LiteBit

6 months ago

How Ocean Protocol is changing the way we deal with data

Ocean protocol has seen tremendous growth since the beginning of the year 2021. A part of the success is the raging bull market, but there is more to this particular project and the use cases that it is offering to data and AI related service providers. In today’s article we are going to explore Ocean Protocol and what is has to offer.

Ocean Protocol – Build with privacy in mind

Ocean Protocol is a blockchain-based platform that offers borderless data sharing. One problem that all services and providers have to face is to offer access to the data that they are sharing or selling, while at the same time they have to stay compliant with data privacy laws. Ocean Protocol was built with the idea in mind that privacy and data ownership need always to be protected.

Interestingly enough, the most valuable data is private data. It can be used for a variety of purposes. Among those are science or technology projects or machine learning to improve artificial intelligence. Ocean Protocol ensures that only those parties have access to the data that are really involved. The fact that the blockchain-based solution offers the possibility to store a single copy of data contributes to preserve privacy.

In the end, the data don’t have to be moved around or stored in different places that are each a possible point of failure.

The data marketplace – Creating opportunity

The centre of Ocean Protocol is its data marketplace, which offers opportunities for companies as well as for end users. You can store, offer or buy data at Ocean Market. Ocean Market is currently under beta status, but according to the roadmap more features are going to be implemented in the year 2021.

Among them the option to buy and sell private data and open data farming. It is to be expected that the release schedule will create interesting opportunities for investors as well as for traders. Certain releases might serve as a catalyst for a rally that could possibly create opportunity for short or mid-term trades.

Investors might be more interested in using data as an asset. It is not only possible to trade data on the marketplace or launch your very own marketplace, but also to stake Ocean datatoken to gain a passive income by adding liquidity to a AMM pool. All these options include different risks, but by making data a tradeable asset Ocean Protocol already created a strong vision.

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