When we talk about data, we often skip the point and miss the truths in this vast and growing industry. The truth is that nothing is 100% safe and trusted. Data is expected to have a huge impact on our life but the process is confusing and not transparent.
Companies are struggle to get a single view of multiple data sources. They can't keep up due to many reasons especially when using disparate platforms and disparate metrics. And from a security perspective this can potentially leave all the data open to a variety of vulnerabilities. As more and more organizations move to adopt Data-as-a-Service, there is possibility for major security breaches.
Another problem is "data quality". In a report from Experian report found that 88 percent of companies see a direct effect of inaccurate data on their bottom line, losing an average of 12 percent of their revenue. In a similar study by Database Marketing, organizations estimate that they could increase sales by nearly a third (29%) with corrected customer data.
Without an accurate and trusted data, a company could miss important opportunity or miscalculate decision because all the variables aren’t available.
In order to move forward, when it concerns to data as a service; a different, dynamic solution is needed. Quadrant is a blockchain-based protocol that enables the access, creation, and distribution of data products and services with authenticity and provenance at its core.
Quadrant Protocol aims to transform, not only the data industry, but the way we use it.
Quadrant provides the infrastructure that facilitates the exchange of DaaS and AI services between organizations. It enables data vendors to sell their data with the use of data smart contracts. Likewise, it enables buyers to purchase data and trace its authenticity and provenance through the network’s data stamping verification system. In turn, this enables DaaS and AI service firms to build new products and services on top of the infrastructure and network.
By utilising their own smart contracts on top of blockchain technology, there will never be duplicate data which is one of the biggest problems that exist for data-driven businesses. All data will be transparent and accountable, allowing data buyers to trace and have proof of who created the data.
Learn more about how this can benefit the whole data ecosystem at https://www.quadrantprotocol.com/
