The Ocean Protocol of digital data economy is a blockchain-based protocol that aims to improve the digital data exchange through incentivizing contributions. Blockchain technology has opened new vistas for generating massive amounts of data with greater accuracy as well as spreading power to users rather than centralized authorities to increase control, safeguard data, preserve privacy, and improve financial fairness. An important aspect of this protocol is that it uses the OCEAN token or cryptocurrency as its financial incentive mechanism, bringing many features such as fairness, transparency & flexibility.
The Ocean Protocol is built on the Ethereum platform and utilizes automated contracts, which are computer programs that execute automatically when certain conditions are met, to create rewards for contributors who provide data sets to the network. Contributors can also earn by curating datasets submitted by others to keep them up to date with the latest information. The Ocean Protocol helps in improving the digital data economy through incentivizing contributions by using five critical steps involved in blockchain technology.
This article will discuss how this new technology improves global economic efficiency and provides incentives for everyone to acquire and share data sets globally.
About the Ocean Protocol of Digital Data Economy
The Ocean Protocol is a decentralized network where data creators are compensated for their work. The protocol has received support from various organizations and allows people to monetize the information they produce by selling it on an open market in exchange for cryptocurrency tokens. Another key objective of the protocol is to bring together both consumers and providers of datasets to benefit each other through an efficient sharing mechanism. Ocean Protocol:
- is built on the Ethereum platform leveraging blockchain to support decentralized data management.
- utilizes smart contracts which are computer programs that automatically execute when certain programmed conditions are met.
- is an open-source technology that provides incentives for everyone involved in the process of acquiring and sharing data.
- incentivizes contributions to improve the digital data economy.
- creates rewards for contributors who provide data sets to the network.
- allows others an incentive to update with the latest information.
- improves data access controls and security with fine-grained permissions.
- allows data publishers to control access and use of their data.
New Digital Data Economy Incentives
One of the biggest problems with today’s data economy is that there are no incentives to share information, so it tends to concentrate in the hands of a few. Web3 data economy ensures that value generated is shared across the entire spectrum of players involved making it a more equitable, accurate and efficient process through a decentralized network where data creators are compensated for their work.
Data Access Control
The Ocean Protocol uses fine-grained permissions for access control. To access data resources, users need to redeem ERC20 datatokens and pass the access permission controls. To address access control challenges such as allowing only person access certain data or limit data access to just a handful of persons in a certain country, Ocean introduced market-level and asset-level fine-grained permissions. To control market-level permission, the network uses Role Based Access Control (RBAC). For asset-level permission, data consumers must have at least one credential in the “Allow” list which is managed by the controller in addition to the token since just presenting datatoken would present an access risk.
The Ocean Protocol can create a new data economy that will benefit all stakeholders in an open & transparent manner. It ensures that value generated is shared across the entire spectrum of players involved making it a more equitable, accurate and efficient process.
It also allows people to monetize their information by selling it on an open market. Contributors can find relevant data sets based on specific criteria, which will help them advance scientific discovery & develop new products/services more efficiently.
This project can help improve the digital data economy by efficiently incentivizing contributions with tokens or cryptocurrency as its financial incentive mechanism. This will bring along lots of features such as fairness, transparency & flexibility. Data creators are compensated for their work while improving global economic efficiency across various industries using blockchain technology.