Sign up to save your podcasts
Or
Share Ep. 117 – Monetizing Data in a Data Privacy Manner – Ocean Protocol’s Compute-to-Data
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Ep. 117 – Monetizing Data in a Data Privacy Manner – Ocean Protocol’s Compute-to-Data
AI loves data, the more data it has the more accurate the models are which leads to better business outcomes and better research outcomes. A lot of the data today is locked behind closed walls. To unlock the digital economy and to train AI models, you need to unlock private data, that is exactly what Ocean’s Compute-to-Data is doing. It’s unlocking private data while preserving privacy. Join us and Trent McConaghy, Co-Founder of Ocean Protocol, as we discuss how to unlock data in privacy manner in order to monetize it.
Trent has a background in AI and has been working in the real of blockchains for the last several years with a focus on data. His initial work was around IP and data, and then on big data with a blockchain database.
What is blockchain?
A mundane definition of blockchain is that it is a database with three special characteristics: decentralised immutable assets:
* Decentralised as in, no single entity owns or controls it. If for example you have tens of thousands of people running it then it starts to act and look like a public utility just as a gas company or the internet itself. This public utility records “state”.
* Immutable means once you’ve written onto it, it’s there for good. This is very useful characteristic for tracking provenance whether of financial instruments or of a fruit flowing from a farm in one country to a supermarket shelf in another.
* The idea of assets is if you have the private key, or password, to something then you own it. For example, if you have a Bitcoin private key then you own approximately $10,000.
Since that initial inception of blockchain a few new characteristics have been added:
* Smart contracts which are essentially unstoppable scripts that run on top of a blockchain automatically when they have received the appropriate inputs.
* Blockchains are seen as incentive machines to get people to perform certain actions. Bitcoin for example gets people to add to the security the Bitcoin network through hashing, known as Bitcoin mining. People are willing to expend computational power to do this hashing, add security to the network, in the hope of getting paid in Bitcoins by the Bitcoin network.
About Ocean
Ocean Protocol is a decentralized data exchange protocol to unlock data for AI, launched in 2017. Leveraging blockchain technology, Ocean Protocol connects data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It allows data owners to give value to and have control over their data assets without being locked-into any single marketplace.
The data economy
In July 2019, Trent recorded his first podcast with Insureblocks entitled “The Data Economy – Insights from OceanProtocol”. He sees that the data economy is already a true economy in that there is buying and selling of data but the key is that it’s really hard to see it. You could nearly characterise it as a sort of shadow data economy, where there's buying and selling data, but it's mostly behind closed doors.
On the one hand it’s visible if you’re buying data feeds from Bloomberg regarding stock prices. On the other a lot of data is bought and sold behind closed doors that you don’t hear about. For example, we don’t hear about the 150 plus organisations that Fa...
View all episodes
By Walid Al Saqqaf - Blockchain insuranceAI loves data, the more data it has the more accurate the models are which leads to better business outcomes and better research outcomes. A lot of the data today is locked behind closed walls. To unlock the digital economy and to train AI models, you need to unlock private data, that is exactly what Ocean’s Compute-to-Data is doing. It’s unlocking private data while preserving privacy. Join us and Trent McConaghy, Co-Founder of Ocean Protocol, as we discuss how to unlock data in privacy manner in order to monetize it.
Trent has a background in AI and has been working in the real of blockchains for the last several years with a focus on data. His initial work was around IP and data, and then on big data with a blockchain database.
What is blockchain?
A mundane definition of blockchain is that it is a database with three special characteristics: decentralised immutable assets:
* Decentralised as in, no single entity owns or controls it. If for example you have tens of thousands of people running it then it starts to act and look like a public utility just as a gas company or the internet itself. This public utility records “state”.
* Immutable means once you’ve written onto it, it’s there for good. This is very useful characteristic for tracking provenance whether of financial instruments or of a fruit flowing from a farm in one country to a supermarket shelf in another.
* The idea of assets is if you have the private key, or password, to something then you own it. For example, if you have a Bitcoin private key then you own approximately $10,000.
Since that initial inception of blockchain a few new characteristics have been added:
* Smart contracts which are essentially unstoppable scripts that run on top of a blockchain automatically when they have received the appropriate inputs.
* Blockchains are seen as incentive machines to get people to perform certain actions. Bitcoin for example gets people to add to the security the Bitcoin network through hashing, known as Bitcoin mining. People are willing to expend computational power to do this hashing, add security to the network, in the hope of getting paid in Bitcoins by the Bitcoin network.
About Ocean
Ocean Protocol is a decentralized data exchange protocol to unlock data for AI, launched in 2017. Leveraging blockchain technology, Ocean Protocol connects data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It allows data owners to give value to and have control over their data assets without being locked-into any single marketplace.
The data economy
In July 2019, Trent recorded his first podcast with Insureblocks entitled “The Data Economy – Insights from OceanProtocol”. He sees that the data economy is already a true economy in that there is buying and selling of data but the key is that it’s really hard to see it. You could nearly characterise it as a sort of shadow data economy, where there's buying and selling data, but it's mostly behind closed doors.
On the one hand it’s visible if you’re buying data feeds from Bloomberg regarding stock prices. On the other a lot of data is bought and sold behind closed doors that you don’t hear about. For example, we don’t hear about the 150 plus organisations that Fa...