Blockchain Data Sharing Platform Ocean Protocol Launches Beta Network

Blockchain, News | April 10, 2019 By:

Blockchain-based data sharing platform Ocean Protocol has announced the launch of its beta network.

Ocean Protocol is a decentralized data exchange protocol to unlock data for artificial intelligence (AI). The platform is utilizing blockchain technology, smart contracts, and tokens, to connect data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It allows data owners to give value to and have control over their data assets without being locked-in to any single marketplace.

The Ocean Protocol Beta Network, which comes just four months after its v0.2 Testnet release, is a stable environment primarily used for development and testing. It paves the ground for a series of private and public partnerships from the research, insurance, retail and healthcare sectors to deploy their proof of concept (PoC) solutions on the blockchain-enabled data-sharing platform.

“Within the confines of the beta network, developers and teams will be able to test the capabilities of the Ocean software without fear of lost data, missing tokens, etc., because at the end of the day, it’s a beta network,” the company said.

According to Ocean Protocol, it has partnered with industry incumbents and startups to demonstrate how safe sharing of data can help companies gain competitive edge and improve people’s wellbeing. These include AI Singapore, Aviva, Unilever, Johnson & Johnson, Roche, Connected Life and Next Billion.

“In the Insurance sector, Aviva and ConnectedLife are applying data analytics and artificial intelligence on smart home data to enhance the protection and care for the ageing population and support independent living; while in Healthcare, Roche Diagnostics is exploring ways to improve care for patients on blood-thinning therap,” the company said. “In Retail, Next Billion is piloting a new data sharing model that rewards rural store owners for contributing sales data.”

Trent McConaghy, co-founder of Ocean Protocol, said that their platform allows people to unlock the value of data without necessarily unlocking the data itself.

“It is a substrate to finally realize the potential of an open permission-less data economy while still preserving privacy,” said McConaghy. “We welcome early collaborators already deploying their solutions on our network today, and we look forward to seeing tens, hundreds, even thousands of other marketplaces and applications to be built on top of Ocean, so that data can be freed from their existing silos to deliver world-changing solutions for many verticals including automotive, energy, healthcare and so on.”

Over the next two years, the Ocean network will continue to deliver software and network updates, with five phases planned, each providing more sophisticated features, incentives and enhanced performance.