The business model of major organizations across the globe has evolved over the past decade. Companies are no longer bothered by one-dimensional challenges as improvement in communications is bringing different sectors together; accepting a different way of business through collaboration.
One of the most valuable resources in modern-day digital industries is data, and data sharing is becoming one of the most appealing forms of industry wide-collaboration for product development.
Blockchain technology has been under intensive research and development over the last decade, and it has been identified as the prime platform to create constructive data management solutions.
Now, CyberVein, a project-based out of Singapore, is being touted as one of the most promising blockchain projects, one that is focused on decentralizing data storage for both public and private enterprises. Launched in 2017, CyberVein is currently trying to develop a platform where information is accessed in a secure fashion.
Importance of Industry-Wide Collaboration in Data-Sharing
According to David Bowcott, Global Director of Growth, Innovation, and Insight at Aon’s Global Construction and Infrastructure Group,
“There’s growing acceptance of competitors working together to share data that helps solve challenges for an entire ecosystem.”
With several advantages with regard to product development, protection against cyber attacks on the future’s workforce, organizations dependent on data analytics are observing the benefits of data-sharing in order to attain common objectives and introduce new pathways to solving large-scales complexities.
1) Tackling Cyber Risks and Attacks
The global average cost of a data breach or loss is currently $3.9 million; hence, inefficiency or lack of protection is an expensive mistake. Organizations looking to tackle the risk of cyber-attacks and breaches would need constructive data sharing solutions.
Now, CyberVein’s database network currently has the potential to provide tools that make a cyber threat a difficult reality for perpetrators, while also providing economic models that incentivize and reward involved corporations.
Under high-risk threats, information sharing is key between companies and the databases on CyberVein are, although designed independently, easy to connect various entities at one time. Inter-connectivity is a crucial aspect of database systems, but most businesses have few ways to share their databases safely, at least not until CyberVein came along with a solution.
2) Prevention of Data Explosions
Data is a trillion-dollar industry at the moment because its demand is apparently immense. Many experts suggest that a number of organizations often acquire so much data that they are not able to cope with it or store it in a safe and secure manner.
Since new data is available every single day, CyberVein’s implementation of a highly scalable network would necessarily solve such problems for analytical firms and corporations. Since CyberVein provides an elevated level of security and fast access, the organization would not need to worry about data loss.
3) Diverse Study and Parallel Processing
Sometimes, a collaboration between certain research projects requires accessing data from different global facilities. It is especially common for Astrophysics, a field where data images of the sky from different angles of the globe allow for a more conclusive study. Ambitious projects like SETI and Folding have invited the general public to donate their processing and storage resources to the scientific effort.
Both corporations can incur tremendous advantage by relying on the CyberVein network. Data collected at different locations of the globe can be processed in parallel by groups of participators. Although it is not exactly different from what other networks provide, CyberVein adds an added level of immutability and transparency to the overall operation.
4) Monetizing meaningful collaborations
In the field of research and academics, in order to emulate past studies, it is extremely difficult to conduct analysis without access to raw data. Although several international projects have been trying to solve the data-sharing conundrum, the DAG-based network provided by CyberVein promotes the functionality of instant-data sharing to anywhere across the globe.
Raw data can reach different research institutes based in multiple nations and there would be unlimited access to raw data in a safe and secure structure.
Additionally, certain types of data-sharing can be entertained via direct purchase as highly desirable data can have a price in the market. Such data sets can be acquired using micropayments of the CyberVein Tokens or CVTs on the platform.
Bearing a minor cost to the buyer, it encourages collaboration and immeasurably helps academics in the reproduction and corroboration of results.
Industry-Wide Collaborations in data-sharing is currently the benchmark of continuous innovation and with CyberVein’s decentralized platform, the project is bracing itself towards unifying data storage, management, monetization, and sharing in fast, precise, and reliable operations.
For more information, please check out CyberVein’s website.
Disclaimer: This is a paid post and should not be taken as news/advice