Dataeum - The Uber of Data
How Blockchain and Crowdsourcing is Disrupting the World of Data
Data is the currency that underlies both B2B and B2C transactions in today’s world. Without relevant and accurate data, you cannot make sound decisions as to the optimal allocation of resources. Government and private companies such as Google, Uber, Facebook, Netflix, Amazon, and others view data as a critical resource in their strategic planning and marketing campaigns.
With the growth in population and transactions, loads of data are produced by the minute. For instance, it is said that about 2.5 quintillion bytes of data are churned out daily. This exponential growth is posing a challenge in the efforts to harvest, verify, and exploit data. This is particularly true with physical data that comprises visual local elements such as stores, roads, transport terminals, sanitary facilities, administrative buildings, cultural centers, and the like.
To contribute towards data availability for decision making, Dataeum, a blockchain-based platform is using crowdsourcing to collect, verify, and secure all physical data with 100% accuracy.
This solution solves two of the main data challenges; accuracy and coverage. It works through a mobile app used by a distributed workforce of data collectors to capture and submit physical data. The workforce is incentivized through Dataeum XDT Tokens.
The solution has already been tested and helped in collecting over 300,000 physical data in major cities in Europe. Though the problem of crude, unrefined, and hard to find data has persisted for a long time, Dataeum is determined to bring it to an end.
How Dataeum Works
Dataeum uses crowdsourcing and the power of blockchain technology to collect, verify, and secure data. The basic elements of Dataeum’s infrastructure are:
- The global collector’s community
- The XDT token incentive
- The blockchain-based smart contract
- Data verification and storage in a decentralized marketplace
- Data acquirers
The data collectors are spread all over the globe and are rewarded through XDT tokens for the data they generate and submit. Through smart contracts enabled by the blockchain technology, data flows freely and securely from the community of collectors to the decentralized marketplace and finally to the data acquirers.
To improve the quality of data collected, the Dataeum platform verifies the data and regularly updates it. Whenever an entity wants to use the data, they pay for it through XDT tokens which can be sourced from the crypto market.
The Intended Impact
The main objective of the Dataeum platform is to make data available, adequate, verifiable, and secure so that companies, governments, and other institutions can use. Beyond the commercial application of the solution, Dataeum has had a significant social impact in areas with difficult access to clean drinking water, touched by hunger or even war.
Through the platform, local authorities can enhance their mapping systems by engaging data collectors to capture images of waterpoints within their communities. The images are then verified through independent second layer collectors before the information is aggregated and stored in the decentralized marketplace.
When an issue arises that disrupts the sustainability of the water supply system such as a pipe burst, the local authority will use the data to verify the problem and structure a solution before heading out into the field. This combined with the ability of the community to maintain their resources while earning an additional income from data collection is a true game changer.