DxChain is building a solution to provide a decentralised parallel-computing environment that supports big data and machine learning. The platform connects personal computers en miner machines, so data is computed at a lower cost. There are two fundamental capabilities behind this:
- It will support decentralised data storage; 2) Business intelligence tasks will be performed that are not owned by any commercial company. Therefore data will be owned by the users instead of companies like facebook or google. DxChain network aims to become a data trading platform for users to sell their own data.
Below are 5 reasons why DxChain is interesting:
Incentives for miners: It has a better way to provide incentives to miners than Bitcoin or other main blockchain technologies: Instead of using computation power to maintain the blockchain, miners get incentives for both computing and storing data. The technology behind this is the map-reduce process and the Hadoop System.
Future data regulations: DxChain anticipates very well on data regulations such as GDPR. Recently it has become increasingly difficult for companies to store information from people within the EU in other countries, such as the United States, because of the General Protection Regulation(GDPR). DxChain provides a helpful solution, by storing this data in a decentralised manner.
Creating Smart Cities: In its whitepaper DxChain describes the concept known as ‘smart city'. This means that all kinds of data that are produced by people, such as temperature measurement, traffic information and air quality can be analysed and used to make smart decisions. For example, this could help electricity companies by predicting the peak time electricty usage. Or diagnose the running status of a device and predict device failure. Currently Smart Cities generate too much data for the existing infrastructure to store and analyse. DxChain however, enables users to run machine learning data analysis on the dataset directly.
IOT for Healthcare: Because the majority of the world population is aging, healthcare will become an important industry. Internet Of Things can play a significant role. For instance, by collecting healthcare data such as blood pressure, heart rate and other health-related information through mobile apps, health watches and more sophisticated healthcare monitoring devices. DxChain can help by storing this information and managing the traffic in a cheaper way. In addition, machine learning could enable Healthcare vendors to build there own AI technologies to monitor the health of their patients.
Helping AI vendors. AI vendors have 2 main problems. First of all it is difficult to find high quality data samples. Currently the best way is to purchase these samples through companies such as google or McAfee. Secondly, the costs of maintaining a large machine learning cluster and data storage centre is very high. DxChain can help by dramatically reducing the data storage and network costs, because each miner shares their own internet bandwith. In addition, by using DxChain, owners of mobile devices can define what kind of samples will be sent and at what price. This will increase the quality of the data.
By empowering users to control their own data, they can benefit by selling their data. Business intelligence and machine learning can create applications for the Healthcare industry, Smart Cities and AI vendors.
Conclusion
Personally I think it is important to see if there are real world application for any blockchain technology. DxChain proves it will create those applications, by letting people benefit from their most valuable possession, their own data. It responds to the increasing demand for IOT solutions for Smart Cities, the Healthcare industry and AI vendors. It also offers a reasonable solution to deal with new data regulations. In addition it has advantages within the blockchain community, by offering incentives to miners in a more effective way.
Referral link: https://t.me/DxChainBot?start=umsvhh-umsvhh
Website: https://www.dxchain.com