Good Data Good Value — How Dataeum guarantees good data quality
More and more people are learning to look after their data. This can be seen with the increase in social media accounts set to “private”. Another trend is companies offering more control to their customers with regards what happens with the data generated on their platforms. This signals that time is right for a more equitable relationship between data creators and corporate data users — a symbiotic relationship with mutually beneficial outcomes. With the losses in the data market being valued at an estimated $3.1 trillion in the United States alone, how does one address the problem of increasing data quality? After all, improved data would prove to be more valuable to everyone in the data economy.
Dataeum has developed a system that aims to set and retain a sustainable value of data. Following crowdsourced data collection, the process includes Proof-of-Existing Data, Proof-of-Constant Data and Proof-of-Trust — it is expected that the data generated and placed in a decentralized Marketplace will be of a high and dependable quality. How the elements fit together is an important part of an ecosystem that empowers the people collecting or generating the data as well as the company purchasing the same data.
The first step is proving that the data exists, for instance a new shop in the commercial district of a city. This is simply done by the collection of data of the new shop from Dataeum’s proprietary app. The next step, to make certain that data collected is correct, a second and different user also collects and verifies the same physical data. This is a method of verifying the physical data as well as checking the quality of the initial data collector. If both sets of data match, the data will be considered as valid. If not, the data remains invalid until a further collector validates it.
As we live in a dynamic world where we can assume data has a high potential to change. Perhaps temporary road works obstruct the same shop front that was first collected some time ago. This is why Dataeum works to assure a constant accuracy by regularly updating data in a Proof-of-Constant Data exercise. Since we can assume that data’s accuracy rate will decrease progressively on a monthly basis, an algorithm will guide collectors to maintain up-to-date data. This will mean new images collected of the same shop front in its current state, thereby ensuring constant updated and verified data.
Another initiative to help maintain a high quality of data is the Proof-of-Trust exercise where the actual data collectors are continuously evaluated. To make the process more efficient, the collector will be rated, or be given a “quality score” for their collection services. The more collectors initiate, update and verify data correctly, the higher their “quality score” will be. A higher quality score leads to a higher level of “trust” leading to more attractive incentives. In order to encourage and maintain well balanced collectors, they will be guided through the app to try the various stages of gathering the data. This way collectors will have an opportunity to try all of the different types of data collection actions, namely initialization, verification and updating.
Once the data is verified and introduced to the marketplace, the blockchain will make that data unalterable, guaranteeing the transparency and traceability of its validation process: collection, verification, update. Tamper-proof, immutable and decentralized, the blockchain ensures the integrity and verification of the data available on the marketplace. This brings confidence and security for end users of data… and most importantly a sustainable revenue stream for the collectors of that data.
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