over $1.8 million accumulated in that first round. Crowdfunding websites called Coinlist and Fractal were used for this purpose. After the successful culmination of the initial stage, Ocean Protocol is moving towards the next stage.
For the main event, Bittrex has offered the OCEAN tokens after a rigorous screening and selection process that vetted various parts of the ambitious data marketplace project. The sale is being handled by the Bittrex International digital asset trading platform and the sale itself went live at 1600 hrs GMT on Tuesday April 30, 2019.
Bittrex users wanting to back this project can do so by dedicating their BTC and purchasing tokens in their stead. The project itself is being supported by Ocean Foundation, a non-profit based in Singapore.
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