A Book About Blockchain: How Companies Can Adopt Public Blockchain to Leap into the Future by Rajat Rajbhandari

Author:Rajat Rajbhandari
Language: eng
Format: epub
Publisher: Business Expert Press

Figure 10.3 Smart contract enables data to be bought and sold in decentralized marketplaces

Ocean Protocol, a Berlin-based startup, has developed a set of protocols that allow companies to monetize data at a much lower administrative cost using smart contract-enforced service agreements. The protocol also includes hashes of metadata and provenance to track who bought the data.9 Ocean Protocol recently teamed up with Next Billion and Unilever in a new rural retail initiative that provides free point-of-sale platforms to rural store owners in India to record real-time inventory and sales. Stores capture all real-time transactions through the point-of-sale platform. In return, store owners earn additional streams of revenue from Next Billion as royalties for using their data.10

Ocean Protocol exposes Next Billion’s data assets purchased from store owners, allowing them to be discoverable by potential buyers. This is made possible by registering the data and the associated metadata on Ocean Protocol, with a hashed identification of the data stored on-chain, which links to the asset stored in Next Billion’s own premise. Ocean Protocol allows Next Billion to trace a data item back to the sources in case debugging is required. Ocean Protocol extensively utilizes smart contracts called service execution agreements, placed between various steps of data discovery to consumption, to keep track of its provenance.

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