VeChainThor, a blockchain startup that aims to make identification of counterfeit products easier by an RFID technology, is yet again in the highlights with a fresh technical update. They are introducing the Distributed Data Vending (DDV), a compliant way to share sensitive data securely on the blockchain.
The VeChain Foundation announced on their Twitter on March 22:
Introducing Distributed Data Vending (DDV), the future of compliant data sharing exclusive to VeChainThor. Putting power back into the hands of enterprises, customers, and researchers to collaborate and revolutionize the way the world shares and advances!https://t.co/OwjKG0V87G
— VeChain Foundation (@vechainofficial) March 22, 2018
In an era of big data, where enormous information is used each day to enhance decision making for companies, the DDV allows individual data owners to directly benefit from sharing proprietary data. In the traditional markets, companies leverage data to generate revenue through developing customized recommender systems and targeted advertisements. This process results in enormous profits for the organizations, as they collect and aggregate data only to sell it to relevant companies later. However, an organization would categorize this collected data as their “private asset.”
On the other hand, the DDV model encourages tokenizing the sharing of data, thus, also making the individual or group from whom the data is collected a stakeholder in that particular info/data. And since they are the source of that information, they can then claim a share of dividends.
The system is already undergoing testing and development by the VeChain Foundation, and it would also be available to enterprises and upcoming dApps. The purpose of distributed data vending is to enable data providers to use existing blockchains as infrastructure for securely listing their compiled data and adhering to regulatory and compliance needs. The entire data exchange process is done without any third parties involved.
What DDV Means for VeChain’s Business?
Use of distributed data vending in various domains could be useful since it encourages sharing and distribution of information. Sectors like healthcare, logistics, and engineering are likely to benefit the most. Using distributed data vending, the adoption for VeChainThor across multiple markets shall be a real-world example of technology being implemented in everyday business.
An extensive application toolkit has been developed by VeChain for developing solutions such as EdgeChain to power the advancements made by VeResearch.
For the common person, this would really address the issue when data is sold in between companies without the consent or knowledge of people that the data concerns.
Also read: Vechain (VEN) review! Why to Invest!