GeoDB partners with Ocean Protocol to bring more decentralization & openness to the big data industry.
GeoDB is happy to announce a new partnership with Ocean Protocol, which will help bring more decentralization to the GeoDB Ecosystem and share generated data through new markets supported by Ocean.
The Future of GeoDB and Ocean
GeoDB will use Ocean Protocol technology within its marketplace to add the necessary elements of automated data exchange deals, metadata management, and in the future — compute-to-data operations. At the same time, GeoDB will open the generated data to all the marketplaces built on Ocean Protocol, which brings value to GeoDB and the entire Ocean ecosystem, which now will have a strong use case of data generated from mobile devices.
Here is what Luis Gelado Crespo, CEO of GeoDB, says about our partnership: “Blockchain & big data industries become more valuable when the network effect is created. Today we are proud to announce that GeoDB is partnering with Ocean protocol to join the efforts in bringing decentralization in the big data industry, allowing GeoDB data providers to have more sources of sharing their data in a decentralized and transparent way for data consumers.”
“At Ocean Protocol, we are always looking for diversity to enrich our data offerings. This strategic collaboration will bring a new source of data to Ocean. Leveraging Ocean technology, GeoDB users will now be able to monetize their data on the GeoDB marketplace securely. Data consumers can also access high-quality data from mobile devices, which were previously unavailable in a decentralized and secure environment,” said Manan Patel, Growth Accelerator at Ocean Protocol.
The GeoDB Database in a Nutshell
GeoDB Tokens (GEO) are distributed to users when they upload their data to our database.
This is currently done through the GeoCash application, and more applications are joining soon, allowing GeoDB users to provide other types of data while being rewarded.
Within less than a year, GeoCash has more than 250.000 downloads and continues growing significantly.
Currently, the mobile data batches aggregated from GeoCash consist of location data with a timestamp, signal and battery level, mobile service provider, while in the nearest months GeoDB ecosystem will also start generating data like consumer behavior, age, sex, health data, and many others.
The GeoDB Data Exchange Ecosystem
In GeoDB, we aim to make all of this data available through the GeoDB marketplace. But more importantly, following our openness and connectivity strategy, GeoDB is now aimed to offer aggregated data through other data-sharing ecosystems. The possible data sources can be 3rd party marketplaces or blockchain oracles.
Another important aspect of GeoDB’s strategy and architecture is decentralization and transparency. All applications connected to GeoDB share user’s data with verification on a blockchain network and are important for the GeoDB marketplace & other data sources. To support this execution, we have been carefully analyzing the industry's scope to find the best possible solution allowing both — decentralization within the data exchange processes on the GeoDB marketplace and giving more openness to generated data.
As a result, we are happy to announce our integration and collaboration with Ocean Protocol, which is one of the leading blockchain protocols specifically designed for automated secure data exchange in a decentralized peer-to-peer environment.
GeoDB is a decentralized peer-to-peer big data-sharing ecosystem, which returns value to its creators, the users.
GeoDB creates bridges between current isolated participants and aims to solve the huge big data industry’s existing inefficiencies.
Users receive GEO tokens in exchange for their anonymous data, which can later be exchanged to other crypto-currencies or, once we launch our full network, use it to acquire goods and services.
About Ocean Protocol
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to unlock the value of their data and monetize it through the use of ERC-20 based datatokens. Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets previously unavailable or difficult to find. On Ocean Protocol, each data service is represented by a unique datatoken, which is used to wrap a dataset or compute-to-data service . This essentially allows third-parties to perform operations on the data without it ever leaving the secure enclave of the publisher.