DataFund – protocol guards personal data, provides safe storage and enables ethical data exchange.

brainpow (0)(1)in #bitcoin • 6 years ago

DataFund – Secure Blockchain dApp For Personal Data Exchange

Datafund is a brand new decentralized system designed for personal data exchange. Data exchange works as a protocol and distribution app or dApp. Its main purpose is to guard your personal data and give users safe storage capabilities to enable safe data exchange processes. The information is only shared on a need to know basis. And works in accordance to the agreements of the parties involved in the data exchange. They guard and protect the privacy of individual users while giving companies the ability to safely become involved in fair data exchange.

How Does Datafund Work?
According to the company the problem is that personal data management has been broken. Data is one of the most powerful assets on the digital age. Apparently, it’s the world’s new asset class and is growing. It’s bigger then traditional assets according to Datafund and possibly even than money. Until now however there has not been a system of data transfer that has not been in favor of the individual. Traditional data transfer companies have been siloed development and the containment of data. The data has been kept out of reach of the actual owners of the data in order to up the value of the company holding the data. As of today, there is no data management and exchange protocol to help the individual stay in control of their data. The purpose of Data Fund is to help keep companies from controlling data and to give back control in a fair way. They consider themselves a junction point on how the future of data will function. The point is that data is increasing in value on a daily basis and Data Fund wants to make sure it is handled in the way that is most honest and ethical for the individual.

The Datafund project is said to embrace this idea and create an open source blockchain-based protocol that will be available for all applications and who want to comply with all GDPR. The newly developed protocol and distributed logic of the Datafund blockchain is said to open an entirely new door for data transfer. The market for personal data will be the application of the actual protocol. It’s business oriented, but will keep a European sense of humanity and protect the individual while at the same time giving them power with their data. Datafund is apparently building the world’s first personal data exchange centered around distribution and personal security. They claim to be giving incentives to individuals for their system to work with total transparency. They also claim to be looking to go for the greater good through the breakthrough blockchain they have created that operates on a peer-to-peer basis. This solution is said to provide new potential and give power back to the individual.
They are looking to empower the individual by giving them total control of their data. The rewards will be determined in accordance to the level that the people sharing the data consent too. This is said to guarantee a completely transparent and honest transfer of data. And at any time, the data can be removed from the system and any access to third parties can be shut down. It’s likely Datafund will take off once launched, but as always be smart when investing into new companies like this

Team:

The CEO of Data Fund is Mihael Modic. He reported his take on personal data is that data management is like the wild west of the modern world. Now that we are in a digital world, personal data, when used correctly and understood is the said to be the most intimate asset a human can possess.