Upcoming ICO's and ITO's To Watch For - Redefining The Meaning of Data Ownership

bloggersclub (65)in #blockchain • 7 years ago

In the age of big data, data is undeniably the world’s most valuable asset, and yet there lacks a clear definition of data ownership and an even less of a clear framework for claiming and protecting rights of ownership over this invaluable asset. We define data ownership as having the right to control data and claim the profits generated from the data. The challenge is that since data can be easily copied by anyone, they could hold the same control over the data as the original owner. It is extremely difficult to clearly assert ownership and defend your rights as the legitimate owner of the data.

Current solutions in the market for “secure” data exchange between two parties rely on a trusted third party, such as a centralized data exchange. However, these “trusted” third parties are profit-maximizing organizations with their own agendas, and are storing data in the absence of authorization, neglecting data privacy, and even engaging in data fraud.

In the 1960s, Steven Levy’s Crypto put forth Turing Award winner Whitfield Diffie’s concept of a “decentralized view of authority”. Diffie’s vision was to solve problems of data security during data exchange through cryptographic tools. In 2008, with the introduction of Bitcoin and blockchain technology, it finally became possible to realize Diffie’s vision.

“Data privacy and decentralization of power will build trust between non-trusting parties and allow data to realize its full value”, said Alexander Chen, co-founder of Ownership Foundation, “Now is the time to reshape the traditional data landscape and build a new paradigm of collaborative computing and data sharing, and usher in a new era of business cooperation, security and economic prosperity”.

The Ownership Foundation is responsible for building the Ownership System, a decentralized privacy-preserving data computation platform aiming to create a blockchain-based data ownership protocol on top of the OSI Model’s Seven Layers of the Internet.

“By incorporating zero knowledge proof, homomorphic encryption, and secure multi-party computation, the Ownership System delivers a secure data computation and data exchange solution.”, said Alexander. “People can access the results generated from conducting computations on the data, but they will not have access to the underlying raw data”.

Developers can also build decentralized privacy-preserving applications on the Ownership System.
In 1998, computer scientist Nick Szabo stated in his paper that “doing business on the Internet requires a leap of faith”. In the digital era, data protection and ownership decide a company’s destiny, and companies are rightfully sensitive about data security and data privacy.

The Ownership System solves the problem of data privacy during data computation and exchange, lowering the barriers of cooperation, and thus promoting inter-organizational and intra-organizational cooperation.

We welcome your participation in upcoming ITO!

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