New Marketplace Democratizes AI Advancement

hatu (76)in #ico • 7 years ago (edited)

Artificial intelligence is arguably the most important technology today, and its importance is only increasing. Presently, machine learning is one of the driving forces behind AI advancement. Due to the heavy amounts of data (as fuel) that machine learning requires, only deep-pocketed institutions can participate in this important market.

The Present State of Data Acquisition

Data is a valuable resource that currently needs the usage of middleman who acquire it on behalf of an entity. These middlemen are primarily consulting firms or boutique research agencies.

These middlemen acquire data in two ways:

They utilize established networks to acquire small pockets of data already present in the market to create valuable, heavy data repositories
Other times the data required already exists but is distributed among various small and medium sized entities to which the middleman do not have access. So, they conduct their own field or lab work as necessary to provide data and this can often be extremely expensive.

Given that the major buyers of data are large corporations that specialize in their own industries and focus on their own competitive edge, they outsource the data acquisition and that allows the middlemen to easily charge heavy margins. These margins are often unaffordable by smaller institutions.

Democratizing AI

Middlemen acquiring data are part of the current data market, but the blockchain revolution is about to change this.

RepuX is a new decentralized marketplace that aims to develop a secondary market for data. Small businesses and institutions across the world have access to micro data assets which independently hold little value. However, RepuX allows the opportunity to purchase data from various sources on its marketplace. This gives way for anyone to enter RepuX’s marketplace and purchase data to advance AI.

This creates direct value for entities that used to sell to middlemen as they can now directly access the market value of the date they hold. Additionally, RepuX democratizes access to data by creating a market equilibrium by directly connecting supply with demand on a single platform. As a result, middlemen are removed and costs are significantly lowered.

Now, the barrier of cost in advancing AI will be mitigated. Moreover, the ease of accessing data via a convenient channel is being established. This gives way for start-ups to successfully compete against existing giants in the tech industry. The direction artificial intelligence takes will now be accessible to anyone and everyone.