Data generated in the last 2 years alone is equivalent to 90% of all the data ever produced online – research
Increasingly the story of data is one of loss rather than gain, except it is not yet a mainstream narrative.
People are currently concerned with the loss of privacy and trust over most other concerns. The situation is a side effect of continuing data breaches which have increased with severity over time. The issue is further compounded by companies selling and or using data in violation of user agreements.
The volume of data generated in the last two years alone is equivalent to 90% of all the data ever produced online, according to research by International Data Corporation (IDC).
This already creates the problem of quality versus quantity and in a data market calculated to be worth US$3 trillion in the USA alone, this means a market of significant value remains untapped.
Focusing on mapping alone we also further discover that the reliability of data is so bad that only 8% of map pin points are accurate. In the United States alone, 40% of retail outlets have at least one incorrect or missing address listed online.
Due to a basic reason like customers being unable find a physical store on maps due to poor data quality -this costs US business US$10 billion in lost sales.
Dataeum – intrinsically aims to facilitate a modern revolution by offering a platform that encourages and secures data democracy.
Technically the platform is a decentralised market featuring verified and authenticated crowdsourced data. All transactions on the market place, from collection of data, its sale and rewarding of data collectors is based on blockchain technology.
Dataeum CEO, Charly Pham , said that, “The massive amount of data generated in the world today is a stark representation of losses. From the fundamental loss of data privacy, to the loss of accuracy, including the less obvious but highly interesting loss of value. Dataeum is leveling the playing field with our decentralized blockchain backed market place.”
Dataeum facilitates simple collection of data through an app that features a two-step verification method. A primary collector records physical data while a secondary collector documents the same data as part of a verification process.
The verified data is immediately available on the decentralized market place for interested acquirers of the data. Any purchasing of the data will see collectors rewarded seamlessly and instantaneously in Dataeum Tokens (XDT).
“A transparent and direct access to a pool of collectors is a cost-effective resource for Businesses. Dataeum gives comfort to businesses looking to ensure that their physical locations, opening hours, and even an image of their very front door is all accessible on maps with 100% accuracy. Collectors can be anywhere in the world and still submit extremely accurate and verified data. Though we can’t promise to give business US$10 Billion in sales, we can guarantee that the lost sales due to bad data will begin to decline through Dataeum,” concluded Pham.