Let’s begin by taking a moment to grasp the concept of The Internet of Things. The basic idea behind it is a network of interrelated smart devices that are lined with software and sensors that are exclusively dedicated to collect and exchange data on every aspect of the environment where they are located. Most modern electronic devices come equipped with the internet connection: vehicles, home appliances, security systems, cell phones and then some. The flow of data going through the IoT sensors of these devices is infinite, but is usually for a specific purpose and then discarded by updated versions of the same ongoing massive amount of data flowing through the network.
DataBroker DO: Giving a new purpose to collected data
This is where DataBroker DAO comes in. As a decentralized autonomous organization, the company is looking to develop a way to distribute the sensor data obtained out of a number of IoT networks. Matthew Van Niekerk and Roderik Van Der Veer are two of the big minds behind the idea. The team has built their experience working with e-commerce and Blockchain technology and they are both firm believers that there is a marketplace for this ongoing flown of data since most of it is usually collected for a specific purpose within the confines of the network of the company collecting it.
How does DataBroker DAO work?
The way DataBroker DAO works is actually quite simple to explain, let’s illustrate with an example: every smartphone owner generates a particular amount of data between the apps used through a day. This data is processed by a series of sensors on the device that are used for a sole purpose. DataBroker DAO is looking to monetize the processed data in an open environment for bidders who might need it to put it through a different use and are willing to pay for it. The company is ready to develop a platform created on a Blockchain-based ecosystem where sensor owners, data processors and network administers can come together to create the first ever marketplace of sensor data.
What’s the motivation behind DataBroker DAO?
The people working in DataBroker DAO is aware of at least 9 billion IoT sensors working around the world at all moments, with more coming into the fold by the minute as smart technology becomes more popular around the planet. Most of the data going through these sensors are underused or flat-out ignored. The company estimates that the worth of this data is almost $600 billion on revenue that cannot be used by third parties because every operator localizes their data under virtual silos and is updated daily. By bringing everyone under a single ecosystem, DataBroker DAO is looking to change that.
The practical use of DataBroker DAO
Under the shared data ecosystem every company can sell the collected data for an infinite number of purposes as requested by their customers. The open marketplace allows anyone to sell the collected data of specific apps such as fitness tracking or music streaming advertising. The weather information collected by the widgets available on most smartphones can also be sold to apps tracking the environmental conditions for certain sports practices, as well as farmers looking for favorable conditions to plant or harvest. The number of applications for the collection of data goes way beyond mercantilist purposes.
DataBroker DAO is a company looking to make everyone able to take benefit out of the flow of information that goes around the world by offering an open marketplace unlike anything offered in the world of digital currencies. For more information, you can check https://databrokerdao.com/