Datafund — technological, regulatory compliant and business-oriented bridge for personal data use in blockchain
The distributed economy must proactively build bridges between the old and new economy not avoid regulatory aspects. Datafund is here to build one of the key missing bridges — the one that systematically solves the regulatory personal data issue globally.
I’m the lucky one — (ex)corporate guy coming from consultancy and big and small data world focusing last two years on the disruptive potential of the distributed economy. Two years ago blockchain was a great idea, a great belief system with a huge democratic potential: cross-border, self-sufficient knowledge society… today, it is becoming an unstoppable business force disrupting almost any business it touches.
The distributed economy needs to build bridges
I have helped many different blockchain projects and to better understand them I had to analyse hundreds of other projects. I’m dividing them into two main groups: the crypto natives and those that try to apply blockchain to the old economy. But there is also a third group of projects — those building bridges between the new and the old world.
Those “bridges” can be primarily technical — oracles are one great example. An oracle, in the context of blockchains and smart contracts, is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts. They are translating real-world to blockchain-ready formats. Slock.it is another great example but it works in another direction — smart contract activates or deactivates a networked lock in the real world. By doing so, blockchain physically affects the real-world.
Focus on biggest asymmetries not avoiding regulation aspects
Recently Devcon3 (Etereum developers conference) just proved my understanding that regulation is the biggest threat to the distributed economy. It is not only the status of ICOs that first comes to mind, it is much, much more. But I have the feeling that the blockchain world is trying to ignore the importance of these issues, even to a greater extent than the internet economy did before it. Even more, the blockchain economy should actively work on that subject — proactively and systematically, this is the only way to build reputation.
My second conclusion is that the most interesting projects in the blockchain space focus on businesses that are utilising existing information asymmetries. The insurance business is one such example — at Devcon3 Etherisc organised a whole-day event just focusing on this business vertical. After digging into the information asymmetries concept it turns out that personal data in the context of owning, physically holding and knowing what those that posses data actually hold represents one of the biggest asymmetries today.
Datafund focuses on that by building another type of bridge, it is technical but much more focused on the business and the regulatory side of the bridging.
Datafund is here to build one of the key missing bridges
Datafund is a very different project!
- It represents a bridge between the old and new economy, that is technical but much more content-driven in its essence. It is focused on consents on personal data use and how to make that use as simple as possible for the use in blockchain environment. In terms of benefits, close to the role of the oracles for personal data.
- Regulatory issues are often ignored in the distributed economy but they are extremely important for all blockchain (and non-blockchain) projects that deal with heavily regulated verticals, such as banking, insurance, loyalty systems… Datafund systematically solves the regulatory personal data issue globally.
- Datafund is an EU-based project focusing on the EU GDPR directive. As such it has to be regulatory compliant as well as a project itself. It took us more than six months to get all necessary feedback from Slovenian (EU member-state) regulators for utility-tokens sales. Datafund will be the first token crowdfunded project launched this year with a company registered in EU, leading the way as an example of blockchain utilisation and regulatory compliance.
Let us build the Datafund bridges together, cofound it and participate in discussion!
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