2 September 2020

OCEAN Protocol (OCEAN) Decentralized Data Marketplace

Data is the oil of the 21st century. There are no two ways about this fact. Governments and corporations are ramping up their efforts to get a larger piece of the pie that is control over global data systems. The level of control that any entity has becomes a concern in the context of equitable access and the privacy rights of individuals globally. 

Centralized Data Marketplace, ocean protocol, data economy
Source: Medium (DEX)

If the internet democratized the dissemination of information, the blockchain aims to do it in both finance and data. The advent of Artificial Intelligence and the Internet-of-Things (IoT) has made the democratization of data control even more important. 

What is the Ocean Protocol (OCEAN)?

The Ocean Protocol aims to become the global decentralized data exchange platform of the modern age. People can share and monetize data on this protocol while retaining control, privacy, and transparency in all interactions they have on the platform. The overall objective for more equitable use of data is one that is ripe for this age. The new data economy that will result from this decentralized model can be a template for this digital age.

OCEAN Protocol Data Providers & Data Consumers
Source: Ocean Protocol

This network has an interwoven protocol to cater to the business, technical, and governance needs of all kinds of individuals and organizations. Uses can share and sell data and services securely on the protocol. The protocol stores metadata and links to data providing a licensing framework and a mechanism for pricing. As such, any data marketplace can leverage the efficiency of Ocean Protocol to provide “last mile” services. 

This utility ensures that all data providers and users on the data marketplace can interact seamlessly. Data owners can’t be locked into a single marketplace and retain control of each dataset.

Unlocking Data

Therefore, the protocol unlocks data and allows it to be used productively. Data monetization should not be the preserve of large entities and prominent persons. Every person or entity with useful data can share and monetize it effectively without compromising on control or security. The data marketplaces on the Ocean protocol are a timely introduction to a world that needs simplification and democratization of data systems.

Anyone can launch their data marketplace on Ocean Protocol and bring this organization to fruition. Provides there is a demand for your data, this protocol allows you to effectively monetize it while retaining privacy and control. Similarly, data consumers can get access to private data at a fraction of the cost. 

OCEAN Utility, Team, and Main Partners

The Ocean utility token (OCEAN) facilitates the exchange of data services on the protocol. Users can also add value to the network through staking and earn OCEAN in the process. The staking helps to ensure that the network remains decentralized and safe. You can trade for the Ocean utility token at various exchange partners as available on the Ocean Protocol website. The tokens are compatible with a number of major wallet services which makes storage and transactions efficient. 

Prominent names in this project include Bruce Pon, Trent McConaghy, and Rozvan Olteanu. They all have a wealth and breadth of experience in big data, AI, blockchain tech, and aim to take this project forward in an ambitious yet responsible fashion. 

A Singapore-based foundation oversees the project providing general guidance and data governance, as well as ensuring Ocean protocol grows in stature and volume. EX Pte Ltd and BigchainDB GmBH are significant entities that contributed to the development and design of the protocol. The Singapore government is also an important partner for Ocean Protocol. Additionally, the project is partnering with several multinationals in various fields like insurance, healthcare, and technology. 

At press time, Ocean Protocol had a market capitalization of about $191 million on a circulating supply of 359,137,273 OCEAN. The market capitalization places it among the 100 largest cryptocurrencies in the world. 

Final Take

Given the fact that pretty much all organizations with digital operations need data management, the possibilities are truly high for Ocean Protocol. 

It would be appropriate to say that the sky’s the limit, only that it may prove limiting to place a ceiling on this industry’s growth. The Ocean Protocol aims to be front and center in bringing decentralization to the data industry. 

 

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