DATUM: AN OVERVIEW
Data theft is definitely on the increase around the globe. Daily, individuals lose their data to criminals who extract and harness their data; selling it for profit. Scenarios like this, do not only threaten the privacy of individuals, but also puts these individuals at risk.
This is where Datum comes in. Developed by a group from Singapore, Hong Kong and Switzerland; the project intends to create a blockchain based network, where the data of individuals will be stored in a structured and secure manner; till they are able to reach a decision on what they plan to do with their data; whether to sell or share these information. This arrangement will not just ensure your privacy is protected, it will also let you share your data at your own convenience.
Immediately individuals upload their data on the network, they are provided with private keys to secure their data, as long as they do not share these keys with a 3rd party, their data remain safe within the system. The encryption guiding these data is futuristic and of a very high level, so your privacy is certain.
The project will operate by providing a blockchain ledger based NOSQL database; that will adopt a distributed and hierarchical structure. To make its data base completely reliable; Datum will adopt a KYC verification method. This KYC, will also preserve the storage nodes, making it part of the chain which lets the platform provide its members with data storage globally.
Components of the Datum Project
The Datum Project will house the following:
Datum Market: This is basically a market where individuals can not only store but also sell their data, anonymously. This will enable users share or sell their data anytime, at their own convenience.
Mobile Application: Datum intends to create a mobile application that will house an all encrypted data, before these information are sent to the blockchain network. This application will be very easy to use and can perform the following duties:
• With permission from users, the app will be able to get digital receipts from popular hosted email accounts. The data gotten from these hosted accounts can be utilized by researchers across different sectors; especially the advertising sector.
• The App can also keep tabs on credit card transactions from financial institutions with user permission; utilizing the harnessed data to provide companies with high quality data; showing details about consumers and their purchasing style.
The Datum Project will also feature:
• A decentralized data storage
• Archive preservation under nodes
• Periodic payment to select individuals to store and provide access to data with little or no delay
• Transactions beyond individual and user data, extending into areas and industries such as education and health.
• Safety for users, with measures put in place to deter hackers
• A provision for individuals to get rewarded for sharing their data with anyone they deem fit.
Final Thoughts
The project is a decentralized platform which adopts the concept of a high-performance database. The project saw a problem within the cryptocurrency market, regarding data theft, sharing and storage and came up with a brilliant way to solve these problems. This fresh idea is what sets the project apart from other projects within the cryptocurrency market; considering how much followership it has been getting, it is certain to succeed.
For more information about Datum , kindly visit:
Website: https://datum.org/
Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
Telegram: https://t.me/datumnetwork
Facebook: https://fb.me/datumnetwork
Twitter: https://twitter.com/datumnetwork
Writer bountyOx username: Crypto4ruby