The damage caused by fake news is estimated at almost 80 billion US dollars a year worldwide. More than ever, AI models are dependent on reliable data sets. Internet users hand over their data to centralized large corporations without receiving any monetary value in return. Can Ocean democratize our data in the big data age?
What is the OCEAN Protocol?
The Ocean Protocol with its Ocean Token of the same name runs on the basis of the Ethereum network and aims to democratize data exchange and associated data services. In contrast to centralized providers such as Meta, Google and Co., Ocean brings data publishers and data collectors together via a decentralized marketplace.
On the one hand, data publishers can monetize their data without giving up their ownership. Data collectors, on the other hand, gain worldwide access to data sets that are difficult to access. In particular, data scientists and AI trainers can train their future models faster and more reliably without expending their own resources.
How Ocean Protocol decentralizes data trading
To trade data as digital assets via the Ocean market, OCEAN uses so-called Data NFTs and data token.
A data publisher can use the unique data NFTs (ERC721) to tokenize the data set and share it via the marketplace without losing its copyrights. If an interested collector would like to download the data set, they can purchase a kind of sub-license by purchasing data tokens (ERC20) that grants access.
The feature of Ocean called Compute to Data enables data trading while protecting privacy. Ocean also offers data publishers the opportunity to specify access rights to the data sets.
Mercedes-Benz already uses the Ocean technology via its enterprise data marketplace Acentrik. Furthermore, Ocean 2022 joined the moveID initiative under the umbrella of the European infrastructure project Gaia-X to promote the development of decentralized digital identities in the mobility sector.
Other Ocean partnerships and the function of the Ocean Token of the same name are discussed in more detail in the video.
Potential of Ocean in the decentralized data market
Many traditional companies have understood the impact that comes with analyzing and preparing vast amounts of data.
In the maturing blockchain industry, on the other hand, it is not yet clear which network will secure long-term market share. In order to create a “real” decentralized data landscape, data trading with many different protocols that are compatible with each other would be more desirable than data trading among just a few monopolists.
Ocean could be one of those protocols, scaling among Ethereum-compatible networks as a conceivable multi-chain protocol. How the project performs in the coming years will also depend on how much the existing partners want to proceed after the test phase.
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