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Outlier Ventures Weekly Brief Issue #5 |   View Online
 
  contact@outlierventures.io
How do we solve the growing data monopolies?
 
As Google and Facebook come under increasing scrutiny for how they handle user data, it has become evident that our approach to the commodity needs to be changed. Not all kinds of data are made, accessed or sold equally. Creating a marketplace for their trade ensures value is transferred to the source and brings fair valuation to the price of the data. Accenture suggests that IoT data marketplaces alone will be worth $3.6 trillion by 2030. Their applications will vary from decentralised machine learning to distributed computing. The infrastructure to sell and purchase this data is referred to as data marketplaces. It could ensure that data monopolies aren't created by firms like Google or Facebook as they hold the highest concentration of user information currently. We take a quick look at the role blockchains will play in enabling their creation and the kinds of data marketplaces in today's newsletter. 
 
The core value addition a blockchain will offer in the context of data marketplaces will be proving the source of the data (provenance) and ensuring incentives (quick payments) for those supplying it. They will also be able to provide tamper-proof records of transactions within the marketplace. A truly decentralised marketplace for data would be stakeholder driven instead of a central corporation dictating its operations. This could bring considerably more transparency to how data is sourced, paid for and accessed when compared to models like those of Facebook. With the help of self-sovereign identity (SSI), an individual will be able to choose who they sell their data to.  For more, we suggest exploring Ocean's post on how inter-service networks would generate value through data marketplaces in this post here. 
 
Data marketplaces will be used for trading sensory data, enabling the trade of data between businesses (B2B) and allowing retail users to sell their personal data to third parties.  For instance, Datum has a functional app on the Android and iOS store that allows individuals to create self-sovereign identities and use it in decentralised applications. It will also prove to be beneficial for data scientists that are currently looking to source large data sets to train their machine learning models. By increasing the amount of data they have access to, they could reduce the frequency of errors in their model. Large-scale transfer of data between enterprises would pave ways to create new business models and unlock value that remained siloed until then. More on the matter from 's deck here.  

If you are in Singapore, make sure you attend Ocean Protocol's meetup on the 18th of December to see a live demo of their marketplace tech demo and updates from the community. 
 
News from the past week
 
 
1. On finding token-network fit  -  Link

2Kakao has made an investment in its first blockchain startup in a deal with Israel’s Orbs. - Link 

3.The journey to machina economicus  -  Link

4. Is  tech too easy to use? - Link


5. Binance to launch own chain -  Link

 
 
 
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All the bad things about the Internet—I don't think they come from people being free to communicate with one another. I think they come from the advertising revenue model.
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