As businesses continue to grow, data continues to explode. It has been observed that traditional blockchain solutions cannot handle it anymore. According to the reports, in 2020 every digital user will create almost 1.7 megabytes of data every second! That means by 2021, accumulated data across the globe will grow to 44 trillion gigabytes.
To solve the existing problem, CyberVein has developed the first distributed ledger system. It allows decentralized management of complex datasets on the blockchain. Furthermore, it is able to achieve this without any centralized storage providers.
Current disjoint world | CyberVein fix
The world is generating data at an astonishing pace. But, we are far from deriving value from this data. This is because of the data island problem or the poor quality of data. Just to state an example, current medical data would require 10,000 people and 10 years to identify valid data. This is just one of the many issues.
Source: aismartz.com
The integration of this decentralized data poses a big challenge now. Moreover, because of the existing competition, data security challenges, or compliance issues, enterprises are offering limited external connectivity to their data pools. Additionally, the cost to achieve the desired scale of integration is huge.
Thus there exists a barrier that makes it difficult for the data to flow and generate value. In response to these problems, CyberVein is using blockchain technology at the core. It has integrated blockchain with other technologies like AI and IoT to make the data flow. This is a low-cost decentralized construction that allows participation using nodes.
CyberVein also solved the problem of disjoint data models of two independent entities. It achieved that by developing solutions based on federal learning. Data of Party-A and Party-B does not leave the local database. But it uses a virtual shared model of CyberVein. As the data is exchanged only on a parameter basis after proper encryption, the data privacy regulations are not violated.
As the entire pool of data does not move, CyberVein circumvents privacy leaks and data compliance issues.
Common prosperity
As a decentralized setup, the status of all parties is equal (enterprises and individuals). Furthermore, it incentivizes the users who contribute their own data to the model with token rewards. This the CyberVein ecosystem is able to achieve the goal of common prosperity.
What will life be like if we adopt Cybervein?
CyberVein operates on four design principles that are:
Principle 1: Decentralization
You will live in a world where personal data rights are a real thing. CyberVein makes this possible by handing you complete data ownership. Along with that the data always remains local. Thus you will never lose the ownership of your private data
Principle 2: Data Security
You will live in a world where you can choose to share a few parameters of your data. This data will flow only after encryption. Thus even when your data is on the move, it will remain secure.
Principle 3: Efficient interaction
Enterprises have loads of data that can generate value. Cybervein provides the infrastructure for the effective flow of huge amounts of data possible. That too at a low cost. This achievable by is DAG technology that supports tens and millions of users.
Principle 3: Open source sharing
In the current scenario, social media giants or the like are in complete control of your data. With CyberVein, users can develop the rules of data ownership, data transaction formats, and data value conversion capabilities.
Here is what an actual Cybervein set-up looks like:
Source: CyberVein.org
What would a real use-case of CyberVein look like?
Data exists in all spheres of life nowadays. Right from your medical records to smart finance solutions to smart city solutions, data poses a unique challenge in every industry.
Here is how CyberVein can use to combat the current challenges:
Smart Cities
For smooth operation, smart cities need massive amounts of data. Moreover, this data must be constantly collected, analyzed, and shared. The existing physical resources required for data storage are not enough. Additionally, it is difficult to scale and is a costly affair.
Moreover, smart systems rely on audio and visual data. To be truly functional, they need a fast and reliable data management infrastructure. While constructing smart cities, city managers need to build their own data centers. Moreover, they need to do it quickly and efficiently as the data if further shared and analyzed.
Through CyberVein infrastructure, the desired data interconnection is achievable. CyberVein provides a comprehensive platform for city administrators. Using this platform, the administrators can:
- manage data storage
- enable data interoperability
- and program data access rights.
With that, they will be able to provide people with smarter, more convenient, and better public services. All large enterprises, institutions, government agencies, and internet companies can establish cross-domain models. These models will be secure, credible, lossless, ease to use, legally compliant, and cost-effective.
Smart Finance
Of late, the financial services industry has transitioned to a more sophisticated way of customer interaction. However, this has led to problems and risks. Issues like bank risk control difficulties, SME loan financing difficulties, and department supervision challenges.
By integrating blockchain and the real economy, all these issues can be overcome.
CyberVein helps establishes a smart financial system. It brings the power of blockchain, IoT, big data, and AI to support all the spheres of the smart financial ecosystem. The infrastructure is suitable to support smart payment, smart financial management, smart banking, smart insurance, and smart risk control
A financial institution can model the data locally (federated learning). Then it can generate prediction models for associated institutions. This adoption will ensure data is secure and can be used to forecast the events.
Medical Research
Medical big-data is one of the important basic strategic resources. If it was easy to derive value out of this big-data pool, healthcare models could see revolutionary changes. These secure and efficient models can help reduce medical costs. Additionally, optimized usage of resources and higher efficiency can be achieved.
But for this to happen, institutions like government bodies, hospitals, and pharmaceutical companies need a secure platform. The platform must be capable of managing data flow. On top of that, it must have processing and analyzing applications. And that is what CyberVein provides. Additionally, it also helps us realize the benefits of storage, analysis, and exchange transactions.
In the last 1 year, CyberVein’s native token CVT has demonstrated incredible 538% growth. The fact is that the project is exhibiting disruptive use-case potential. It has the capability to simplify the life of data-dependent enterprises. Especially the ones that need to interact with more entities for data exchange.
Previously, Altcoin Buzz interviewed Cybervein MD Jack Ge on our YouTube Channel where he shared some exciting details about the project.
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Disclaimer
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Source: altcoinbuzz.io
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