According to one of the
reports by European Union (EU), the value of EU data economy was more than €285 billion in 2015, approximately over 1.94% of EU GDP. And it is projected that data economy would reach €739 billion by 2020. It also highlights that data economy has enormous scope in areas across health, food, security, climate, energy, transport, smart cities and such. Moreover,
IBM reports that data, especially Internet of Things (IoT) data, has become strategic assets that could be sold and exchanged. However, companies need to be very careful with the processing of sensitive Personally Identifiable Information (PII) such as name, age, race, sex, etc. with proper consent mechanism in place. As we have recently seen that one of the rigorous privacy law General Data Protection Regulation (GDPR) came into effect from May 25, 2018 in EU. Any data breach incurs significant penalty for both data controller (who collects the data) and data processor (who process the data on behalf of data controller).
Quadrant Protocol is believed to be leveraging on the same data economy scope, however with the robust use of blockchain technology (Ethereum blockchain but it could be substituted with public chain if needed) and at the same time being compliant with regulations in place. Quadrant states that at present there is widening gap and lack of authenticity of collected data. The reasons mentioned are - no proper incentive process for data suppliers, and as well unfair distribution of revenues between data producers and data vendors. Therefore, Quadrant aims to solve these problems by facilitating a blueprint for mapping disparate data sources and eventually aiding to produce robust analytical decisions with proper incentive structures and compliance mechanisms.
You could learn more about Quadrant in it’s
website,
whitepaper,
telegram group and
ANN thread.
