For any company that is blockchain-powered, the question of “Why Blockchain?” is common. Naturally, most would have similar answers. The keywords ‘fair’, ‘trust’ or ‘fast’ tend to come up more often than not.
The Omnilytics Platform believes in the same concept but reaches far beyond.
The goal of Omnilytics is simple: to power the world with market intelligence. We started with the retail sector first, covering real-time market trends, competitors’ performances and assortment strategies.
However, we realised there was a bigger picture. Five of the most valuable listed firms in the world are data companies, and they control most, if not all, of the cross-industry data — limiting access to smaller companies and favouring the big players.
What if there was a new approach? What if we created a data infrastructure, one that powers the future of data economy?
To be the frontier of the data economy, we needed to leverage on the power of Blockchain.
Distributed Data Network
With Blockchain, Omnilytics Platform has the ability to provide enterprise-grade data and machine learning tools for everyone. By aggregating datasets and combining them with crowd-sourced and underutilised artificial intelligence, we are able to produce infinite use cases that will benefit multiple industries.
Blockchain acts as a catalyst in our architecture, as it powers our smart contracts, distributed data fingerprinting, data exchange and other protocols and APIs. The technology gives us the best of both worlds: maintaining competitive pricing and providing quality data to our community. In fact, users on our infrastructure can easily develop and utilise our data services without any form of background in the blockchain.
With our blockchain-powered data infrastructure, it has the ability to:
Any usage of data is traceable on the network. Data partners have the capability to track the performance of their data, and payment is also dependent on the usage of data.
With blockchain, we can crowdsource for nodes to verify data, distributing pieces of trainings tasks in parallel roads. On a decentralised model, we are able to enter 20 new industries in a year, while maintaining our current standards.
The more efficient process allows us to understand data consumptions, as every transaction and purchase of data are immutable and recorded on the blockchain. Through this, we are able to understand the demand for certain sets of data and prioritising them, in turn making full use of the transaction data on the blockchain itself to better our business model.
Ensure Data Integrity
More importantly, blockchain enables our data validation and categorisation model to be equipped with full transparency and auditability. This ensures the price competitiveness of our services, as well as provides a key strategic advantage in the verifiable and transparent quality of our data.
The benefits listed above are one of the reasons why we turned down an equity round in favour of the ICO, as we strongly believe there is a need to disrupt the current data economy. On the grander scheme of things, we believe that with blockchain, Omnilytics Platform will transform various landscapes across all industries towards the better.