The next big thing? Data Tokens disrupt a 5 trillion US$ industry

The Challenge: Data Accessibility

Data is the “new oil” and the world’s most valuable resource. Technologies that shape our future, such as Artificial Intelligence (AI), rely on the availability and accessibility of data streams. The biggest challenge? Our current data economy is highly centralized. Data is either locked up entirely or monetized by a few large corporations such as Google, Amazon or Facebook. Have you ever received an advertisement on your browser making you wonder whether your device is listening to you? That’s how your data is processed, sold and used in 2021.

It’s a fact that small businesses, entrepreneurs and data scientists face a huge problem to access the data they need to make accurate predictions, build successful AI applications or optimize their workflows. The solution? The following article explains the most promising, still unknown blockchain asset class that changes how the world can access and trade data.

The Solution: Ocean Protocol’s Data Tokens

Blockchain unlocks the massive opportunity to access and trade assets through providing a proof of ownership via tokens. The best example is the ongoing NFT-mania that resulted in a vivid exchange on platforms such as OpenSea or Rarible, where collectors, investors and art-lovers alike spent millions to buy the collectible of their choice.

The asset class of Data Tokens works in a similar fashion, but instead of tokenizing a piece of art through an NFT, the underlying asset that is tokenized is a dataset. The concept of Data Tokens that are exchanged by means of blockchain was first introduced by Ocean Protocol in 2017. The innovative technology of the Singapore & Berlin-based company resulted in their nomination as a “Technology Pioneer” by the World Economic Forum. This prestigious recognition lets Ocean Protocol join ranks with companies such as Twitter, Spotify or Chainlink, who were previously announced. Since then, Ocean Protocol continuously met their milestones, introducing their Data Token Marketplace in November 2020 on Ethereum, Polygon (Matic), Binance Smart Chain and will soon add support for Polkadot’s para-chain Moonbeam. Ocean Protocol also maintains large enterprise and government partnerships, including Daimler, Germany’s Central Bank and Smart Dubai.

Through Ocean Protocol technology, data owners can now tokenize their datasets, making Data Tokens the primary mean of exchange for a global Web3 data economy. Data Tokens are created and bought by means of Ocean Protocol’s native OCEAN token. Ocean Protocol technology is open-source, resulting in the possibility of hundreds or even thousands of Data Token markets opening in the future.