Review on Ocean Protocol by Syed Adnan
Solution for critical issues of current data exchanges.
Ocean is positioned as a solution for a fast growing, three trillion dollar Big Data market. The data economy faces different issues, as discussed earlier in this report. One of Ocean’s primary initiatives is to provide enterprise and consumer grade applications with the ability to gain the security benefits offered by decentralized blockchain solutions.
Ocean is focusing on disrupting the centralized data exchange market and its current drawbacks. As mentioned in the project’s Business Strategy Paper, these markets often imply a number of issues in terms of Hosting (hosting directly at the data exchange or data provider is often not a suitable approach), Costs (centralized systems add costs and friction to the transaction), lack of flexibility in terms of Pricing, Auditing (causing inefficiency and higher costs for data providers), Loss of control over data, lack of Trust and the ability for proper Tracking.
Ocean realized, that the market for data and the current way to engage with data on a large scale, is not working optimally and exchanges are limited in their capabilities. Ocean Protocol was developed, to solve these problems.
Pros
- It is focusing on disrupting the centralized data exchange market and its current drawbacks.
- It is the multiple opportunities that could play out in the near future.
- Innovative technological ideas.
- And a highly skilled team.
Cons
- Strong competition outside the Blockchain space.
- They will have to position themself as a unique solution and to be able to convince the public that the decentralization is essential feature for a data marketplace.
