The beta version of the Ocean Protocol blockchain platform marks the beginning of a new era of data economics

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Singapore, April 10, 2019 / PRNewswire / – Ocean Protocol, the world’s first data access platform, based on blockchain technology and bringing together individuals, business, startups, governments, as well as experts in the field of data and AI , announces the launch of a beta version of its network. Ocean Protocol is a substrate (technical stack, on which blockchains are built), allowing users to create data services and trading platforms on top of it. Its mission is to provide secure, confidential and borderless access to data in order to participate in the data economy.

The Ocean Beta opens the way for collaboration with representatives of the private and public sector in the areas of research, insurance, retail and healthcare, who will use the experimental version of the blockchain platform to access data. Ocean’s current partners are AI Singapore, Aviva, Unilever, Johnson & Johnson and Roche, which plan to use the Ocean Protocol to create data standards and secure and reliable access to them without compromising privacy or infringing the rights of data owners.

“Today’s beta release is an important milestone for our project and society as a whole. It symbolizes the beginning of a new and open global data economy. After the beta release, data processing and analysis specialists and developers can begin to create new services and applications and experiment with using the Ocean Protocol, “said Bruce Mon, one of the creators of the Ocean Protocol.

Despite the fact that in the world huge amounts of data are generated, until now there has not been a safe, confidential and borderless solution that would allow us to participate in data economy. Every day, 2.5 quintillion bytes of data are created worldwide [1], and thanks to the digitization and development of the “Internet of Things” technology, the amount of data continues to grow at an unprecedented rate. However, only 1% of this array is analyzed [2], [3], which leads to an imbalance of demand and supply of data. Access to data remains limited, as they are scattered and rarely available for use. This happens because their owners are afraid of losing control over the data and are afraid of violating data protection laws if they are granted access to them.

According to a recent report on the state of the data economy of the company Digital Reality [4], many countries realize no more than half of their current potential in the field of data economics. According to the report, in 2016 only in the UK and Germany, the untapped economic potential of using data in 2016 was about 140 million euros.

Ocean Protocol uses blockchain technology, smart contracts and tokens to ensure safe and reliable access to data, ensuring control and the ability to perform audits without compromising confidentiality. This technology allows organizations and individuals to set prices for data and trade them, while maintaining control over them. Smart contracts allow data owners to program conditions for accessing data that is strictly enforced. This provides owners and buyers of data with transparency and security, as well as guarantees of payment and use.

In addition, Ocean allows algorithms and models to be embedded in the data and be trained on their basis, and then leave them without violating their confidentiality and making a copy, thereby ensuring compliance with the law and freeing up data for the development of AI and solving economic and social problems.

“Ocean allows people to unlock the value of data without necessarily disclosing the data itself. It is a substrate that finally allows you to realize the potential of an open, censory-resistant data economy, while maintaining confidentiality,” said one of the creators of the Ocean Protocol, Trent McConauchy. “We welcome the first users who are already implementing their solutions in our network and look forward to the emergence of dozens, hundreds and even thousands of other marketplaces and applications created on the basis of Ocean, which will help to derive data from closed bases and solve important world problems in various industries, including automotive, energy, health, and others. “

Ocean Protocol is an open source project. Developers from around the world can take advantage of the full range of Ocean technologies and connect to the beta version of the Ocean network Data processing and analysis specialists and engineers can use the Ocean application programming interface to search, publish, and consume data on the Ocean Protocol network. They can create pre-configured JupyterLab virtual machine instances for Ocean Protocol in their browsers. Together with the beta version of the platform, the marketplace for free and publicly available data is launched, which will allow the use of data for public health purposes.

Sourced from TASS.ru and machine translated for your benefit

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