DATUM NETWORK: SOLUTION TO THE PROBLEMS IN THE DATA INDUSTRY

Introduction

The 21st century has witnessed immense achievements. Humanity has been able to conquer many grounds through the utilisation of scientific researches and application of technologies. All man’s achievements, both the ones now and those to come, are made possible through accurate utilisation of available data. Proper data management and general data economy cannot be overlooked in the contemporary world. There are several shortcomings with the data economy which need to be looked into. The good news is, Datum has been enacted to curb these drawbacks. Datum was set up after thorough research on these drawbacks posed by the traditional data market.

There is the need to motivate data producers and consumers to achieve an equilibrium in the data market. Such incentive will promote better and accurate data production and processing as well as creating proper market for data consumption. The multiplier effects of this are better and reliable data production, consumption, and ultimately, economic development.

The data market is fraught with multiple challenges that are strangling the growth and development of the market. The market needs proper platform for data management and economy, which will enable a win-win situation for all stakeholders and liberalise the market.

Aims:
Datum Network aims to achieve the following:
● to decentralise the data market and provide incentive for the stakeholders
● to discourage the stifling activities of middlemen in the data industry
● to provide a platform that encourages monetary rewards for data originators.

The problems facing the data market:
● Restrictions: the current data silos owned by big corporations across the world place some restrictions on data. There are limitations to what you can do with your own data.

● Lack of incentives: while companies like Google, Yahoo, Facebook and so on have access to millions of data every day, the originators of those data get nothing in the end. On the flip side, they have right to utilise those data or sell them to companies for monetary benefits.

● Middlemen: in the data market chain, middlemen are the only ones who do not bring anything to the table but take away the larger chunk of the goodies.

Solution proffered by Datum:
Datum Network is a firm that has designed an efficient platform to solve the problems faced in the data industry.

Datum created a decentralised platform using blockchain technology to incentivise all the stakeholders involved in the data economy with the exception of the parasitic middlemen. Datum platform gives data producers control over the data they produce. They can choose whether to share them or monetise them. They have absolute control over their data. Thus giving the the incentive to produce more with better quality. While truncating the influence and exploitation of middlemen in the industry.

With Datum Network, data authenticity and source can be ascertained. This will further reduce the proliferation of duplicate data in the industry.

Product (Datum App) :

Datum app currently runs on android and IOS operating systems.

DAT (OFFICIAL DATUM TOKEN) :
Datum token (DAT Token) is the basis for all transactions on the Datum Network.
DAT is already trading on top exchanges as mentioned in my previous article, and you can view the current markets from here https://coinmarketcap.com/currencies/datum/#markets or check images below for preview :

Conclusion:
Using smart contract and distributed ledger technologies, Datum has been able to profer solution to the problems in the data industry. It is now possible for consumers to have direct access to data generators.

Datum platform utilises technologies to breach the vacuum between data producers and consumers while eliminating the barrier of middlemen. It creates a win-win situation in which consumers have access to unadulterated data while producers get reward for their efforts.

For more insight about this remarkable project (Datum) , visit the links below :
WEBSITE : https://datum.org/
Whitepaper : https://datum.org/assets/Datum-WhitePaper.pdf
Blog: https://blog.datum.org/
Telegram : https://t.me/datumnetwork
Facebook : https://fb.me/datumnetwork
Twitter : https://twitter.com/datumnetwork?s=09

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