The Exponential Growth of Data

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As the data collection technology evolves at an exponential rate, we are witnessing the quality of life improvements across the board where this data can be used. However just collecting data is not sufficient to take advantage of the technological era we currently live in. Advanced machine learning algorithms and statistical models can be applied to terabytes of data, and the results can be sometimes surprising. Simply put, if you can collect data you are able to make inferences on said data and give more options to the decision makers.

Given the competitive nature of today’s market being able to leverage your collected data can make or break a business. Big companies like Netflix, Uber or Google known very well the advantages of managing and making sense of the data as with the help of these processes they gained their competitive edge, above and beyond. That being said, not every company has the financial capabilities of these companies that invest large sums of money in research and development. The smaller companies need a way to stay relevant in today’s market through some other innovations that will allow them at least a fighting chance against these giant companies.

DatabrokerDAO: the data marketplace

DatabrokerDAO plans to democratize the process of making use of valuable data by creating a bridge between data sellers and data buyers. Building a cost-effective data collection infrastructure can be a daunting task for many small companies. In the future, this will not be the case as more and more IOT (Internet of Things) devices are getting deployed, but for now, the maintenance costs for running these devices represent the primary barrier for most smaller companies. Having a decentralized marketplace where bigger companies can sell their data to other companies and researchers will enable them to make their IOT infrastructure even more cost-effective by creating a passive income through the Databroker tokens thus closing the loop where everyone benefits from the collected data.

There is a huge demand for high-quality data across the board! Academics and researchers usually use more than a source to confirm their inferences, having a marketplace where they can shop for their required data represents the next natural step in advancing research turnover times.

Data Processors: the knowledge traders

An interesting by-product of creating such a platform would have to be the rise of Data Processors. Individuals who have data processing and data enriching skills will be able to create data products that users, researchers, and companies can use right out of the box! The data in its raw form is hardly usable for any type of analysis. A data engineer needs to clean and shape the data in such a way that statistical models and machine learning algorithms can ingest it and output useful insights. Most companies nowadays cannot afford a dedicated team to perform these tasks so being able to employ professional individuals who can work project based will prove to be a vital step in their quest to understand valuable data!
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