Ocean Protocol is a decentralized data exchange protocol that promises to unlock data for artificial intelligence applications. Find out how it works today in our review.
What Is Ocean Protocol?
Ocean Protocol, found online at OceanProtocol.com, was built with the goal of unlocking data. By unlocking data, Ocean Protocol allows data providers to interact with data consumers through a decentralized data marketplace. Through the Ocean Protocol marketplace, data can be shared and monetized with control, auditability, transparency, and compliance available to all actors involved.
As the Ocean Protocol website explains, “data providers and custodians need to feel safe before they will comfortably share data and Ocean Protocol is the solution.” Today, there’s an enormous amount of data available, but there’s no single, trusted data marketplace. Ocean Protocol aims to create that platform.
Our world generates an enormous amount of data. However, most of that data exists in siloed structures. It’s not shared between organizations because there isn’t a secure or transparent exchange mechanism. This leads to inefficiencies and data redundancies: companies might be willing to pay for certain data, but they lack the marketplace in which they can securely transfer data.
How Does Ocean Protocol Work?
The overall goal of Ocean Protocol is to provide the underlying technical foundation that data marketplaces need to connect data providers with data consumers in a trusted environment. The protocol enables developers to create new and innovative services for leveraging data.
The protocol is catered to two broad groups of users:
- Data Providers: Data providers can unlock their data and earn revenue by publishing data onto the platform.
- Data Consumers: Data consumers can discover and buy data from the platform.
The end result is a decentralization of data – including data that can be used for artificial intelligence applications.
Today, centralized corporations hold enormous AI resources – including data assets. These resources allow them to create powerful AI systems. This leads to a system where AI development is in the hands of a small group of people – and if things don’t change, this problem will only get worse over time.
As the official Ocean Protocol website explains, the centralization of artificial intelligence “is a danger to a free and open society.”
With that in mind, Ocean Protocol aims to unlock data to create more equitable outcomes for data users, creating a decentralized marketplace that democratizes the world of artificial intelligence development.
To put Ocean Protocol in real world terms, think of the data siloes we encounter on a daily basis. An airport might have a photo library of individuals that are forbidden from boarding planes, for example. Facial scanning technology sends an alert when these individuals are identified. However, that library is not available to, say, a sports stadium where those individuals may pose a terrorist threat. Data libraries like this are separated from each other by walls. Ocean Protocol aims to knock down those walls, allowing data to be shared between parties.
Of course, knocking down those walls also leads to concerns about security and privacy. That’s where blockchain technology can help. Blockchain allows for complete transparency of transactions.
What Problems Does Ocean Protocol Seek To Solve?
Ocean Protocol seeks to solve major problems in the artificial intelligence development community. Here are some of the problems identified on the official website:
- In 2016, the world produced 16 ZB of data, but only 1% of that data was ever analyzed.
- A lack of trust prevents data sharing; centralized data exchanges fail because they lack fair and flexible pricing mechanisms. Data providers end up losing control over their assets, and there’s a lack of transparency in how the data is used, so the data remains locked up due to a lack of trust.
- Only a handful of companies today have both data and AI; AI startups and researchers are drowning in algorithms, but lack data, and the opposite is true for many large corporations.
Ocean Protocol also mentions that AI advances six times faster when data is available. By making data available, Ocean Protocol aims to push forward the world of AI development, democratizing the industry and providing the tools needed to unlock the remaining 99% of untapped data.
Who’s Behind Ocean Protocol?
Ocean Protocol is led by a team of dozens of developers. Team members have backgrounds in big data, blockchain, artificial intelligence, and data exchanges, along with real world experience as entrepreneurs, designers, and technologists who have started 20+ companies.
Key members of the team include Bruce Pon, Trent McConaghy, Masha McConaghy, Chirdeep Chhabra, and Daryl Arnold.
The team is incorporated as a non-profit in Singapore under the name Ocean Protocol Foundation Ltd.
Ocean Protocol Conclusion
Ocean Protocol aims to solve a big problem in the world of AI development. There are companies with advanced algorithms for the AI industry, but these companies lack data. And then there are companies with lots of data, but they lack a way of sharing that data in a fair, transparent, and secure way. Ocean Protocol aims to bring these two parties together to democratize the world of AI development. The end result is a decentralized data marketplace catered to the AI industry.
“By bringing together data and AI,” explains the official website, “Ocean Protocol will unlock a trillion-dollar market for data sharing.”
To learn more about Ocean Protocol and how it works, visit online today at OceanProtocol.com