DAChain - Securely Trade and Monetize Personal Data
March 13, 2018 --
Bringing the Power & Value of Data to the Blockchain
Millions of terabytes of data in the form of emails, messages, financial data, and more, crisscross the globe every hour. There are countless other forms of data that are collected and stored every microsecond as well by all sorts of companies, agencies, and organizations, both public and private. The original applications of data have changed dramatically over the past 15 years or so, and the new world order has everyone competing on information and analytics. The rapid improvement of technological solutions in other areas, such as storage and AI, has also improved the sophistication with which companies use data for building competitive advantage.
Blockchain technologies can be used to create systems that efficiently and transparently use data without a loss of privacy. This is one reason why the financial industry has taken note of the benefits of having customer financial data moved to the blockchain. However, in traditional financial setups, most processes are inflexible, and including new types of information in the decision or analysis chain is difficult. Traditional bank accounts, as such, cannot support distributed business scenarios, so a cloud store of data that harnesses a wider range of user information - or data assets - on which to perform business processes and make assessments and decisions is needed.
The DAChain Solution & its Benefits
DAChain - or Data Assets Trading Network - is essentially a big data trading network that enables people to not only monetize data that they generate on their own but also to benefit from wider use cases of their data assets. It even offers easy access to data assets without so much as an ATM or a mobile phone, and deeper levels of data and information built into personal credit self-assessments. The DAChain system uses advanced data mining and modeling with AI analysis of audio and visual records, along with raw data and data collected from crawlers and third parties, to generate the data assets that are the foundation of the system.
All that users need to do is run DAChain's easy-to-use open-source big data tools and models to conduct their self-credit rating. That rating can then be traded with selected institutions in exchange for fiat-exchangeable Data Assets Credit Tokens, known as DACT.
At first glance, this may seem like an overly complex solution to what everyone may agree is a major challenge, but upon closer inspection, the elegance of such an approach is infinitely clear:
• Data accuracy: Users themselves are involved in the data generation and sharing process, meaning inputted data is more relevant and accurate
• Privacy & security: Because personal information is stored securely on the blockchain, people will be more willing to submit and authorize the use of their personal data assets
• Democratic: A monopoly of data and information silos is avoided
• Fast: Problems of illiquidity and information delays are avoided entirely
• Deeper dimensions: Numerous applications can be built on top of the DAChain system, all of which use different types of input data i.e. richer, more comprehensive solutions and experiences can be built
Consider the last point: while standard banking assessments take into consideration an individual's basic verification documents and criminal record, there is no mention of the person's educational background, biometric information, legal status, or social activity. These are things that are extremely private, yet they are a goldmine when it comes to analytics and drawing insights. Using DAChain allows institutions to unlock this value in a safe, secure, private, transparent, and cost-effective way.
What's Next for DAChain?
Blockchain technologies have dramatically shifted the trajectory of businesses and industries all over the world, just as big data and data mining techniques have done over the past several years. DAChain is an ambitious project that aims to bring the best of both technologies to one platform and to give that power - the power over financial transactions, personal data, and personal records - back to private individuals to use and benefit from as they see fit. The future is changing, and DAChain promises to help everyone join the movement.
Towards that end, December saw the completion of the first round of the private pre-sale. Round 2 will be completed in April. In May, tokens will be released to investors, and DACT will be listed on a number of exchanges. Q4 will see the completion of all data collection needed for the system and development of the trading platform. New modules, including mobile mining and cloud accounts for use in business contexts, are slated for the middle of next year and 2020.
DAChain has brought together numerous pioneers and visionaries from the tech and financial industries. Dr. George Vukotich, the CEO, is a highly regarded businessperson, academic, writer, and founder with corporate experience with both IBM and Accenture. Jing Zhao Cesarone, the CMO, has extensive consulting experience in the corporate, government, and non-profit sectors.
Dr. Tian Xia, an expert in data warehousing, databases, cloud technologies, and social networks, is the CTO, and he brings with him a wealth of experience from companies such as Amazon, Oracle, and Facebook. Finally, Dr. George Cao is a recognized leader in the financial products, quantitative investments, and data analysis fields, and he is DAChain's Chief Scientist.Media Contact
Company Name: Data Assets Foundation Ltd.Contact Person: Chongguang Fu