The current data industry is convoluted and highly fractured offering an unbalanced number of options to businesses who are in desperate need of important information. The current data marketing industry which includes list owners, brokers and managers are not efficient and ineffective costing businesses funds and time.
Datum is a Blockchain based project with the aim of helping us to control our personal data. It is a marketplace and data management system with a goal of turning data into a secure sand tradable commodity.
Data is the new oil of this century and collating and managing data is critical for business growth which is what Datum is doing with the help of innovative Blockchain technology, BigchainDB, and IPFS. Datum project was developed by a team in Switzerland, Singapore, and Hong Kong.
How Does Datum Work?
Datum provides a decentralized and evenly distributed high execution NOSQL database which is recorded on blockchain. This tech has the capacity of allowing any body to compiled a well organized data like social platform data or community based compiled data in a well secure, private and undetectable way. And with this, Datum has provided a platform where ordinary users can share and sell data on their own terms of agreement.
In today's world where managing of personal data is very important, but unknowingly to us, we make used of many platforms that seems to be free to us by giving them access to our personal data. Platform like social media, free apps sells our data to advertisers who pays them a huge money by having access to our data which is critical for their business decisions. The sad thing about this is that we don't know where our data ends and how it is being used but with the help of blockchain technology, Datum will put the control key of our data back to our hand. With Datum, you can choose to sell your data to organizations that needs it or you can choose to hold it for anytime you want.
Features Of Datum Platform
Decentralized Data Storage: With the help of blockchain technology, Datum is able to provide decentralized storage which is well secured, ensure privacy and anonymous.
Storage Nodes: This features enable miners on the platform to get paid by storing and providing low latency access to data
Datum Marketplace: This a marketplace where sellers and buyers of data meet to trade data on an agreed terms.
DAT Tokens: Dat tokens is what empowers Datum platform. It is used by data owners to store their data, storage miners earn DAT tokens to store and transmit data. And it is only means of payment in the ecosystem.
Mobile App: This is mobile app of Datum ecosystem which can be download on google playstore . All stored data in the app will be fully encrypted before it’s sent to the network. Users of the app enjoy fast backups and data retrievals through locally close storage nodes.
How To Use Datum
Here is the basic procedure of how to use Datum platform by anyone provided you have mobile phone with Internet connection:
Step 1) Data Submission: You submit your data through the app which will then be encrypted with specific usage terms attached
Step 2) Storage node miners save data, and storage nodes earn DAT tokens in exchange for providing that storage space.
Step 3) Buyers buy the data under a specific terms of agreement. The buyer must have gotten Dat token for payment. Then, a smart contract will initiate off-chain key exchange to release data. The token will then be transferred to the owner of the sold data and the buyer of the data uses the data according to the terms of agreement.
It is very important to let my readers know that Datum project has already being working close to a year now, ICO was sold last year and the token is trading in many crypto exchanges.
Conclusion
Datum is here to put the control key of how advertisers get access to our data back to our hand by giving us a platform to choose which data will choose to share and with who we wish to share and with this, we can profit from selling wearable fitness tracker data and other types of sellable data.
Useful Links
Website
Whitepaper
Telegram Open Chat
Blog
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