The importance of the Oasis Network solution for a virtuous data economy
Only a few years after the emergence of the Web, our society has entered a new era, that of the data economy. According to a European Union report, the value of the data economy has increased from 250 billion euros in 2014 to nearly 650 billion euros in 2020. But who are the players in this new economy?
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The former do not necessarily go against the interests of users. This category of protagonists refers to the giants of the Web whose business models are now centered around the collection, exploitation and marketing of immense amounts of data. But, we also have services like hospitals that collect medical information for research.
The unscrupulous use of our personal information by private actors is however a source of numerous abuses. You may remember the Cambridge Analytica scandal; Facebook user data was used for political profiling.
When the case came to light, one of the developers at Cambridge Analytica claimed to have built a model to “ target the demons within ” of the audience, in order to influence their vote in the desired direction – welcome in the age of the data . These practices demonstrate the importance of actors whose purpose is to protect the user and his private life, like d ‚ Oasis Network .
Even if our data is used in a virtuous way, it remains at the mercy of hackers and other digital criminals. Indeed, our data is often stored without being encrypted and is protected by systems that are sometimes weak. Whether it is our banking information on Jeff Bezos‘ servers or our medical data on those of a hospital, they represent real gold mines in the data economy .
There are therefore actors who place themselves as protectors of the user and his privacy. Every scandal on the subject starts with a whistleblower. Edward Snowden for NSA malfeasance, Christopher Wylie for Cambridge Analytica. But, we could do without these heroes, if our data was truly private and secure. This is why projects such as Oasis Network are emerging. In order to restore its sovereignty to the user and to create services that truly protect our privacy.
Oasis Network, future guardian of the data temple?
Oasis Network is positioned as the first scalable and privacy-friendly blockchain that can manage DeFi and data tokenization . The explosion in the volume of personal information exchanged on the Internet makes the protection of privacy one of the main concerns for users, but also for the future of blockchain in general. Public blockchains have the drawback of lacking confidentiality. Therefore, it is unthinkable to circulate sensitive information such as medical data.
For Dawn Song , CEO of Oasis Network, scalability and confidentiality are two missing elements in the blockchain space. Oasis solutions in these two fields will see many practical cases emerge.
The partnership with Nebula Genomics is a prime example of a virtuous use case for a confidential blockchain. Nebula Genomics is a company specializing in DNA analysis, and must store a large amount of genetic data. The company offers genealogy services and participates in research on genes predisposing to disease. It is therefore fundamental to ensure the confidentiality of this data while allowing scientists to use it. This is what Oasis Network technology enables, secure use of sensitive data while keeping certain elements confidential.