The Banyan Network is a blockchain-driven data value network. Also, it is the world’s pioneering decentralized platform for data economies that was developed by all stakeholders in the data analytics industry.
The Banyan data network integrates a scalable and rapidly growing token system that facilitates vast data aggregation and incredibly fast data streaming. As a result, usability is enhanced, enabling all contributors to the field of data analytics to gain more value. The data value network uses cutting-edge data matching and correction algorithms to enforce and reward computation mechanisms. Moreover, the network works with mainstream commercial data providers and paves the ways for institutions as well as individuals looking to join the data value network ecosystem.
About Banyan Network
The data industry is one of the biggest sectors in the global economy with an enormous market potential. The clusters that make up this mammoth industry such as data infrastructure services, precision marketing, consultancy, information verification etc. are worth up to $ 1 trillion. However, most of these services are centralized.
Despite its riches, the development of the data industry is faced with numerous challenges. With regard to data sources, enterprises have to pay exorbitant fees to access data, which is usually insufficient or inaccurate. In some cases, it is fragmented, as each source provides partial information. Concerning data security, the absence of a compliance standard makes it hard to trace data sources.
Additionally, the implementation of stringent laws is also hindering the growth of the data industry. This, coupled up with the isolation of data mentioned earlier, has resulted in distrust among major players in this sector. Undoubtedly, the lack of a trustless data ecosystem is an issue of major concern within the data industry.
Regarding transparency an security, blockchain technology allows multiple users to jointly take part in the computation and recording of data as well as its validation, making the info incontrovertible and trustworthy.
Essentially, blockchains are the basis of trusted data connections. In the future, all transactions will be bound by smart contracts and permanently recorded on the immutable blockchain database. Consequently, issues such as data theft if decline in value will be forgotten. Furthermore, data will be universally accessible, transparent, scalable and efficient, resulting in increased data values as well as high liquidity.
Applications In The Banyan Data Value Network
Banyan Score: This is a scoring system that leverages advanced algorithms to provide a public rating system for participants in the Banyan DVN, including data sources, products and services.
Banyan Wormhole: This is a cleansing system that sorts and categorizes data, detects defects, optimizes algorithms and so on, to facilitate quick and efficient processing as well as enhance usability of the platform.
Banyan TagLib: This is the ecosystem’s tagging mechanism used to ensure the integrity of data.
Banyan Market: This is an open marketplace where users can access their desired data content.
Banyan Security Suite: This is a complement package that features data governance, risk assessment and process management tools, incorporated to guarantee the safety of data.
Banyan Network Conclusion
The BBN is a utility token that also acts the principal medium of exchange in the Banyan Data value Network. Also, holders have voting rations, and can therefore influence formulation of policies.