Ocean Protocol is a blockchain-based data marketplace that enables businesses and developers to exchange information and data-based services.
Protecting individual privacy has always been a challenge for interested users. No matter what you want or where you are, companies and corporations always want to access your personal information. That is where Ocean Protocol comes into the picture. This platform will use that data in various ways and give the data owners and the consumer access to that information in e more moral way.
So the owner can decide about what that information is used for, and all of this is possible thanks to the Ethereum blockchain. Read on to learn everything about this token and how it works to figure out why you need to invest in the native token of this platform today.
What is Ocean Protocol?
Ocean Protocol is an Ethereum-based protocol that allows individuals to monetize their data and allows other users to access that data by paying for it. Data is everywhere, and it has become an exciting asset class. The success of large and small businesses depends mainly on their access to data.
It seems that data is the fuel that keeps the digital businesses running. Ocean Protocol is software that makes accessing to date sets possible. And more interestingly, data will never leave the hands of the one who stores it. Ocean Protocol is a market app that lets data owners and consumers publish, buy, and sell information using a blockchain and decentralized manner.
The negative token of the software is called OCEAN. Users can use the token to exchange data. There are decentralized finance and artificial intelligence tools available on the software. Suppose you are wondering about the security of the software. In that case, you should know that Ocean Protocol staking maintains the application’s security.
History of Ocean Protocol
BigChainDB founder Bruce Pon and Trent McConaghy created Ocean Protocol in 2017. The initial aim was to take back control of data from large corporations such as Microsoft and Google. Then they wanted to monetize the data and let it be shared freely on an exchange. The Ocean Protocol is a market software for monetizing the data. Data owners do not have to give away the control of their data to corporations. Instead, they can publish their data on a marketplace and sell it while ensuring that the data will never leave the market.
The Ocean token was created in 2017 as well. Users and developers can develop marketplaces using Ocean Protoco; infrastructures. These marketplaces are a great way to connect consumers and data owners. As the software is built on the Etherum blockchain, owns the owners ‘data, and the record of who has bought it is safe and secure in the blockchain.
How does Ocean Protocol work?
The Ocean Protocol platform is designed to facilitate data exchange. So corporations, researchers, and everyone who needs information can access it by paying for it, and the owner will never lose control of the data. On the other hand, people who need data or do not have the resources to keep the data safe will be connected to those who have them. And the provider will be rewarded by Ocean, the native token of the platform.
As you already know, Ocean Protocol is an Etheum based platform, but soon it will be deployed on other networks.
Interestingly, the data is not stored on the Ocean Protocol network; the consumer searches for the data on a marketplace; after buying that information, an encrypted reference to it will be delivered, but it can only be unlocked if certain conditions are met. Every time data is sold, the owner will receive Ocean tokens as a reward.
Use cases of the Ocean Protocol
Ocean Protocol is an open-source software that provides easy access to data. This software has two main products: The Data Ecosystem Platform and the decentralized Data Marketplace. The first is to facilitate data access control, so the owner never loses control of the data. This platform uses Ocean blockchain, smart contracts, and software development kits to achieve that end. The second one connects the seller and the buyer from all around the world.
- In 2019 Ocean Protocol was implemented in sgCarMart, so the buyers have access to accurate info in their used car.
- In 2020 the Ocean Protocol was integrated with Dailmerto to accelerate the development of self-driving AIs without losing control of the property.
- Ocean Protocol has also been used in the healthcare industry. The data on different diseases can be recorded and shared worldwide and help better decision-making.