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Fetch.ai, the Cambridge-based artificial intelligence lab developing an energy-efficient and scalable blockchain network, has announced the release of DabbaFlow, according to a press release on June 28.
DabbaFlow is ready-made and incorporates an end-to-end data encryption model for the secure transfer of files and all forms of data on the highly reliable and secure Fetch.ai blockchain. According to the development team, the tool will also double as a data management product that will contribute massively to developing powerful artificial intelligence (AI) models relevant to the blockchain.
With increasing digitization, globalization, and collaboration, accelerated by the COVID-19 pandemic of early 2020, more data is being uploaded by individuals and startups. However, most existing solutions are fallible considering the number of data breaches in the past three years alone. Interesting statistics from the Identity Theft Resource Center revealed that data breaches rose to a record high in 2021, rising by a whopping 68 percent year-on-year to 1,862 from 1,108 in 2020.
According to the study, incidents of data breaches leading to the exposure of valuable, private details to unauthorized third parties are expected to rise in the years ahead. Fetch.ai subsequently provides a fitting solution to facilitate smooth and secure transfer and management of data over the private and AI-guided Fetch.ai blockchain. Entities using DabbaFlow would shield themselves against hacks that often have irreversible reputational damages, severing business ties.
According to Humayun Sheikh, Founder and CEO of Fetch.ai, DabbaFlow represents the shifting needs of businesses and their leaning toward dependable and secure platforms for handling data. As a data management tool, DabbaFlow helps create powerful AI models that will lead to even deeper insights, depending on the client’s needs.
“If data is the new oil, we need rigs and refineries that keep up with the times. People are beginning to understand how valuable their data is and with the paradigm shifting towards more secure and decentralized solutions, new business models are emerging. DabbaFlow is here to provide the data management tools to create powerful AI models that are relevant to a distributed web.”
DabbaFlow is the first addition to the CoLearn Ecosystem comprising dApps in various sectors, including finance, supply chain, and more, leveraging Fetch.ai’s capabilities to build highly efficient and effective solutions. The data management tool is native to Fetch.ai and will be readily available for clients who want to transfer data securely in a transparent and auditable manner.