Finding a new way to overcome the challenges in the data economy
Do you know how much of our data is accessible to Google? From the Gmail history, it can learn about our shopping behaviour, subscriptions and other information which will be valuable to the advertisers for finding their target audience. It can easily find out your location if you have enabled the location services on your Android phone. This information will help the businesses to find out the potential buyers for their products/services based on their geographical location. The Top three companies Google, Facebook, and Apple, possess the enormous volume of the personal data of billions of people all over the world.
As the large volume of the consumer data is controlled by these three companies, many others are struggling to get rich and high-quality data which are needed for the development of AI-based machines. To make the AI-powered robots/machines to learn itself, it needs to be fed a large amount of data. For example, if someone is developing an AI-based chat robot for a bank, then a large amount of customer queries needs to be fed into that machine so that it can learn to give the appropriate answer for the questions.
Currently, there are four main challenges in the data Economy which requires much attention. They are given below:
- Fake/Unauthentic data – Quality of the data is poor and unusable
- Bridge the large gap between the expected and the available data – Free data is widespread across many areas and there is no way for the companies to get access to this kind of data.
- Unsustainable Ecosystem – No one will be interested in providing information at free of cost.
- Unfair revenue distribution – Original data producers are not getting fair compensation for their valuable data
To solve the above-listed problems in the existing data economy, an innovative blockchain based platform named Quadrant is under development. What is Quadrant? Quadrant is a blockchain based protocol that aims to provide an organized system to create, access and distribute the decentralized data. In this way, it would like to make the information which is kept in silos by the big companies to other businesses/companies also.
Also, Quadrant will help the original data producers to get a fair compensation for their high-quality data. Because they don’t get many rewards in the existing data economy. To learn more information about the platform, kindly visit https://www.quadrantprotocol.com/whitepaper.pdf
The Quadrant protocol consists of the blockchain, Guardian nodes and the clients (Data Producer, Data Consumer and Anchor). The protocol can handle more transactions in a short time because it will be operating on a Proof of Authority Consensus mechanism. Anchoring will be handled using the Ethereum based blockchain network. Quadrant platform involves 5 main participants which are given below:
- Nurseries – Atomic data providers
- Constellations – Smart contracts
- Pioneers – Entities that create the data
- Elons – Entities which utilizes the created data
- Guardians – Master nodes which will protect the integrity of the data
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