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How GoodData Realizes the True Value of Data

Data is the product of the development of the times and technological progress, and it is also one of the most important production factors of the current era. To bring data into the market for economic benefits, it is necessary to clearly define the complete technical and regulatory requirements for ownership, control, use, revenue, and disposal of property rights.

For market order, data ownership confirmation is a prerequisite for data entering the market.

Blockchain has technical characteristics such as openness, transparency, non-tampering, programmable, and decentralization, and has advantages in realizing data ownership confirmation and economic activities.

To realize the ownership of data through digital identities, and associate digital identities with smart contracts and other subjects, so that everything can be expressed and managed with digital identities, and data management, transfer, and transactions can be realized.

Digital identity is not a simple identification, but a collection of user account data and behavior data. Data identity enables users to share data in a trusted environment with their consent, thereby realizing data flow and data value mining.

Data encryption is the basis of data security sharing. Data encryption is aimed at protecting the privacy of data owners, commercial interests, and data appreciation. Data transactions are conducted in an encrypted state, and the sharing and transactions of data use rights replace the direct transfer of original data, thereby ensuring data privacy and property rights.

Blockchain and data encryption can effectively solve the problem of data ownership confirmation and data circulation. The next thing is how to use it in reality. GoodData blockchain combines blockchain technology, privacy calculation and incentive mechanism, and integrates data verification, data circulation, data calculation, and data protection to realize data value mining.

1 GoodData system

1.1 Blockchain

Blockchain originated from Satoshi Nakamoto’s Bitcoin. It refers to the technical solution of collectively maintaining a reliable database through decentralization and trustlessness, and it is the basis of GoodData.

1.2 Smart contract

A smart contract is a computer protocol designed to spread, verify or execute a contract in an information-based way. It allows trusted transactions without a third party, which are traceable and irreversible. GoodData’s smart contract is used to support initiating queries, scheduling computing nodes, and remuneration distribution.

1.3 Privacy computation technology protects the safe circulation of data

The privacy computation technologies used by GoodData mainly include differential privacy, secure multi-party computation, federated learning and other technologies to realize intelligent applications such as private query and joint computing without trusting each other.

2 GoodData’s Token Economy

2.1 GooD Token

GooD is a native token on GoodData, which will be used as a medium for exchanging services between participants on the GoodData platform, such as data query or MPC computing services. The purpose of introducing GooD is to provide a convenient and safe payment and settlement mode between participants interacting in the ecosystem on the GoodData platform.

3. Cyborg-Goody, a digital identity for Metaverse.

Cyborg-Goody is a kind of NFT that represents digital identity. Digital identity is the basis of data confirmation in the metaverse, which is helpful to the management and circulation of data.

4. Application of GoodData in the medical field

Judging from the characteristics of blockchain technology, the medical and health sector will be one of the industries that benefit the most, because it solves the biggest problem in the medical sector in the past: the privacy and security of medical and health data. Blockchain technology provides a feasible “data privacy” solution for the medical industry. This is a solution that can be completely transparent yet respect user privacy.

GoodData starts with sleep data and encourages users to share their sleep data to promote data circulation and benefit from it. Medical institutions can use the shared data to conduct medical and health research under the condition of user data security. GoodData believes that in the blockchain environment, the value of data will be released to a greater extent in the future, which will also be one of the main features of Metaverse.

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A next-gen Metaverse-ready, secure decentralized platform that unearths the real value of NFTs via our multi-role NFT “Cyborg-Goody”.

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