Quadrant Protocol’s main mission is to clean up the Data Economy by avoiding murky data activities

Following a six-month testing stage and projects with IMDA that preceded its launch, today Quadrant Protocol launches a blockchain-based protocol that authenticates data for innovation and data utilisation. The protocol is officially open for both public and private organisations, with the likes of FMCG, government and financial firms to start-ups and SMEs among its potential users.

Quadrant Protocol works to authenticate the data companies purchase and utilise using blockchain that stamps data with a one of a kind signature to make sure users stay informed, so that any changes, duplication or falsification can be traced back to the original source.

This will give users transparency and more accountability because the specially stamped data is marked-as-accurate data from the moment it is stamped.

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The purpose of this technology is to bring transparency to the Data Economy, in which firms often pay millions of dollars on data with no guarantee of accuracy.

“The global Data Economy is made up of layer upon layer of middlemen who buy and sell data which eventually makes its way to the end user. It has reached a point where many of these middlemen are hiding their source and make it impossible to know where that data came from, whether it was falsified, exaggerated or duplicated. Quadrant Protocol establishes a method that allows users of data to know exactly where that data comes from, who produced it, and whether it has been changed,” said Mike Davie, Founder and CEO of Quadrant Protocol.

Within its Mainnet, Quadrant Protocol will map disparate data sources, jumpstarting innovation and enabling the creation of new data products. It will also allow users to purchase accurate data from more sources, bypassing current data producing giants.

The company that is driven by Quadrant.io underwent their Initial Coin Offering (ICO) in July 2018, raising US$15.5 million in a private token sale from more than 30 backers, including Malaysia’s Coin Capital, Hong Kong’s Zeroth.AI, and Switzerland’s Block0.

Quadrant.io platform itself is being built in conjunction with the Infocomm Media Development Authority of Singapore (IMDA) to enable AI/microservices on top of the platform, allowing entrepreneurs to build solutions using data, the initiatives that are set to be rolled out in 2019.

“We plan on further expanding our team of engineers, data scientists and developers. We will also be seeking partnerships with organisations who we can work with to enable entrepreneurs and companies to create new products using accurate data,” said Davie.

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A total of 2.5 quintillion bytes of anonymous data created each day based on location by people purchasing coffees, using ride-hailing apps and taking public transport is aggregated by the Quadrant Protocol, stamped with a signature, and made available to end users.

This everyday data is then sold on to organisations from F&B firms to insurance companies, governments to global FMCG firms who rely on the data, and the analysis that comes from it, to make business or policy decisions.

Quadrant Protocol forms part of Quadrant.io, a company that works with businesses and governments to pinpoint the data problems they experience and provides solutions through its data sourcing platform and data authentication technology.

The company claimed that Quadrant Protocol has been used extensively by producers and users of location data since May 2018 during Testnet phase. The protocol is now available to all organisations through its Mainnet.

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Image Credit: Quadrant Protocol

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