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World’s first general technology platform for borderless data sharing revealed

Vlad Poptamas

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Photo source: intersystems.com
Reading Time: 2 minutes

 

A new technology that could kickstart a global and borderless data economy is revealed at the Token2049 conference today. Ocean Protocol, the blockchain-enabled data sharing substrate that connects industries, startups, governments, and data & AI experts is ready to launch its phase one network end of this month.

“With Ocean Protocol, people with data can be connected with people who need data. This is the start of a new data economy and Ocean is the means to promote liquidity and ultimately a financial value for data”, said founder of Ocean Protocol, Trent McConaghy.

Like all economies, supply and demand is the fundamental building block but they don’t match in the current data exchange landscape. In 2016 alone, only an estimated one percent of the 16 ZB[1] of data generated worldwide was analysed.[2],[3] By 2020, 1.7MB of data will be created every second for every person on earth.[4] So, there is no shortage of data, the ability to access and use that data however is fraught with challenges.

“Due to concerns around control, privacy, and security, people are afraid to share data”. On the back of data, Google, Facebook and a handful of other companies have built businesses with a combined market cap of more than a trillion dollars. “For them, data is money: more data means better AI models, means better-targeted ads, means more ad clicks, means more revenue. Follow the money; it leads back to data”, said McConaghy. “AI is the linchpin, and the current data economy is lopsided with only handful of companies having the data supply and the expertise to mine it”.

Ocean Protocol uses blockchain technology and smart contracts to enable safe and secure sharing of data for the first time, guaranteeing control and auditability while protecting privacy. The technology allows organizations to put value on, own and control their data while smart contracts allow data owners to program the conditions of access which are then executed with perfect precision. This gives data owners and buyers transparency, security and guarantees of payment and use.

Ocean also enables algorithms and models to travel to the data, get trained and then leave without exposing the data or taking a copy, thereby retaining privacy, ensuring regulatory compliance, and freeing up data to advance economy and society.

To support and start this new data economy, Ocean Protocol has partnered with industry incumbents and startups to demonstrate how safe sharing of data can help companies gain competitive edge and improve people’s wellbeing. In the Insurance sector, Aviva and ConnectedLife are applying data analytics and artificial intelligence on smart home data to enhance the protection and care for the ageing population and support independent living; while in Healthcare, Roche Diagnostics is exploring ways to improve care for patients on blood-thinning therapy. In Retail, Next Billion is piloting a new data sharing model that rewards rural store owners for contributing sales data.

“Our goal is to remove frictions in data sharing, breakdown data silos, and equalize access to data so that it can be applied to advance industries and solve societal problems. It’s time that people gain back control and actively participate in an open data economy”, said McConaghy.

 

SOURCE Ocean Protocol

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Blockchain

Ideanomics Signs Digital Asset Management Services Agreement with Singapore’s GT Dollar and Thai Setaku Insurance

Vlad Poptamas

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Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global AI-driven management and financial services company acting as a catalyst for transformative industries, is pleased to announce it has entered into an exclusive digital asset management services agreement with GT Dollar PTE Ltd (“GT Dollar”) and Thai Setaku Insurance PLC (“TSI”).

Under the terms of the agreement, Ideanomics will provide AI-assisted financial risk management services for investments, regulatory compliance, including Know Your Client (KYC), Anti-Money Laundering (AML) fintech-based services, and banking relationship management. These services will be provided on an exclusive basis for an initial three-year period which can be renewed thereafter by mutual agreement. GT Dollar has been underwriting its tokens with asset-backed collateral, including real estate, airlines, insurance, as well as regional bank clearance and acceptance, to launch against consumer loyalty programs for those using GT Dollar when it initially launched.

Ideanomics will also provide its Blockchain and AI technologies to assist with Thai Setaku Insurance’s activities, including policy custody management and AI-assisted risk management. TSI, Thailand’s oldest insurance company and founded by the Thai royal family, is a GT Group company.

“The GT Group is among the most innovative we have spoken to in terms of their vision for how tokens can play an increasingly important role in our economy. This is a benchmark deal for Ideanomics, and for digital asset management service providers, that will enable GT Dollar to take its plans to the next level” said Alf Poor, CEO of Ideanomics. “GT Dollar and TSI recognized the potential of Ideanomics in our meetings last year, and subsequently made an investment in our company. This deal is a further endorsement of our capabilities and one which recognizes our company as a market leader in digital asset origination and management. We are excited to be driving these types of initiatives with GT Dollar and TSI. They have aggressive goals for their GT Dollar tokens, which will transform and legitimize the token economy, and we are pleased to have such a fast-growing, forward-thinking, and innovative partner to work with. Ideanomics plans to extend these fintech-based services to build relationships and value between other coins and physical economy assets”.

Through the Ideanomics platform of services, GT Dollar and TSI will have transparency and visibility into their investments. Ideanomics will advise and consult GT Dollar and TSI on partnerships with global financial institutions to provide compliance advisory services including streamlined KYC and AML processes, banking compliance, custody, investment in financial products, parent funds, tracking and index funds, and more.  Ideanomics will provide technology consulting services, that meet global best practices, for Digital Security Offerings, and other Asset Back Security Offerings.

Ideanomics will receive an initial payment allocation of GT Dollar tokens equivalent to US $170 Million and receive annual management fees of 3% of the total market value of GT Tokens on December 31st of each year of service for three years. As of March 19, 2019, the GT Dollar token has a total market value of US $97.66 Billion and has significant trading volume (https://www.asiaedx.com).

 

SOURCE Ideanomics

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Tech Leaders Pave way for the Convergence of IT & OT at Future Factory India Confex 2019

Vlad Poptamas

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Photo source: innopackfood.com
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Tech experts from Tata Communications, Bosch, Infor, Microsoft, Unlimit (A Reliance Group Company) and Software Technology Parks of India converged at the Future Factory India Confex 2019 in Mumbai to discuss the convergence of IT & OT and the many changes brought about by emerging digital technology in the smart manufacturing landscape. Discussions by digital technology enablers and innovators in IIoT, M2M, AI, Blockchain, hardware independent augmented reality reigned the two-day Confex that was held on 11-12 March 2019 at the Bombay Exhibition Centre in Mumbai drawing 134 attendees. 

Inaugurating the two-day Confex, Dr. Omkar Rai, Director General, Software Technology Parks of India announced: “As the largest outsourcing nation, India holds 56% of the share of global outsourcing of tech services. The nation holds the position to empower and enable migration to industry 4.0. To support this vision, government of India has announced NPSP 2019 policy (National policy on Software) which aims to make India move beyond an IT service nation and make it a technology product nation. Overall market size for technology product is USD 445 billion whereas India’s share currently is only 7.1 billion. Through this policy and subsequent measures, India aims to capture 70-80 BN market share by 2025 – both through domestic and export technology requirements.” He further added, “Messe Frankfurt has once again put up a focused exhibition and conference where there is lot information that will be exchanged on developments that fuel industry 4.0. I urge the industry to exchange ideas and information here at Future Factory India and create an eco-system for Indian entrepreneurship.”

Discussing the challenges in adopting IoT, Mr. Dattatri Salagame, Head – Digital Business, Robert Bosch Engineering and Business solutions, shared, “Most enterprises get stuck in ‘Digital Dilemma’. Managements and businesses are focusing on ROI rather than long-term sustainability of the model. We want to ensure simplification of digital processes to drive efficiency and enable business design.” The Indian subsidiary of Bosch had on display a multiple range of solutions in IoT, AI, Automation, Data Analytics etc. at the two-day business event and undertook live demonstrations of their solutions for digital supply chain management.

Emphasising on connected solutions for future factories, Mr. Kishore Suprabha, General Manager – Business Development, Unlimit said, “25% GDP share is projected to be contributed by the manufacturing sector by 2022. Everything will be connected. Defining an Industry 4.0 strategy within the ambit of one’s business environment that is most probable should be integrated into enterprise strategy going forward.” A Reliance Group Company, Unlimit had on display their key innovation Ocupro – a visual inspection for quality product offering alongside demos running for OmniP & OmniC IoT platforms, asset and production management and predictive maintenance solutions.

“While 81% early AI adopters prioritise new revenue potential over cost reduction; 91% enterprises expect AI to deliver new business growth by 2023,” shared Mr. Virendra Chaudhari, Intelligent Cloud, IoT Global Black Belt, Microsoft at his session on Collaborate to Innovate. The joint session by Microsoft and together with Chief Digital Officer Mr. Poorav Sheth introduced to the audience an interesting case study on how the tech-giant has collaborated with Piramal Glass for real time manufacturing insights and the need for partnership for operational effectiveness.

Mr. Shyamanta Sharma, Sr. Manager – IoT Business Unit, Tata Communications said that the company has set up one of the largest dedicated IoT network in India to provide end-to-end solutions around the factory be it safety, lighting, energy management and more. The company which was also present at the Confex displayed innovations in industrial IoT devices including load protect, ModBus to Lora and worker safety wearables which gained attention.

Day two of the Confex brought forth an exciting mix of tech-innovations by STPI start-ups such as Unisoft Systems, WITS Interactive Pvt Ltd, World Vision Infotech Pvt Ltd, Lexicon Networks India Pvt Ltd showcasing new solutions that made their market entry in 2017-18. Among the highlights were Go Phygital AR-VR Solutions for enhancing customer experience, and Order Management systems for businesses.

With changing times, businesses are preparing for the transition of their organisations to the converging, aligning and integrating of IT and OT environments. Concluding the panel on what will comprise the essential components in the smart CXO’s tool kit, Mr. Sharad Nigam, Principal Consultant – Industry X.0, Accenture Management Consulting said, “Artificial Intelligence and Machine Learning together with IoT will be the most important technologies for the factories of the future.”

“It is important to capture Data through the three step process of people, machine and decision making,” he concluded.

Organised by Messe Frankfurt Trade Fairs India Pvt Ltd & Thinc India, co-hosted by Software Technology Parks of Indiaand supported by MIDC (Maharashtra Industrial Development Corporation), the two-day Confex paved the way for collaboration and integration between OT and IT leaders on one platform.

 

SOURCE Messe Frankfurt Trade Fairs India Pvt Ltd

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Banking/Financial Services

Next Billion and Ocean Protocol pilot new data sharing model to directly benefit rural store owners

Vlad Poptamas

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Next Billion and Ocean Protocol pilot new data sharing model to reward rural store owners
Reading Time: 2 minutes

 

Next Billion today announced its collaboration with Ocean Protocol, the first general platform for borderless data sharing that marries blockchain, data and AI, to pilot a new data sharing model that gives store owners in rural India an extra stream of income.

Next Billion creates insights to enable companies to expand in high-growth emerging markets. The Company provides free point-of-sale (POS) platforms to rural store owners to record real-time inventory and sales data. It is building a data marketplace and piloting a new data sharing model on Ocean Protocol.

Through the pilot, stores in rural India will capture real-time transactions through the POS platform and are incentivized to consistently use this platform to submit verified data. When companies buy their syndicated data, transactions can be traced back to the source via Ocean Protocol, enabling Next Billion to reward these rural store owners with royalties.

“We believe global companies’ needs for commercial data can unlock sustainable and inclusive business models that empower local data providers to share fair value from their data,” said Oliver Gilbert, Managing Director of Next Billion. “Ocean Protocol enables Next Billion to monetize data and share it with companies in a safe and secure manner.”

Despite the lack of digitization in retail practice in rural Asia, sales are climbing. Driven by the rise of the middle class, the consumption of fast moving consumer goods (FMCG) in rural areas is growing across Asia. From 2009 to 2012, spending by India’s 800+ million rural residents reached $69 billion, some 25% more than their urban counterparts over the same period. According to recent estimates, consumption in rural areas is growing at 1.5 times the rate in urban areas. The current $12 billion consumer goods market in rural India is expected to reach $100 billion by 2025.[1]

FMCG companies are eying this new opportunity and have revved up their distribution channels in rural areas. This has been reflected by a significant rise in demand for rural market research data. However, traditional market research firms lack rural reach, maintain outdated platforms premised on different environments, and their costs remain prohibitively expensive.

Ocean Protocol is a blockchain-based platform for safe sharing of data. It enables companies and data services to build on top. Its technology allows organizations to put a value on, own and control their data while addressing many frictions around data sharing today including privacy concerns, trust, and auditability. Ocean also allows algorithms and models to come to the data, get trained and then leave without exposing the data or taking a copy, thereby retaining privacy and freeing up data to advance the economy and society.

“A lot of data is generated today, yet they are locked up in silos because people are scared of losing control and not getting rewarded. Ocean helps to solve this by giving the tools for people to own and control their data and develop new data-driven business models,” said Bruce Pon, founder of Ocean Protocol. “Data owners can program the conditions of access which are then executed precisely. In addition, data can be traced back to its source, enabling incentives to be spread across all stakeholders in the data sharing process.”

“Being incentivised along with transparency on how data is being used increases the willingness for people to share data,” Gilbert added. “We hope to provide high quality and agile retail insights at a fraction of what the traditional market research firms would charge while targeting an increase in sustainable livelihoods by 30-50%.”

SOURCE Ocean Protocol

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