Your data is likely your largest business asset. Do you know its value?
Data is now the world’s most valuable resource. While nearly every company collects data, few leverage their data to its full extent. With the exception of technology firms that built their businesses on the backs of big data, the majority of companies today sit on mountains of underutilized information that can, and should, be securely shared and monetized in governed, privacy-protecting, and ethical ways.
In a recent survey, 61 percent of consumers indicated that sharing consumer data is not a good thing; however, when a follow-up question asked if they would look more favorably on a company that distributes data without any personally identifiable information (PII), if the use of that data would help make the world a better place, 45 percent answered yes. …
Several crypto projects are raising millions of dollars in ICOs to build decentralized data marketplaces, including IotA Data Marketplace (a highlighted use case for a $15B market cap altcoin), SingularityNET (launching their $36m ICO today), Datum (completed their $7.8m ICO several weeks ago), and Ocean Protocol. Data syndication and selling data is a huge industry, and is a hard enough problem in the pre-crypto centralized world. Selling data in decentralized, trustless crypto-land introduces even more challenges — some of which are potentially insurmountable. Here are some of the hardest issues these marketplaces will face:
1. Faked and Doctored Data
In a regular data marketplace, the collectors, sellers, and syndicators are generally operating in good faith to provide good data. In a trustless crypto-driven marketplace, you may have no idea who the sellers really are, and if their data is even genuine. Data could be fabricated in a convincing manner to look like real data, based on replaying actual historical data with statistical variations. Or they could be injecting a bias into otherwise real data, censoring or altering part of it, or otherwise manipulating the data. …