What is DataBroker DAO?
DataBroker DAO is the world first online decentralized marketplace where IoT sensor data is bought or sold with the help of the blockchain technology. The DataBroker marketplace depends on smart contracts and also provides a wide range of services to its users. All the trading process is done with the help of various pear-to-pear mechanisms. The data which is generated in this marketplace is used in a very efficient way.
Apart from trading of IoT sensor data, the platform enables sensor owners to turn their device generated data into revenue streams. DataBroker DAO also makes sure that the data which is collected is being used effectively by different industries.
Unique Features of DataBroker DAO
DataBroker DAO offers various features to its different users. This includes:
- Agricultural Field – 10% farmers of Belgium are “techie” in the Agricultural sector. Farmers use different types of sensors. These sensors may include wind, temperature, barometric pressure, humidity, PH level in the soil. Through DataBroker DAO platform, there are possibilities that some cost can be recovered.
- Academics – DataBroker DAO allows access to thousands of sensors. This, in turn, allows users to buy data directly and at an economical price on the marketplace. It also affects the established data providers to make use of the data at its best.
- Network Operators – Network operators can gain scale and speed in the process of adopting their network. Connected telecommunication companies can gain the trust of their enterprise accounts by providing them a clear unique selling proposition (USP).
- Sensor Owners – Sensor owners turn a sunk cost into a potential money maker by monetizing their data. Through this sensor, owners get an opportunity to redeem some of their investments in IoT sensors.
- Sensor Manufacturers – DataBroker DAO allows sensors manufacturers to stop racing to the bottom for production and pulling the resources and capital out of manufacturing. For profitable SaaS offerings, those resources are further allocated.
How does DataBroker DAO Work?
- STEP 1 – For collecting data DataBroker DAO has issued around 9 billion IOT sensors all around the world.
- Step 2 – The reading of those sensors has been measured through mobile transmissions or sigfox transmissions or via some other networks.
- Step 3 – The collected data is later stored by DataBroker DAO in the walled gardens or data silos.
- Step 4 – Yearly revenue of approx. 600 billion dollars have been generated by utilizing this stored data which is used by different organizations as per their demand and requirements.
Why is DataBroker DAO important?
Being a decentralized autonomous organization the project has an aim to form a marketplace which is largely distributed for IoT sensor data. In today’s era of technology, where there are smart devices all around us still maximum data which is collected by these smart devices is used for an only single purpose. To make it more useful, DataBroker DAO allows users to sell smart device data through an open marketplace. For example, farmers will be able to buy environmental data of their area through sensors available near them.
In order to perform core functions, this open Blockchain platform will interact with multi-sig contracts and Ethereum addresses. The registry of sensors and data files which are offered on the platform forms the core component of the marketplace.
The shareholder of the DataBroker DAO includes sensor owners, data processors, data buyers and gateway operators. Data is depleted by the sensors owners from their sensors just by paying a small recurring fee for placing the sensor on the platform. In this process, the sensor owners earn 80% of the amount received. Also currently sensor data has been used by many companies in order to optimize and monitor their operations. It results in single data landscape. Allowing these data to be easily available for cities, organizations, and entrepreneurs at an economical price, DataBroker DAO brings out a truly smart life.
Industries with the high demand for Sensor Data
Industries around which the DataBroker DAO project revolves include:
- Environmental studies
Pros of DataBroker DAO
- DataBroker DAO is an online platform in which sensor data trading is facilitated through an aspect of smart living.
- DataBroker DAO has a wide range of potential which is available at such an economical cost.
- 50% investors of DataBroker DAO receive a bonus.
- The team of DataBroker DAO is highly professional and hardworking.
- DataBroker DAO also provides a bonus to those users who have referred this marketplace to some another person via referral system. The referral party earns a bonus of 5%.
Cons of DataBroker DAO
- The team of DataBroker DAO comes from SettleMint which in the cryptocurrency space does not possess an all-star member.
- It is challenging task for DataBroker DAO to scale the whole team fast enough in order to stand and fulfill the market demands.
- There might be a chance which the end party might not like the data received from another party.
Based on one of the most reliable, secure and innovative technology i.e. blockchain system, DataBroker DAO works flawlessly as possible. This process is transparent so it can be said that DataBroker DAO project is definitely a great idea which is the need of the time or one step ahead of it. However, this project may sometime seem to be insufficient if compared with that of other projects that currently prevail in the market. But still, the team of DataBroker is working hard to lead the society towards a developed future. As there is no minimum investment to join this blockchain, therefore it is certainly a good option for those who are looking for a platform with a small investment.