OCEAN’s New Data Economy

OCEAN’s New Data Economy

Today, Bikub Academy will take you on a dive into Ocean Protocol's new data economic goals, as well as how the Ocean's vision will change the world. Let's check it out!





What is Ocean's Goal?



Ocean Protocol's goal is to provide equal and widespread access to information to further create value from data in an open and decentralized approach, and to disseminate knowledge via the information market for widespread benefit.





Ocean Protocol's Vision



Ocean Protocol's vision is to establish a new data economy in which users can freely monetize their data by sharing it to others in an open ecosystem. The aim is to bring together customers and data suppliers from all over the world in order to facilitate information sharing and to ensure its traceability, transparency, and reliability. Also, the platform is capable of securing personal information.



Ocean secures data by connecting numerous platforms via blockchain technology, integrating the concept of information sharing within the ecosystem, and equipping the protocol with appropriate features, such as a sensor system that instills a sense of security, permissionless access to data, the ability to withstand attacks, a transparent protocol update process, and a balance between users and data sharers, and so on.





The Ocean Data Economy's Nature



With those visions intact, organizations may utilize the Ocean Protocol platform to handle private information effectively, while also maximizing private information transfers’ security in accordance with current regulations. This is due to the use of the Ethereum-based Ocean Protocol, which requires the exchange of OCEAN tokens to access and secure information, with availability restricted under certain situations.



Additionally, the system enables both individual and corporate users to generate new revenue streams by selling access to information to third parties. When information is utilized to create revenue, there may be an incentive for users to further supply information into the ecosystem.



Such utilization of data varies from the current situation in which there is no incentive to share data with others. Also, this will enable easier disclosure of previously recorded confidential information. As a result, the information is gathered and extra new value is generated. Furthermore, the economy, which includes Web 3.0, can help to build confidence in the network of information-sharing users in order to achieve fair and accurate compensation.



When exchanging data, researchers are enabled to access vital information for future study and development. As a result, business information becomes more accurate, facilitating the creation of a high-value data market. Additionally, anyone from all around the world may quickly search for and get information from the world's data warehouse.



This will be a genuinely liquid Ocean Data Economy by its nature. Even if the Data Economy is far from ideal in its current state, the shift from a conventional economy to a free data economy will result in huge changes, ultimately resulting in the establishment of Ocean Protocol’s New Data Economy.





Final thoughts



By offering an open, free, and transparent mechanism for sharing information widely, Ocean Protocol is establishing a new data economy that encourages data exchange that benefits individuals seeking to share information globally.



As a result, confidence and a sense of security is developed while exchanging data within the Ocean ecosystem. Additionally, it encourages participation in the effective regeneration of the new information economy through the use of the OCEAN token, a transparent and flexible financial incentive based on the Ethereum blockchain network, just as is the Ocean Protocol platform.





References:



OceanAcademy, Identity Management Institute, InvestVoyager, Medium

Blockchain

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