Tuple And GXChain Blockchain Projects To Create Data Trading Services (DTS) Exchange Marketplace
Knowledge is power, be it about the enemy or the customer. The great hubris of mankind in this millennium is his technological advancements. This has waylayed key aspects, such as personal identity and privacy. New blockchain enabled startups are realizing this fact and looking to assuage this growing fear.
To this end Tuple, a Blockchain startup is working in conjunction with GXChain, a data-centric blockchain that can handle about 10,000 transactions each second. Vivian Li , the co-founder, and Chief Executive Officer of Tuple commented on this union, saying, “Tuple’s alliance with GXChain provides us with a significant head start on the product development side.”
How Is This Going To Work?
The young enterprise aims to build a blockchain based peer-to-peer marketplace that will enable easy exchange of data while allowing the user greater control over their digital identity. The platform, called Data Trading Services (DTS), is slated for release somewhere in the first quarter of 2019. This decentralized platform will is based on the same underlying technology as GXChain and will have support for smart contracts; making transactions, payments, and trade settlement workflows much more manageable.
Detailing these future plans, Vivian stated,
“The idea of a decentralized data marketplace has been gaining broader traction of late, as individuals and companies look to new models to control and exchange their data. We look forward to bringing Data Trading Services to market early next year.”
What Is Data Trading Services
The main reason behind the DTS platform is the idea that today's data economy should encompass the users who actually are the data. It should allow full access and control as well as enable them to directly benefit from this.
During the conversation, the CEO also noted:
“Our vision is a peer-to-peer data economy that empowers individuals and companies to gain control of their data and put it to better use.”
During the initial stages of the system development life cycle, some of the scenarios that Tuple explored were about the exchange of anonymous patient data for better pharmaceutical research or quick credit checking for a smoother financial transaction.
Adding to this conversation, Azar Rauf, Founder and Head of Strategy at Tuple further expanded on the goals of his company, noting,
“Today’s data economy is dominated by a small number of monopolistic players. Global technology brands such as Google, Apple, Facebook, and Amazon preside over huge centralized information silos which inhibit the growth of the peer-to-peer data economy. Yet, data is now integral to our lives – a valuable resource and a tradable commodity. We set up Tuple with the aim of expanding the reach of the data economy and to reduce friction.”
The users of DTS will have multiple options available. At the moment three major roles that will be available are :
- Data Providers: those selling data; these could be individuals, organizations or consumers
- Data Consumer: those who are buying the data, usually organizations
- Data Owners: those who will actually own and manage the data
As we become more and more anesthetized to the flagrant breach of our digital privacy, this attempt seems a positive step toward handing back a semblance of control back to the masses.