Turning data into assets with Blockchain

by Ben Chan, Chairman, the WOLOT Foundation.

Utilised in business decision-making and data modelling, data is the key raw material for the new digital economy. It can be used to continually improve user experiences, and help to optimise and create more smart applications.

There are key issues surrounding its usage, however. The man in the street may be reluctant to share too many insights about his behaviour or preferences. He doesn't know how it's going to be used, and even if he does give permission for data-sharing, there's always the risk that those permissions are ignored or tampered with. Last but not least, there is nothing in it for him to actually share his data.

Privacy protection and data ownership have long been the core unresolved issues for data assetisation. These issues need to be resolved in order to achieve mainstream adoption of big data. To realise true data assetisation, we​​ require Blockchain technology. 
 
Firstly, it promotes user privacy protection, which makes large-scale data trading and circulation possible. Secondly,  it ensures the data immutability and openness that is required to promoted data-driven business innovations and ecological development. 
 
At the user level, this means that a user can securely authorise the use of his or her data, along with complete verification of data ownership. These details can be stored on the Blockchain, which offers legal and tamper-proof protection of the data.
Last but not least, the use of such data can and should give its owner a reasonable economic return. This would further promote the circulation and trading of the data.
 
For example, the Blockchain-based TOOL Global ecosystem rewards users for their participation in data sharing. After a user has authorised the usage of his or her data, they get a reward in tokens, and the data can be legally used as authorised. In the TOOL ecosystem, users receive Behavior Tokens which can be exchanged for OLO tokens. OLO have the potential for value appreciation as they are pegged to the value of the big data accumulated in the TOOL Global ecosystem.
 
Blockchain achieves data ownership and privacy protection through decentralisation and encryption of on-chain data, which is superior to traditionally-centralised systems. In TOOL, the data is first anonymised and encrypted, with the hash value of the data stored on the Blockchain. A hash value is a number that can be used to uniquely identify a set of data - this means that there is no user-sensitive information on-chain. The result is that although an organisation may analyse personal data, but it will not be able to find out who the owner of that data is. 
 
In summary, Blockchain unleashes the value of data assets while returning the value to users. It has the potential to reshape the existing economic, business and even social models. Enterprises need to be aware of the impact of the Blockchain revolution in order to survive in the seismic shift that is coming to the digital global economy.

WOLOT Foundation is a non-profit organisation registered in Singapore which was created by IBD Technology to promote and support the development of a digital online ecosystem called TOOL Global for all small and medium enterprises (SMEs) worldwide. TOOL Global was also created by IBD Technology.

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