As we’ve already discussed in parts 1 and 2, DataBlockChain has a HUGE aim to modernise and revolutionise the data industry. The team have a clear vision and the problematic space is certainly ripe for disruption, but the task is not easy; to achieve their goal DataBlockChain will no doubt require a solid base of innovative technology powering their solution.
Here we will discuss exactly that: cutting-edge technology, innovative solutions and how DataBlockChain plan on harnessing these innovations in a way to effectively shake up the outdated data space.
Cutting-Edge Technological Solutions
DataBlockChain’s vision to revolutionise the problem-plagued data space isn’t an easy one. Creating a more efficient data buying and supplying experience from its current fragmented, complicated form is surely a fruitless task; that is, of course, unless you’re harnessing the latest technological advancements as part of an innovative new solution. DataBlockChain are incorporating several major technologies into their decentralised platform to create a solution capable of delivering a data transacting experience more efficient, secure, and most importantly beneficial, than has ever been before possible with traditional mechanisms. The key technologies powering DataBlockChain to mention here are their AI-based Smart Indexing Engine (SIE), the platform’s blockchain integration, and the DBCC Wallet.
Smart Indexing Engine (SIE)
As a big believer in the future of AI, any blockchain projects also effectively incorporating AI into their platforms always catch my eye the most. DataBlockChain’s SIE is an AI-powered solution for the indexing of data sources and assigns confidence scores in a way which builds an evolving quantitative analysis; data sources are evaluated and re-evaluated in order to assess their true current value.
Smart Indexing Engine mechanism, taken from the DataBlockChain whitepaper: https://www.datablockchain.io/pdf/whitepaper.pdf
The SIE algorithm takes into account various factors such as data quality, amount, and speed of the data source and intelligently assigns a confidence score each time. Such a scoring mechanism incentivises quality data and positive behaviour from participants in the ecosystem, and allows those data sources who perform the most beneficially to be clearly observed by their higher scores and given the preferential treatment/ opportunities they deserve.
On the flip side, providers of poor quality data and subsequent low scores will obviously be inherently be penalised by having it made clear to potential data buyers that their data is sub-par and they might want to choose a different supplier for a more beneficial experience. This promotes a healthy, beneficial all-round ecosystem as well as providing the most accurate quality assessments using DataBlockChain’s innovative AI-based Smart Indexing Engine.
Blockchain Integration
The blockchain layer of DataBlockChain is of course the foundation on which their decentralised solution is built. Harnessing the security and transparency features of blockchain transactions, DataBlockChain will utilise the Ethereum blockchain and smart contracts for all on-platform transactions, thus delivering a secure, transparent, immutable transacting experience.
The use of smart contracts within the payment mechanism means that users will have full confidence that the specific action will be initiated given the specific parameters of the smart contract. Every transaction on the DataBlockChain platform can be audited, and open transactional history includes data sources used, specifics of data obtained, and payments for said data.
DBC Wallet
The DBC Wallet, essentially, is DataBlockChain’s solution to the traditionally complex and unnecessarily time consuming process of storing and utilising utility tokens. The Wallet is a browser extension which makes the storing and usage of DBCC on the DataBlockChain platform simple and efficient, enabling users to make purchases within a few clicks.
DBC Wallet mechanism, taken from the DataBlockChain whitepaper: https://www.datablockchain.io/pdf/whitepaper.pdf
These technologies utilised together create a transparent, efficient, and beneficial ecosystem of data transactions.
DataBlockChain’s solution, then is technically well equipped to modernise the data space which is in such desperate need or disruption. Efficiency, security, and user experience are all made superior by DataBlockChain’s innovative use of blockchain and AI based technologies.
In Part 4 coming soon we will be applying DataBlockChain’s innovative solution to the real-world by reviewing how it can be used to empower users in specific use cases.
Take a look at the DataBlockChain website to dig deeper in your project research or to find out more
http://www.dbc.io?utm_source={cryptospartan}&utm_medium=article&utm_campaign=bounty
If you have questions you would like answered I'd suggest joining either their standard Telegram community, or their Bounty Telegram community depending on your query
Telegram- https://t.me/dbcio
Bounty Telegram- https://t.me/joinchat/Ho-YFg8O26hIutf7R8A8BA