Blockchain technology is very vital in the world today as it has succeeded in making it possible for users to be the master of their data. This is made possible through the Introduction of decentralization, while the use of smart contracts has made it possible for varieties of transactions to be processed effortlessly without the need for a middleman.
Data is very vital to organizations so as to enable and help build good products and services.
In an economy where data has become a strategic asset that allows companies to acquire and maintain their position against other companies, the value of raw data has now grown so much to several hundred dollars per head meaning the more it is enhanced, leverage and scrutinized for specialized users, the more its value increases.
But it is worth knowing that our personal or corporate data is worth a lot of money. Even all the social media networks be it Twitter, Facebook, Google and co all happily collect users data in return for nothing. And this is the main reason why there has to be a chance to gain back control of our data and determine if and when we want to sell or share it.
This is why DATUM network has been implemented to provide a basic income for everyone so as to allow them to monetize their anonymized data.
WHAT IS DATUM NETWORK?
Datum is a decentralized data store based on blockchain technology that allows anyone to store structured data securely in a decentralized way on a smart contract blockchain. This allows all of its users to retake control of their data, not just the personal and habitual data they produce every day, but also data from the devices they control etc.
WHY DATUM NETWORK?
Datum network aims to disrupt current data broker model by giving more direct and better value access to user’s data. This will empower users by recuperating control of how their data get used and shared. So by doing this, the more users used the network, the more powerful the impetus becomes which will eventually make users ensure that data is stored, handled and managed through the Datum network, as transparency, security and reliability is assured.
It is also the aim of Datum network to provide entities such as researchers, companies or individuals the most competent and frictionless access to data while at the same time respecting the data owner’s terms and conditions.
Datum is also aiming to work towards a future where data is the first and foremost owned by their creator, where the creator can choose to share, monetize or abolish the data based on their own purview.
ATTRIBUTES OF DATUM PLATFORM
- Datum Artifact Structure: Datum has a data structure which;
a. Owners can encrypt, make public or can have no owner, one owner or several owners.
b. Time Stamp is made public and encrypted as well.
c. Data payload which comprises of any arbitrary JSON structure is made available.
b. Metadata can also be made public as well as encrypted. - Data retention: It is an anomaly that storing data costs money, that is why Datum proposes the following mechanisms;
a. Different levels of availability and retention:
Latency: where do copies exist.
Retention: how long are copies retained.
Backup safety: how many copies of data are in existence in the Datum network.
b. Data is stored as long as storage is paid for, by either Data consumer or Data source. - DAT, The Datum Network Token: Datum implements a token that will enable full development of the Datum network and provide an efficient, transparent and secures smart contract token to facilitate the exchange of data on the network. DAT is the token which powers Datum network and has a maximum supply of 3 billion.
CONCLUSION
In this article, we learnt that Datum is a decentralized data marketplace that allows any users store data securely in a decentralized way so that everyone will be able to monetize their anonymized data, as well as having ultimate control over it.
Datum presents benefits such as;
a. Its users are in total control of their data, can share with anyone they want and how they want it.
b. Built-in security and high privacy are implemented.
c. Users wishing to sell their data can attach a fee to it, while organizations getting these data will be sure of it, that is no false information.
TO KNOW MORE ABOUT DATUM
Join the Telegram Group: https://t.me/datumnetwork
Follow on Twitter: https://twitter.com/datumnetwork
Follow on Facebook: https://www.facebook.com/datumnetwork/
Website: https://datum.org
Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
Bounty0x Username: Emma