A Chinese-based blockchain-based platform is hoping that its business model will end the control that major companies have over data management.
In our age of digital evolution, data has become a precious commodity. However, it appears that major companies like Facebook have unprecedented access to it. CNBC reports that a platform based in China wants to change this and drastically loosen the iron grip that these corporations have on data.
Leveling the Data Management Playing Field
While China’s relationship with the crypto industry can be described as tenuous at best, it hasn’t stopped innovators in from embracing disruptive technology. One such person is Xin Song, the CEO of Bottos. The blockchain-based platform is using AI technology to allow it to create a digital marketplace for data trading. People or entities sharing their data will be rewarded in cryptocurrency.
Xin states that Bottos is “… trying to break the data monopoly situation currently”. He explained:
Currently, almost all the big data are controlled by the industry giants, and for the small-to-medium companies it’s very difficult for them to get the data.
However, Xin believes that by incentivizing people to share their data in a transparent and secure way, it could open the door for these smaller businesses. He added:
But with blockchain technology… people can provide those data, and with the traceability and the transparency of the data usage in the future, people in the world and people in the blockchain community (will be) willing to contribute their individual data.
Freedom to Choose
While many people are concerned over Bitcoin’s drastic price drop, Xin believes that cryptocurrency adoption is still on the cards:
I think with more and more people adopting bitcoin and other crypto tokens, then more and more [its] usage will be adopted by people.
It does appear as if Bitcoin’s downward trajectory hasn’t deterred companies and businesses from accepting it and other virtual currencies as payment methods. From jewelry stores to car dealerships, it seems to be gaining traction. Some universities are even allowing their students to pay tuition in digital currencies.
This freedom of choice could extend to data management through Bottos’ business model. Xin concluded that he thinks that “more and more people would accept this way to be rewarded”.
Blockchain-based data management appears to be quite popular. Live Bitcoin News has previously reported on how it is being used in the healthcare sector as well as in the beauty industry.
Do you think that platforms like Bottos are what’s needed to democratize data management? Let us know in the comments below!
Images courtesy of Pixabay
