VeChain and its team do know how to be the highlight in the community for many times now – they introduced Distributed Data Vending which represents a compliant path on how to share important/sensitive data – through their Twitter:
Introducing Distributed Data Vending (DDV), the future of compliant data sharing exclusive to VeChainThor. Putting power back into the hands of enterprises, customers, and researchers to collaborate and revolutionize the way the world shares and advances!https://t.co/OwjKG0V87G
— VeChain Foundation (@vechainofficial) March 22, 2018
The update brings to data owners a direct way to benefit from sharing proprietary data, immutable and compliant to regulators. We live in a time when having access or being owner of a big sum of data will raise the bar and enhance the decision making level for the next step to take for particular industries, namely via developing recommender systems and advertisements. The process will conclude with major profits for firms when they aggregate or collect data at a scale stand.
On the other hand, the individual or group from whom the data is taken or collected are also stakeholder of the particular info/data do claim their share of dividends even that they are the major givers for the fortune. However, there are various organizations that get their hands on the data and do categorize it as their private assets.
Distributed Data Vending backed on a blockchain turns out as a solution after being proposed on a white paper. Published in a combination with Dr. Ziheng Zhou, Chief Scientist of VeChain, Dr. He Zhu and Ning Nan, Founder of BitOcean, Dr. Jiayu Zhou and Fengyi Tang as leads of Michigan State University.
As it is already under development, the aim of the system is to allow data providers to use blockchain tech as a platform listing the data securely and add the regulations that are needed. Accordingly, exchanges in the case are completed without any 3rd party taking plart.
Various mediums like healthcare can be transformed via DDA by encouraging data distribution from the holder and its aggregation. Through the tech that blockchains enable and finding use of the distributed data vending system, VeChainThor will find an important gateway for adoption across many markets while being one of the leading advancements noticed and highlighted to many.
The real collaboration of businesses, data, and research enables applications such as VeVID and DDV to revolutionize the way that the world shares and advances.