Decentralized Big Data Platform Gives Users Control and Compensation

Published at: May 20, 2020

GeoDB promises to be a decentralized peer-to-peer big data sharing ecosystem, where users are rewarded for the data they generate.

This weekend saw the launch of the iOS version of its new GeoCash app, hot on the heels of the Android version which dropped last week.

Big data is watching you...

Big data is thought of by many as a somewhat ominous field. The practices surrounding its collation of information by shadowy intermediaries are often far from transparent, with the monetization and eventual use of such data even less so.

So a platform that not only gives a user control and transparency over the data they generate and share, but also rewards those interactions with cryptocurrency, would appear to be a step towards democratising the market.

In return, data buyers gain access to affordable and trustworthy data through use of a peer-to-peer, blockchain-based system.

Despite global concerns about privacy, figures suggest that under 10% of generated data is currently being exploited. GeoDB hopes to open the door for users to exploit the other 90% for their own financial gain. CEO and founder Luis Gelado explained to Cointelegraph:

"Data has become the new digital oil. A high value asset class on top of which huge digital companies have built extremely profitable business models. But for some reason, undoubtedly values were forgotten and left behind along the way. Privacy, control, transparency, or direct reward for data creators. The user's interests were abandoned."

App is currently in the testing stages 

The GeoCash app allows a user to monitor their wallets containing the native token GeoDB (GEO). Wallets display a list of recent transactions, showing tokens sent, received, or awarded for generating data.

The app also allows users to keep track of the data blocks they have generated. All data is anonymized and includes no data related to a user’s profile. Initially the service is focused on collecting location data, as this is fairly easy to extract and amongst the most valuable.

GeoDB is also creating a number of proprietary apps, which will collect and send data while monitoring hydration levels, logging running routes and finding electric car charging points, for example.

However, there are also third-party apps which will connect to the service, putting access to the service into the hands of over 12 million existing users. These include tracking apps such as Wave, Wola, Sister and Trazer.

GeoCash app is currently running in a test environment, so tokens within currently have no associated value. The company plans to launch the mainnet after the summer.

As Cointelegraph reported last month, GeoDB has also developed a data app to help combat the COVID-19 pandemic.

Tags
Blockchain
Business
Privacy
Security
Related Posts
Canadian University Offers Graduate Training in Blockchain Tech
Canadian-based University of British Columbia (UBC) has announced a blockchain and distributed ledger technology training program for master’s and PhD students. UBC announced the development in a press release on June 11. The training path is reportedly designed to build competency around blockchain tech, and is focused on its application in four public benefit areas: health and wellness, clean energy, regulatory technology and Indigenous issues. UBC says they hope to train 139 students over a six-year period, and graduates should have the tools to evaluate blockchain solutions as well as identify opportunities for blockchain implementation. Canadian national non-profit research organization …
Technology / June 11, 2019
Nym Technologies raises $13M to develop surveillance-evasion platform
European security startup Nym Technologies has announced a $13 million funding round coordinated by renowned crypto investor Andreessen Horowitz, or a16z, and further participated by a venture capital firms Digital Currency Group, Tayssir Capital, Huobi Ventures, Hashkey and Fenbush. This third funding round represented their highest raise to date, following seed funding of $2,5 million in May 2019 and Series A raise of $6 million in July 2021 — Polychain Capital led the latter of which — according to financial data from Crunchbase. Nym Technologies is an open-source, decentralized infrastructure that aims to surpass the typical third-party privacy services offered …
Blockchain / Nov. 18, 2021
Blockchain-based supply chain platform canned by IBM and Maersk
United States technology company IBM and Danish logistics firm Maersk have decided to discontinue their co-developed blockchain-backed supply chain platform, TradeLens, citing a lack of “global industry collaboration” as a key reason behind the decision. Maersk stated on Nov. 29 that it has begun taking immediate action to cease operations on the platform which should take full effect by Q1 2023: “The TradeLens team is taking action to withdraw the offerings and discontinue the platform [...] During this process all parties involved will ensure that customers are attended to without disruptions to their businesses.” While the blockchain-based shipping solution was …
Blockchain / Nov. 30, 2022
Crypto companies aim to build trust within future products and services
The cryptocurrency ecosystem underwent a turbulent year in 2022. Criticism inside and outside of the crypto industry was fueled following the collapse of FTX, Celsius, Three Arrows Capital and the Terra ecosystem. A number of losses have been recorded from these events. Blockchain analytics firm Chainalysis released a report in December of last year, which noted that the depegging of Terra’s stablecoin, Terra USD Classic (USTC), saw weekly-realized losses peak at $20.5 billion. Findings further show that the subsequent collapse of Three Arrows Capital and Celsius in June 2022 saw weekly-realized losses reach $33 billion. While these events may have …
Decentralization / Jan. 6, 2023
The ethics of the metaverse: Privacy, ownership and control
The metaverse, a virtual environment that simulates reality, offers complex moral dilemmas regarding privacy, ownership and control. These consist of: Privacy: Who has access to and how is personal information used within the metaverse? Ownership: Who owns the digital assets and real estate in the metaverse, and what rights do they have over it? Control: Who oversee activities in the metaverse, and what rules and regulations will be implemented to guarantee fair use and equal treatment for all participants? These are crucial issues to think about as the metaverse expands and is utilized more frequently, and they will probably have …
Adoption / Feb. 14, 2023