Ocean Protocol (Ocean)

Join Ocean Protocol to build a secure, data-driven marketplace on the blockchain with the world's first open source, blockchain proof, peer-to-peer, decentralized marketplace. [Sources: 6] 

    

The Ocean Protocol is designed to enable the secure exchange of data and services in order to advance the development of artificial intelligence. By using an open source, blockchain-proof, peer-to-peer, decentralized marketplace, Ocean Protocol will be able to connect data providers and data consumers to unlock data for added value - additional data services. Marketplaces and intermediaries using the Ocean Protocol can provide the tools to provide discovery and value-added services to data consumers. [Sources: 6] 

    

As explained on the Ocean Protocol website, data providers and administrators need to feel confident that they can easily exchange data, and Ocean Protocol is the solution. By activating data and transmitting and monetizing it without the actors involved, the data can be shared easily, securely and securely. In order to unlock data, data providers can interact with data consumers via a decentralised data market. [Sources: 0] 

    

If there is no secure and transparent exchange mechanism, organizations cannot share it, and the Ocean Protocol is the technology that enables the exchange of data. The Ocean Protocol enables data scientists and artificial intelligence researchers to unlock and analyze big data, while respecting data privacy. [Sources: 0, 7] 

    

About six years ago, we created Ocean Protocol, a data and intellectual property platform that can be converted into assets using blockchain technology. [Sources: 7] 

    

We saw that people lacked access to capital because they did not have assets that could be financed, such as intellectual property, patents and other intellectual property rights. [Sources: 7] 

    

The overarching goal of the Ocean Protocol is to provide the basic technical foundation that data marketplaces need to connect data providers and consumers in a trusted environment. Data providers can unlock their data and generate revenue by publishing data on the platform. Companies may be willing to pay for certain data, but they lack access to a marketplace where they can safely transfer data. This leads to inefficiencies in data redundancy and can cause problems with data security and data protection. [Sources: 0] 

    

It is intended to create a decentralised data market and to create incentives for the creation of a global common data market. The end result is a common repository for all data, including data that can be used for artificial intelligence applications. [Sources: 0, 2] 

    

The Ocean Protocol Network is powered by its own cryptocurrency token called OCN, which powers its platform. On March 9, 2018, Ocean Protocol held an ICO to sell the first version of its protocol, the Ocean Ocean. The ICO itself provided a total of $1.5 million of the $2 million available for the project. [Sources: 2] 

    

Ocean Protocol is an open source protocol for data sharing and artificial intelligence that was introduced in 2017. The Ocean Protocol connects data providers and consumers, enabling data sharing while guaranteeing traceability, transparency and trust for all stakeholders involved. [Sources: 6] 

    

It is scalable and uses blockchain technology, which enables data to be shared and sold in a secure, secure and transparent way. It is used to enable data owners to value and control their data holdings without being locked into a single marketplace. [Sources: 5, 6] 

    

The Ocean Protocol, which can be found online at OceanProtocol.com, was developed with the aim of releasing data. It is a decentralized data exchange protocol that promises to unlock data for artificial intelligence applications. This is the problem we want to solve and we are building it on the world's most advanced blockchain technology. [Sources: 0, 4] 

    

ZDNet recently teamed up with founder Trent McConaghy to discuss the latest milestones reached and the future of OceanProtocol. [Sources: 4] 

    

McConaghy has a background in AI and blockchain and has worked on projects such as ascribe and BigchainDB. He described how he realized that blockchain could help solve the problem of using data to train AI algorithms. Ocean facilitates the processing of algorithms to bring data into a more efficient, secure and scalable form of data processing. [Sources: 4, 8] 

    

Because it deals in data, the company cannot use existing cryptocurrencies such as Bitcoin or Ethereum for its tokens. While existing tokens can serve as a means of exchange, the Ocean Protocol requires its own tokens that use their own specific form of monetary policy and rewards. We believe that crypto assets can both serve as raw materials in the data economy and provide incentives for the network to back up and scale data to make it actionable intelligence. [Sources: 3] 

    

In addition, from the perspective of Ocean users, the volatility of uncorrelated tokens would disrupt the flow of money between the Ocean protocol and the rest of the data economy, as well as between Ocean and its users. [Sources: 3] 

    

Any actor that has data and wants to monetize it can make it available to Ocean at any cost. In return, data providers receive tokens from data consumers when they use their data. Therefore, sgCarMart, a used car data market, can ensure that buyers get the best value for their used cars. [Sources: 1, 3] 

    

Sources:

    

[0]: https://bitcoinexchangeguide.com/ocean-protocol/

    

[1]: https://martechseries.com/technology/sgcarmart-ocean-protocol-partner-build-singapores-first-know-vehicle-secure-data-marketplace/

    

[2]: https://golden.com/wiki/Ocean_(blockchain)-NMGDXWN

    

[3]: https://outlierventures.io/why-we-are-investing-in-ocean-protocol/

    

[4]: https://www.zdnet.com/article/compute-to-data-using-blockchain-to-decentralize-data-science-and-ai-with-the-ocean-protocol/

    

[5]: https://www.re-work.co/events/deep-learning-in-healthcare-summit-london-2018/partners/ocean-protocol

    

[6]: https://www.dac.digital/2020/03/18/dac-ocean-protocol-collaboration/

    

[7]: https://hackernoon.com/building-a-secure-data-economy-an-interview-with-ocean-protocols-founder-bruce-pon-qk3v32o5

    

[8]: https://medium.com/@andrewmartinfujan/ocean-protocol-ocean-overview-842244e93908