A decentralized network enables customers to have a proper control of their data. They have the authority to provide access based on condition of use and market price. In modern era where only big companies have the capability to run big tasks, because not only they have data of vast amount of customers or users they can also afford expensive hardware’s.
Let’s take the example of Google Maps. Google has the navigation data of all users who uses Google Maps. If by some way users are able to sell their navigation data to market, they won’t be afraid about their privacy while selling their data as Google has already seen and used their data.
Let’s take another example of healthcare providers or hospital, poorly managed patient data can result in wrong diagnoses and treatment. There’s might be a chance that during patient treatment journey different doctors receives different data of same patient or test results gets corrupted or lost.
Placing patient data in decentralized blockchain would create a single unchangeable data to be used by all doctor’s and shared with insurers, employers and any other sector concerned about patient health. Nowadays, every action we make leaves a digital footprint. We generate data whenever we go online, talk to our friends or use social media. So, the main goal of decentralization is to collect this big data and let third parties sell data like navigation, food, health etc. which could result in advertisement campaigns to be more accurate, customised and everyday problems get reduced.
Unfortunately, there is no existing solution in market that could provide decentralized big data support. The DxChain Network is designed to serve as a data trading platform for users who want to sell their data. It’s world’s first decentralized big data and machine learning network which incorporates Hadoop with blockchain to fill this gap and have ability to analyse computationally reveal patterns, trends, and associations which give people and businesses advantages across a wide range of areas.
The project is based on premise that data is valuable, and creator of data should be able to own and get benefit from data. The main issues of data such as security, privacy and ownership are being tackled by team using business intelligence and machine learning algorithms.
With DxChain decentralized data exchange network, users would be able to control their own data, securely trade and analyse data. Utilizing blockchain technology featuring multi-nodes and distributed storage, the costs of data retrieval and storage would also be reduced significantly. A chains-on-chain architecture is designed which manages the master chain, storage chain and computation chain, to solve data computation, storage, and privacy issues which would otherwise be difficult to do simultaneously with only one chain. DxChain enables any computational task to be performed securely while minimizing the number of network node computations required. Allows the network to verify the accuracy of computation results. DxChain eventually gives power back to the users.
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DxChain Website : https://www.dxchain.com/
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