Blockchain technology seems to be expanding the horizons of all aspects of technology. In fact, it is now possible to create decentralized applications even without blockchain development experience. Via a press release, Regium says blockchain has a lot potential in the data management sector. In particular, the technology will help towards the management of data royalty transactions.
Data in any form is a goldmine today. Many companies rely on data to design their products and make strategic decisions. As a result, there are rising cases of data breaches across the globe for various reasons. In fact, The Mac Observer reports of a data breach at the United Nations within the past couple days. This is one incident that calls for serious measures to secure data.
Taking Full Control of Proprietary Data
Fortunately, blockchain technology is the solution. According to Dominik Pantelides, CEO of Regium, blockchain will completely revolutionize data handling norms. Particularly, Regium wants data owners to be able to take full control of their data. Towards this end, the CEO says,
“Regium will give data owners the tools to create their own blockchain-based DApps that will handle transactions and protect the value of data assets.”
As a result, this will transform the landscape for data royalty transactions. Specifically, the central aim of the initiative is to bolster data security. Therefore, such cases like the latest United Nations’ hack will be a thing of the past.
In addition, the tools by Regium aim to bring back profitability to advertising companies. Due to data fraud and other data ills, ad companies are greatly losing out on optimum profits. As a matter of fact, the news release notes that billions go to fraudsters every year from data breaches.
Regium to Make Data Royalty Transactions Profitable Again
Most importantly, the blockchain technology utilizes smart contracts that enable transparent transactions. As a result, unilateral changes to data stored on a blockchain platform are impossible. This feature makes it impossible to hack a blockchain platform.
The largest beneficiaries of the initiative will be the entertainment industry. It is obvious that the industry suffers from piracy which bleeds it of billions in revenue. Therefore, an immutable way to store their data will be a godsend. According to the press release,
“…an independent record label could create a Regium DApp that allows the label to sell a digital music file directly to a consumer…”
Furthermore, access permissions to the Regium DApp will utilize the access protection tools of the blockchain. The technology uses cryptographic restrictions to prevent unauthorized access to a given database.
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