Data is the lifeline of the modern economy. This will only continue to get more important in the future as more firms depend on data. Even more, whole economies are built on data, and these economies are bound to drastically increase their presence in the world. Whole new industries like AI and Machine Learning depend on vast troves of data.
As data becomes more important to the modern economy, the gap between the firms that have their own data and those that don’t is widening. Giants like Google and Facebook with vast data collection prowess are getting ahead of the smaller players. How do you make the playing field even?
Quadrant Making Data More Open
The quadrant protocol is attempting to make data more open, which has many advantages for the smaller players. They can rely on other people’s data sets, other people’s expertise in evaluating the data, and build their products. This is especially useful for smaller businesses that don’t have the capabilities of Google and Facebook in data collection.
In addition to making data more accessible to smaller players, the Quadrant Protocol is designed to keep data accuracy in mind. This is generally a big issue facing AI and machine learning models, since they are trained on data. If this is training data is inaccurate, the model will produce garbage or incorrect data in its prediction and ultimately prove useless for the real world. Quadrant makes the data vendors in the ecosystem accountable and more honest.
Finally, quadrant is designed to reward the data providers themselves. This is only fair considering they are the ones that have made all these algorithms possible in the first place.
How Quadrant Works
At its core, the Quadrant Protocol is a way to bring the owners of data and the consumers of data into a single platform for interaction.
There are of course many elements that need to come together before this happens. Take trust, for instance. Quadrant is perfectly suited to solve this problem, considering the use of blockchain as a public ledger of trust and provenance. In fact, that’s one of the core uses of a blockchain, as The Economist explained in their Blockchain – the Trust Machine feature.
Quadrant makes it such that any stakeholder in the whole chain can find the provenance of the data that they use. They can vet the sources first-hand instead of relying on third-party unscrupulous data vendors.
With the help of Constellations, the Quadrant Protocol makes it easy to bring disparate data sources into one place, while still maintaining trust as envisioned above. Among the many advantages of this, Constellations are intended to level the playing field so that everyone has access to the data that they need when they need it with the end goal to inspire a new generation of data scientists to discover revolutionary insights and form new businesses. Let the smart people building by themselves have a chance to get paid for their data products.
And that brings us to the final part of this protocol – remuneration. Using their own token, the protocol lets the stakeholders get paid for their efforts at each stage, thus incentivizing parties to be honest and also build useful products for the entire ecosystem, right from data collection to end products.
To learn more, check out the Quadrant website and Quadrant Whitepaper. There is also an ongoing token sale for QUAD tokens that you can check out. Remember that all ICOs are risky and you must do your due-diligence before investing any money. Remember you can lose everything and never invest more than you’re able and willing to lose.
Photo Credit: Eric Fisher