The Quadrant Protocol is a new blockchain-based project for the data economy. The data economy is huge and growing at a rapid rate. The Economist called data the new oil. Given the scenario, it will likely lead to immense amounts of value being created over the coming decades. There are, however, many challenges that the data economy faces. Quadrant Protocol aims to solve some of these, using the blockchain at its core.
Challenges of the Data Economy
To understand what Quadrant Protocol is building, you must first understand the challenges that the data economy faces.
The main issue is that the creators of these data sets – us, ordinary people, are usually left out of the economic loop completely. The large companies – think Facebook and Google – reap all the rewards. Many companies are trying to make it fair to the users of the data, but it is a tough problem.
Then, there are transparency issues in the industry. If you buy a data set, how do you know it is authentic? How do you trust it is verified and generated with integrity? This too is a hard problem in general to solve. The data vendors can generally cheat on their obligations. This makes the companies buying from them vulnerable.
The Quadrant Protocol Solution
With these problems inherent to the data economy, how can you make the system better? The Quadrant Protocol has a proposed solution. The project creates many stakeholders, and maintains a provenance of all the data sets. There is a role for everyone inside the ecosystem. You can be an individual data provider, or a type of aggregator.
The Quadrant Protocol is best geared towards projects that want to use data directly on the blockchain. However, this isn’t necessary by itself. In fact, the protocol allows for the trading of full data products between the participants. All of this happens without a third party middleman.
The network verifies usage of data, along with its authenticity and provenance. This is a big step towards data legitimacy. This helps the end users and the providers of applications that utilize this data. The data is ‘stamped’ and the ‘fingerprint’ is recorded on a public blockchain. This provides all the required details to the parties in a transparent manner. Think of the Quadrant Protocol as an enriched data services platform, with new projects possible on its data sets. The application builders no longer need to worry about issues like data legitimacy and can instead focus on what they are best at, which is building useful products.
The company will issue its tokens via a token sale. You can check out the details on their website. If you plan to participate in any token sale, make sure to read the whitepaper. Remember that all token sales are extremely risky, there is no guarantee of profit, and you may lose all your money. If you invest, do so after doing extreme due-diligence and be prepared to lose all your money.