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CyberVein: interconnection of data managing the world
What would happen if companies, public bodies and even individuals could share all their data the more wanted, without worrying about being stolen or altered? More precisely, they could sell it for themselves.
This is the goal of a new start-up, CyberVein who wants to guarantee integrity of data but using a quicker work proof concept most commonly used in digital currency.
With its blockchain-based system that guarantees this link of shared data, CyberVein believes that organizations that have so far been reluctant to share information can now be safer to do so.
Controlled sharing
Through a DAG (Directed Acyclic Graph) architecture – prop Agreed as Blockchain 3.0 – CyberVein has two functions, to protect and transfer user data while opening a new platform for its potential sale. & nbsp;
For example, he mentions pharmaceutical companies and researchers in machine learning as just two examples of users who could benefit by sharing their data with others but who are also worried about losing control over it.
In his white paper, CyberVein & nbsp; believes that by using its system, universities and research organizations would be "encouraged to carry out collaborative research, keep their data sets heavy and make them publicly available", while governments could be more transparent with the information they collect.
"Maintaining databases with qualities that are normally attributed to blockchains – that is, immutability, security and transp arency – makes enormous sense in a variety of cases involving the use of industry, research and governance" says Arthur Yu, founder of CyberVein who previously worked with JP Morgan in London and holds degrees in finance and IT at Imperial College.
"Players in the global market often need to share information and rely on the data that they collect and maintain collectively.The supply chain management is an obvious scenario, but there are many others.This can be very problematic if these players have good reasons for not trusting each other. "Immutable and decentralized databases resolve this gracefully," he says.
CyberVein makes this possible by using blockchain technology. The basic principle is similar to that used to protect digital currencies like Bitcoin: more records of all data are stored, stored on a distributed network. Only if all copies of the records agree that a certain data is valid will be accepted as correct.
This means that there is not a single "master record" that can be violated: an unauthorized change to a copy of the data will be easily detected and rejected because the others do not match.
In the case of Bitcoin, the data elements could be financial transactions. With CyberVein, they can be any kind of information.
Not just replicating the existing blockchain technology
But for the CyberVein team in Shenzhen, which started working last October and hopes to have an active system and working by the end of this year. 39, year, it was not simply a question of replicating the existing blockchain technology. The databases it plans to manage will be much larger than the relatively small amount of financial data currently protected by blockchain.
"Traditional blockchains are not designed to store large amounts of structured data, especially if this data is constantly processed by many participants in parallel.To build a decentralized database network, CyberVein has reinvented the basics of blockchain," he says. l & # 39; company.
Following this re-thinking, it is certain that its design can process thousands of transactions per second – while the heavy demands that security measures make on Bitcoin technology, for example, means it can only handle seven.
CyberVein is not completely out of the financial world. The system also supports data sales: owners can set a price and collect the payment via CyberVein's DAG-based cryptocurrency, CyberVein tokens, or other routes.
Yu observes: "The datasets could be evaluated and made interested buyers or licensees, it could be very instructive to think about CyberVein how to standardize the data in such a way that it can be associated with a monetary value – because the new technology allows be stored and transferred securely and very quickly – and then traded for free in the market .. In theory, this has unlimited potential to make data "valuable" in any field. "
Even individuals could" take small cumulative payments for the data they generate on a daily basis ", such as those generated by & nbsp; sensors for cars & nbsp; or a receipt of a grocery store, Yu predicts.
This could give new meaning to crowdsourcing.
Again, for CyberVein – which is supported by private lenders including Trend Capital, Kernas Capital and Ant Blockchain Alliance: the main opportunity is probably with organizations producing much more information .
These could include large data providers and authorities in smart cities that generate millions of data points every day on activities in their community.
For them, CyberVein – which allows you to open data, but not could prove to be the best of both worlds.
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CyberVein: interconnection of data that manages the world
What if businesse s, public bodies and even individuals could share all their data as widely as possible, without worrying about it stolen or modified? More precisely, they could sell it themselves.
This is the goal of a new start-up, CyberVein, which wants to ensure data integrity, but using a faster job concept and more commonly used in the digital currency.
With its blockchain-based system that guarantees this link of shared data, CyberVein believes that organizations that have so far been reluctant to share information can now be safer in doing so. [19659031] Controlled Sharing
Through a Directed Acyclic Graph (DAG) architecture – propagated as Blockchain 3.0 – CyberVein has two functions, for rotate and transfer user data while opening a new platform for its potential sale.
For example, he mentions pharmaceutical companies and researchers in machine learning as just two examples of users who could benefit from sharing their data with others but who are also worried about losing control over it. .
White Paper, CyberVein believes that using its system, universities and research organizations would be "encouraged to perform collaborative research, keep their data sets heavy and make them publicly available", while governments may be more transparent with information they collect.
"Maintaining databases with qualities normally attributed to blockchains – that is, immutability, security and transparency – makes enormous sense in a variety of cases involving the use of industry, research and governance," says Arthur Yu , founder of CyberVein who previously worked with JP Morgan, in London, holds a degree in finance and IT at Imperial College.
"Players in the global market often need to share information and rely on the data that they collect and maintain collectively.The supply chain management is an obvious scenario, but there are many others.This can be very problematic if these players have good reasons for not trusting each other. "Immutable and decentralized databases resolve this gracefully," he says.
CyberVein makes this possible by using blockchain technology. The basic principle is similar to that used to protect digital currencies like Bitcoin: more records of all data are stored, stored on a distributed network. Only if all copies of the records agree that a certain data is valid will be accepted as correct.
This means that there is not a single "master record" that can be violated: an unauthorized change to a copy of the data will be easily detected and rejected because the others do not match.
In the case of Bitcoin, the data elements could be financial transactions. With CyberVein, they can be any kind of information.
Not just replicating the existing blockchain technology
But for the CyberVein team in Shenzhen, which started working last October and hopes to have an active system and working by the end of this year. 39, year, it was not simply a question of replicating the existing blockchain technology. The databases it plans to manage will be much larger than the relatively small amount of financial data currently protected by blockchain.
"Traditional blockchains are not designed to store large amounts of structured data, especially if this data is constantly processed by many participants in parallel.To build a decentralized database network, CyberVein has reinvented the basics of blockchain," he says. l & # 39; company.
Following this re-thinking, it is certain that its design can process thousands of transactions per second – while the heavy demands that security measures make on Bitcoin technology, for example, means it can only handle seven.
CyberVein is not completely out of the financial world. The system also supports data sales: owners can set a price and collect the payment via CyberVein's DAG-based cryptocurrency, CyberVein tokens, or other routes.
Yu observes: "The datasets could be evaluated and made interested buyers or licensees, it could be very instructive to think about CyberVein how to standardize the data in such a way that it can be associated with a monetary value – because the new technology allows be stored and transferred securely and very quickly – and then traded for free in the market .. In theory, this has unlimited potential to make data "valuable" in any field. "
Even individuals could" take small cumulative payments for the data they generate daily ", such as those generated by car sensors or a store receipt, Yu predicts.
This could give new meaning to crowdsourcing.
Yet, for CyberVein – which is backed by private lenders like Trend Capital, Kernas Capital and Ant Blockchain Alliance – the great opportunity is likely
Could include organizations that produce much more information
. They could include big data providers and smart city authorities that generate millions of data points every day on the activities in their community.
For them, CyberVein – which allows data to be open, but not too open – could prove the best of both worlds.
