MADANA - Market for Data Analysis - is a blockchain start-up that is developing a new approach to a fair data market using blockchain technology and its own cryptocurrency PAX. MADANA gives data producers of all kinds the sovereignty and control over their data and at the same time the possibility to monetize their own data anonymously. This allows the start-up, individuals and SMEs actively participate in the data market. To find out more about MADANA, we talked to the management board consisting of Christian Junger (CEO) and Dieter Schule (COO).
- Hello guys, you are developing the MADANA ecosystem. Explain briefly to us and our readers what it is all about.
More and more data is being produced, but there is still the fundamental problem that those who produce data with their devices do not receive direct compensation for their data. In addition, data producers grant the full rights to their data in most cases by agreeing to the terms and conditions. The data is passed through passive approval to companies that are not particularly concerned with the secure protection of data. In addition to the subsequent resale of the data to third parties, a carefree backup of the data provides a simple target for hacker attacks. But there are also other issues that we have tackled with MADANA. A huge problem is that data markets are currently only profitable for large players. MADANA is designed to suit everyone - private individuals, Institutions and even SMEs - can benefit from the growing big data market. This is achieved, for example, by incorporating analysis algorithms into our platform. Nobody needs to be an expert in data analytics to use MADANA to gain valuable information in the form of analytics. Through a meaningful incentive creation for data producers and the necessary data security, we achieve that even sensitive data can be entered and available for analysis. Conventional data markets do not have the necessary security, so even sensitive data can be entered and evaluated. to use MADANA to gain valuable information in the form of analysis. Through a meaningful incentive creation for data producers and the necessary data security, we achieve that even sensitive data can be entered and available for analysis. Conventional data markets do not have the necessary security, so even sensitive data can be entered and evaluated. to use MADANA to gain valuable information in the form of analysis. Through a meaningful incentive creation for data producers and the necessary data security, we achieve that even sensitive data can be entered and available for analysis. Conventional data markets do not have the necessary security, so even sensitive data can be entered and evaluated.
- What are the core elements of the MADANA platform and how do you want to give users control over their own data?
In our concept, the data remains stored directly with the producer, is encrypted and only leaves the data producer if he anonymously releases his data for our ecosystem. Buyers of information never receive individual records but only results of analyzes performed by MADANA. These analyzes are performed using algorithms that are provided by the community and, of course, are remunerated. No party, it is possible - even MADANA not - in the records. This is, so to speak, a second layer of security, in addition to the direct encryption of data on the terminals. MADANA itself is based on smart contracts and acts as an intermediary between data producers, plug-in providers and analysis buyers. In addition, any kind of data can be fed into the platform via our interfaces, so in addition to data monetization for SMEs, it also provides the opportunity to have their own data analyzed by the community. Ultimately, transparency is guaranteed. Anyone who decides to market their data should be able to understand how they were used. With MADANA, we have not only created a fair ecosystem for the data market, but also trigger a rethinking in society. Everyone will understand that the current handling of our data is not in the interest of the data producer, and that there are better alternatives. to have your own data analyzed by the community. Ultimately, transparency is guaranteed. Anyone who decides to market their data should be able to understand how they were used. With MADANA, we have not only created a fair ecosystem for the data market, but also trigger a rethinking in society. Everyone will understand that the current handling of our data is not in the interest of the data producer, and that there are better alternatives. to have your own data analyzed by the community. Ultimately, transparency is guaranteed. Anyone who decides to market their data should be able to understand how they were used. With MADANA, we have not only created a fair ecosystem for the data market, but also trigger a rethinking in society. Everyone will understand that the current handling of our data is not in the interest of the data producer, and that there are better alternatives.
- You cooperate with universities, including RWTH Aachen University. To what extent is a stronger integration of academic research and teaching with practical projects like yours useful for the future of Blockchain adaptation in Germany?
We work together with some universities and also the RWTH Aachen. Thus, we combine current scientific results from various fields with our Blockchain knowledge. On the other hand, universities have the opportunity to benefit from our blockchain know-how. As early as 2014, the "Bitcoin Meetup" in Aachen and the student association "Bitcoin Aachen" at RWTH Aachen in 2015 were created from ranks of the MADANA team to promote the importance of blockchain technology and the clarification of cryptocurrencies in the region. We also think it is important to start discussions in every corner. This creates more projects and the blockchain ecosystem can continue to grow. We all benefit from this! But of course MADANA is not a research project. We also cooperate with companies and political institutions that are good sparring partners in terms of social awareness in the area of "data privacy". Especially in young Blockchain ecosystems, it is important to work together with as many institutions as possible from various fields in order to create something big and to add social value.
- As one of the most promising blockchain start-ups in North Rhine-Westphalia, how do you assess the conditions for blockchain projects in Germany's most densely populated state? What kind of development do you hope for the future?
We came across a lot of support in NRW. NRW is considered a major innovation driver in Germany. NRW is also strongly positioned in the field of new technologies. The state of North Rhine-Westphalia sees blockchain technology as a great opportunity and supports various blockchain projects in cities such as Düsseldorf, Essen and Cologne. In particular, Aachen as an outstanding industrial and scientific location holds many opportunities. We feel that too. That is why we will continue to keep the Aachen location in the future in order to maintain our close ties to business, politics and science. However, to be on the fast track of the blockchain scene, MADANA will open an office in Berlin in the very near future. This Aachen-Berlin-Brücke makes great sense for MADANA because we create a platform which in the end should not only be used by a small community, but also by large companies and institutions in Germany and Europe. To do this, we need to work with these companies and institutions right from the start to develop MADANA in a way that takes all stakeholders into account. We are sure to see more promising blockchain projects and ICOs from NRW in the near future.
- You are also planning an ICO in the near future . What should our readers know about the token sales of your PAX token?
Originally, we wanted to do our ICO in the coming weeks. However, we noticed that the ICO market has changed dramatically in recent months and is currently overheating. Given the current state of the market, a project like MADANA would carry a not insignificant risk of selling below value. Right now, we have big plans to launch an ICO in Germany that will work differently than previous ones and usher in a new era of ICOs. Of course, we also want to follow the current guidelines, but also take the future guidelines into account. Unfortunately, we can not give too much away at this point, but we are currently working with big partners from business, politics and the crypto scene to make MADANA the leading market for data analytics. We're glad,