Datum is a decentralized and distributed high performance NoSQL database backed by a blockchain ledger. This technology allows anyone to securely and anonymously backup structured data from social networks, wearables, smart homes, and other IoT devices. Datum provides a marketplace where users can share or sell data on their own terms.
The Datum network aims to provide entities such as researchers, companies or individuals the most efficient and frictionless access to data while respecting the data owner’s terms and conditions. By becoming a dominant data marketplace,
Datum aims to revolutionize the existing data market where data creators are rarely paid for the data and the monetization happens by middle men who do not add any value.
The Datum network will support initiatives that aim to increase control of data by their sources (e.g. individuals). We aim to work towards a future where data is first and foremost owned by their creator (e.g. an individual posting an image) and where the creator can choose to share, monetize or destroy this data based on their own purview.
Data Sharing/Security and Monetization
Everytime a Data Owner shares personal data on the blockchain, they will have a 100% transparency and control into how, when, who, and what their data is being used for.
Data Owners will be able to store, share, and retrieve their data at their discretion. The distributed storage of personal data will prevent breaches and create trust in the Creditor platform.
Data Owners who share their personal data in the marketplace will receive compensation for usage.
Data Verification and Trust
Data Verifiers will serve as nodes in the marketplace to ensure that all data being shared is accurate and of quality.
Nodes are paid in DAT token.
This Data Verification System provides data buyers with the trust that data purchased is accurate and of quality.
*This is a primary element in the Datum ecosystem as no other competitor platform has the ability to do this.
Data Buying Decentralized
Blockchain provides a solution that benefits Data Owners and buyers alike by delivering trust to both parties
Business Overview
Significant Problems Facing Individuals and Corporations: Trust, Security, Ownership
The data industry has grown at an unprecedented rate and is projected to grow at an even higher rate in the coming years. We as humans are currently producing 2.5 quintillion bytes of data daily. This will only increase exponentially as currently it is estimated only half the world’s population has access to the internet.
Trust Problems In Global Data
Over the recent years there has been a corrosion of trust around data between individuals and organizations. In light of recent events (Equifax,
Cambridge Analytica, Yahoo) this corrosion has been accelerated and individuals are questioning more than ever whether they can trust centralized
data silos and how corporations are using their data.
On the corporate side, there is a growing distrust over the quality and accuracy of user data. Individuals will provide false or inaccurate information
just to receive or partake in a benefit. In a recent study 1 in 3 business leaders do not trust the data they are using to make sound decision. This can be for a variety of reasons like faulty, ambiguous, or incomplete data.
There are a few major problems regarding trust that individuals and corporations face in today's global data ecosystem:
1. Currently the use of individual data is controlled by a central authority with no transparent insight to the individual on how, when, for what, or
who is using this data. There is no solution in the marketplace currently that allows individuals to track the usage of their personal data. It’s
being resold, mined, and used for various different purposes to influence decision making and to create deep consumer profiles. In the
infamous case of Cambridge Analytic, a firm scraped and mined information about Facebook users to influence a political outcome.
2. It’s expensive for corporations to audit, verify, and correct data they receive from individuals. This effort costs $3.1 Trillion in the U.S. alone.
Most of this work is performed by knowledge workers who require quality data to provide accurate predictions. Individuals are not incentivized to provide accurate data and therefore corporations in many cases receive incorrect or faulty data in exchange of service to the individuals. Many people create a “spam” or “fake” email account to sign-up for services in order to not share their data. This behavior has created a distrust amongst business leaders in making sound decision.
There are hundreds of millions of people that need a solution to track the use of their data. And there are millions of data buyers and collectors who need a solution to receive quality, complete, and accurate data. In order to build global trust for individuals and corporations alike, we need a universal system that provides individuals with transparency into the usage of their data, while simultaneously providing corporations with quality data. The decentralized data marketplace in Datum will accomplish transparency for the individuals, and provide quality and trustworthy data for corporations.
The Datum network model could provide a basic income for everyone by allowing them to monetize their anonymized data.
As user of Facebook, Google, LinkedIn, Twitter, Yahoo and similar services – every year you create an excess of US $2,000, created directly from your personal data alone. For corporate entities, the value is even greater. This is only the value represented by data in each of these “data silos”, when you connect this data, the richer and wider the information, the more money it is worth.
What if you could monetize this data yourself, deciding yourself how much you are willing to share in return for rewards and new opportunities.
There is already a worldwide data market enabled by various data brokers that collect all types of personal data from various databases, Datum is the secure and decentralized alternative.
For more information visit:
Website: https://datum.org/
Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
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