Blockchain startup Datum, powered by Ethereum, BigchainDB and IPFS, is creating a global data marketplace by turning data into tradeable commodities.
Infamous China’s ban of ICOs, including token-sales of Ethereum-based coins, and shutdown of the top-three country’s exchanges made a lot of buzz lately. Ether plunged together with Bitcoin and other major ctyptocurrencies not only on Asian markets, but around the world.
Recently, ICOs (as well as blockchain tech) have been attracting exorbitant attention from the side of startups being a perfect instrument for fundraising, which can be efficiently used almost in any sphere- from software and apps‘ markets, to food industry and real estate.
Given that, it’s possible that over time, China may reconsider, but in the meantime there is a lot of speculation as to why its financial authorities did what they did. It is very likely that the People’s Republic of China wishes to reduce the number of exchanges to better control the ones that are left. Maybe Chinese regulators want to take a controlling position in such exchanges.
Companies doing business in China are currently cancelling ICOs and returning the money to their investors. This makes a lot of Chinese startups, which may have not enough funds or willingness to deal with new game rules, simply move to such ICO-friendly destinations as Hong Kong, Singapore or Japan, or try find more viable ways to finance their projects and work within new limitations.
Datum, a blockchain-based startup, works to provide a decentralized marketplace hoping, that over time, such countries as China may come to the realization that more appropriate valuations of data and information may make the process both fairer and more lucrative.
The methodology for monetizing the data is built around a Blockchain platform where client data is protected on a decentralized NOSQL database. Users are able to take advantage of the platform by storing any sort of structured data, whether social media data, wearable device data, or IOT data from smart devices. The tech also provides a marketplace where users can share or sell data on their own terms.
At present, the business of data sharing is something of a one way street being dominated by infomonopolies with resources and access to users’ personal data via social networks, etc. There are also big security gaps when it comes to where data goes and what is done with it.
Datum believes that if there was marketplace for data that worked in both directions, data could be used in a fairer way.
As an example, Datum has a client that specializes on reading satellite GPS positioning. Abnormal movements often signal about an upcoming earthquake. This client was actually looking for an AI platform able to analyze the data to determine the possibility of an earthquake. While the usual server- or cloud-based AI infrastructures would not be adequate, a distributed blockchain-powered system – such as the one DATUM provides – ensures that the data would be sent and processed in a fraction of a second.
Datum’s emphasis on fairer data usage and dissemination is believed to help individual users better quantify and monetize their content, making the entire process more valuable.
The Datum Token Sale will run from 17th October till 17th November.