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Since the birth of the Internet, people have read news, played games, shopped, socialized, searched, ordered food, etc. on the Internet. Many behaviors in life are done through the Internet. In this process, people left various data on the Internet. These data represent a person's behavior pattern. And these data can be summed up to outline a basic profile of a person, which even knows himself better than the user himself.
These data are distributed on different Internet platforms, forming data islands. The dispersion of these data makes it impossible to outline a complete portrait of personal data. At the same time, a lot of data is stored in the databases of Internet companies and becomes their most important asset. These data are used by these companies for commercialization. There are three problems here.
One is that these data are not well protected for privacy. It is not uncommon for Internet companies’ data to be invaded by hackers and then sold at low prices. The second is that after the data is used by these companies, the profits are distributed to the companies, and the users who contribute the data do not get any value distribution from it. Third, many products and services need to be developed and constructed based on some users’ data, and these core data are unlikely to be shared with developers, resulting in new entrepreneurs unable to provide some innovative products. At the same time, with AI This is especially true with the advent of the times. This is easy to form a data monopoly in the new era, and it is easy to form a solidification of the market, which is not a good thing for building a market full of competition and vitality. With this current situation, many users and companies are considering how to solve these problems. How to protect the privacy of users? How to enable users to obtain a fairer value distribution through personal data? How to provide products and services that better meet the needs of users? AIre tries to solve these problems through the data bank model. So, what is the data bank in the encryption era?
Data Bank in the Encrypted Era
In the traditional Internet era, the problems mentioned above are basically difficult to solve. But the advent of blockchain has brought possible solutions. And AIre's encrypted data bank model is one of them. What is a data bank? Users can deposit their personal data in the data bank, and the data bank will provide the data to the company that needs the data with the consent of the user. These companies analyze these data to obtain market insights to improve their business capabilities. At the same time, they can also develop applications that meet user needs based on these data and directly provide services to users of data banks. Why is AIre a data bank? Its vision is to help individuals realize the value of their data and form a more reasonable data ecosystem among multiple participants such as individuals and companies. AIre's data bank will use blockchain technology to comply with personal data regulatory regulations and protect privacy, making the data market a more open and sustainable business form. With a data bank, fragmented data can be spliced together to form a more complete and accurate user portrait, which can bring more economic benefits to data bank users and obtain products and services that are more suitable for them. With a data bank, with user consent and privacy protection, it can help companies obtain better data sources and improve their business capabilities. In compliance with regulations, they can also provide more accurate services for these users.
With a data bank, it can help users to tokenize their value assets, such as stocks, art collections, real estate, etc., and realize rapid value transfer and transactions through cryptocurrency. With a data bank, new credit standards can be created to achieve a deeper exploration of the value of personal data, and it can even serve groups without bank accounts. With a data bank, users can achieve "autonomous" unified management and control of their own data. AIre's data bank has also added some encryption-related technologies, such as the use of blockchain to store data, the hash value of personal data, encrypted wallets, and tokenization. This makes the data bank not only a pure data transaction market, but also shows some encryption properties. Therefore, it is also called the data bank of the encryption era.
The basic model of AIre data bank
No matter what kind of data bank, its core essence is to provide value to different participants through its data management platform. Individuals need to monetize their data, and companies need data to gain good business insights, make better business decisions, and develop better products. AIre is no exception. So specifically, how is it done? AIre's data bank includes three aspects: data input, data storage, and data utilization.
Data entry mainly includes entering basic personal information, such as gender, address, questionnaire answers, blogs, social media account links, etc. In order to encourage users to input more high-quality information, AIre adopts a token incentive model. According to the quality of user input data and the frequency of use, different amounts of token rewards can be obtained. High-quality data, such as location data from the user's smartphone, health care data from smart watches, payment history, web browsing history, search history data, etc., will generate more revenue. However, in order to ensure compliance, all the use of this data requires the user's consent before entering the data bank. AIre can process data from different sources and manage the ownership of the data. For example, link decentralized data from different sources to legal identities in the data bank, so that users can centrally manage their data. The system will automatically calculate the hash value of all data and store it on the blockchain to maintain the integrity of the data.
In this way, users who own the data can verify whether their data has been tampered with. In order to make it more convenient for enterprises to use the data of the data bank, AIre provides functions for managing and storing various data structures in the "data bank". Enterprises can access the authorization data on AIre through a dedicated API and carry out related constructions. This is a flexible framework that allows companies to integrate their businesses and applications with data banks, and can even provide their own data bank services. The AIre ecosystem allows technology to handle different business scenarios, such as the implementation of W3C DID standards, reputation and scoring system framework.
At the same time, the AIre network has records that cannot be tampered with: which participants are authorized to access which data, and which rewards are allocated to which data providers. All these behaviors are recorded through the blockchain and can be reviewed. Such a cooperation framework can make it easier for companies with data needs to use data and build their businesses and applications on this basis. In addition, as a data bank, how is AIre commercialized? AIre brings users and enterprises the value they need, and its business model mainly comes from transaction costs. In AIre, all business payments are done through tokens. The specific value flow is as follows:
The first is that users deposit data in the AIre data bank. AIre helps users maximize the value of their data. When the data demander accesses the user data of the data bank, it needs to pay tokens. These tokens can give users incentives, and at the same time, AIre can also capture part of its value. In order to make the data attractive, the AIre data bank needs to obtain enough data. Otherwise, there is no way to talk about business models.
In order to form a larger data scale, AIre adopts two methods: one is to attract more users to input higher-quality data through token incentives; the other is, it has the concept of a data bank Hub, which can attract more participation Participants join AIre’s data banking ecosystem. AIre allows other data markets and sellers to participate in the network. This part of the participants can not re-enter the data into the data bank, but provide their existing data to the market. This is a "hub" concept in which multiple participants can trade data with each other. For example, AIre's data bank API can cooperate with existing banks to integrate the financial data and personal information of existing banks with AIre to provide more stable and fair services.
At present, ING Bank in the Netherlands, Fidor Bank in Germany, Barclays Bank in the UK, and BBVA Bank in Spain have all released bank APIs to encourage start-ups in other industries to participate in the financial industry. In this way, data in existing banks can also participate in AIre's data banking ecosystem. Integrating these data can ensure a higher level of data and risk management. At the same time, it is very helpful for identifying the user's behavior, risk level, and potential patterns.
Once the Data Hub is formed, there are two effects. First of all, the more data providers participating in the ecosystem, the greater the value of their data, and the value of the network will also multiply. Because the richer the data, the higher the quality, and the greater the significance for data analysts. Secondly, the demand for AIre tokens will also increase, and the richness of data will bring greater demand, which is conducive to AIre token ARCS becoming a value exchange medium in its data bank ecosystem.
Finally, AIre Data Bank uses blockchain technology. Two aspects are worthy of attention. One is that its data can be tamper-proof; the other is DID's efforts. Companies can develop various applications by using the data in the AIre data bank. However, the use of data in the data bank must be approved by the data owner. So far, user data is often controlled by a small number of companies, these companies provide services to users, but the use of data is completely in the hands of companies, companies use these data to obtain a large amount of revenue, this model has also generated increasing controversy. Users cannot store their data in these platforms with complete trust. AIre Data Bank aims to build a tamper-proof platform where users can control data.
AIre plans to store data on the blockchain, which is a permissioned blockchain composed of some nodes (such as enterprises), which is different from a public chain platform that does not require permission at all. At the same time, it prevents a few nodes from illegally editing stored data. The data stored on the blockchain has its own hash value and cannot be tampered with or deleted secretly. Since the alliance blockchain is a trade-off, this is AIre's preliminary plan, which may change with the development of blockchain technology in the future. DID is an important concept in the encryption era. DID refers to decentralized identity, which is a new digital identity. AIre plans to integrate DID into its blockchain so that users can assign attributes to their digital identities. The implementation of the DID standard is conducive to linking personal data to the ID and building a more comprehensive identity profile. At the same time, it can also give users more autonomy and control. First, it is easier to prove their identity, and the other is easier to identify their own identity. Data is authorized to be accessed by others, and the third is to achieve privacy.