Cryptocurrencies For Incentivizing And Securing Data

Freedom of data and data privacy are two critical but competing elements that define the today’s technology landscape. Data is extremely vital this digital age and is the fuel to the insights and analytics that are crucial in the operation and prosperity of companies.

On the other hand, the privacy of this data is a big deal to consumers. The government constantly takes action where data privacy is breached. Regulations spanning from all over the globe, from Europe to the US are impacting the way organizations manage and deal with data. They are now reflecting consumer perspective on the same.

But it has not been smooth. The collection of data on platforms for the generation the insights and analytics make the organizations sitting ducks for data thieves. You will be shocked at the alarming rate in which data is being breached.

2019 alone has seen over 25,000 records been compromised, costing companies over $3.9 million. It makes the current condition untenable for companies and consumers. Which begs an overhaul in the way data is collected, analyzed and stored. The overhaul is not just essential, but vital if at all we are to deal with big data.

Now, one of the viable alternatives for facilitating data is via cryptocurrencies.

Crypto For Facilitating Big Data

Cryptocurrencies have gained attention for their volatile prices. But as Charles Hoskinson, co-founder of Ethereum and CEO of IOHK says, cryptocurrencies can be used as a way to change the data analytics landscape.

Hoskinson, has recently joined Endor, a data analytics startup that has been providing data analytics services for fortune 500 companies like Coca-Cola. Endor has often been described as google for data analytics because of its search interface which allows companies extract specific insights on their customer behavior.

The Endor Protocol

The latest release, the Endor protocol provides a decentralized environment for data analytics and introduces cryptocurrencies into the data analytics space.

Company’s founder Yaniv Altshuler, in an interview described intermediaries as middlemen of necessity. He went ahead and explained the negative influence intermediaries have on availability and affordability of data analytics.

Altshuler further explained how intermediaries have become powerful in their business environments, often going beyond their facilitating mandate to a point of now mandating how businesses run.

Endor hopes to create a new system based on trust, efficiency and intentionality by reorganizing the entire arrangements between data analyzers and providers.

EDR, the token that powers Endor incentivizes data providers and provides a payment mechanism for those interested in statistical insights. The model prioritizes data security by encrypting the same from the very beginning. The end to end business model is the future for analytics.

Testing The Platform

A few months ago, Endor won the MetLife Korea Collab 5.0 innovation. Endor was awarded a one year contract by the insurance company to bring the system into the industry. But the Endor protocol is already been implemented at several SMBs to assess technology efficacy.

The timing is perfect, when the collection and exploitation of data for insights is becoming a concern for consumers. Endor presents the opportunity for the same to be done on a large scale and in an ethical manner.

We might not be transitioning to a data agnostic system soon but it’s the right time for the paradigm shift that opens new possibilities for collection, analysis and storage of data.