What will the partnership between Mattereum and Ocean Protocol Foundation involve and why is it important?
Society is increasingly reliant on data, especially with the advent of AI. However, the data are accumulating in the hands of a small number of organisations with both massive data assets and strong AI capabilities. Other companies may have good algorithms but without access to data to train them, they cannot compete. The data market looks increasingly monopolistic, with the most likely path for many holders of valuable data being acquisition by one of the dominant players.
Ocean Protocol Foundation is facilitating the fairer and more efficient distribution and exploitation of data by creating a safe and transparent exchange protocol that lets people share and monetise data.
One of the difficulties of handling data and data ownership, especially on an international scale, is that different countries have diverse and complex regulations about it. In addition to that, the resolution of disputes over data assets tends to be technically complex. These factors slow the development of technology around data and also add to the tendency to accumulate data resources in the hands of a few players.
Mattereum will underpin the technology of Ocean Protocol with a legal-technical platform comprising a system of smart contracts, natural language contracts and procedures for dispute resolution. Ocean Protocol’s team of developers will work alongside our team of lawyers and engineers to deploy these so-called Ricardian contracts — smart APIs for the legally-enforceable transfer of property rights will serve as the glue between the complex and bureaucratic legal world and the fast-moving digital world of data, ensuring confidence in operations on Ocean Protocol’s platform.
Mattereum sees this partnership with Ocean Protocol as an important step towards clearing the legal obstacles to full integration of the digital and the material world — something which will come as naturally to future generations as e-commerce does to us today.
Our shared vision for the future of data handling is an ecosystem in which:
- ownership of every unit of data is transparent and clear;
- data sharing and exchange is facilitated by safe and auditable systems that promote cooperation and research;
- payments for data are distributed between data providers and other participants of the ecosystem in a fair, transparent and automated way;
- smart contracts that govern the movement of assets in the ecosystem are connected with the legal systems in place, ensuring legal enforceability;
- disputes in the ecosystem are resolved efficiently by technically competent arbitrators.
Learn more about Ocean Protocol: on the website.