What technologies have powered up DataBlockChain?
DataBlockChain is a unique initiative, which is bridging the gap that exists in between data source providers and data consumers. It has got the ability to provide solutions to a large number of issues that existed within the industry.
DataBlockChain is backed up by a large number of impressive technologies. Therefore, it’s worth to take a look at these technologies and understand how the entire ecosystem is made out of. Below mentioned are some of the most prominent technologies that can be found behind DataBlockChain.
- Smart Indexing Engine
DataBlockChain uses an open source Smart Indexing Engine. This indexing engine has got the ability to index data that comes from all sources. Then it assigns confidence levels on each source. In addition, the Smart Indexing Engine also has the ability to conduct evaluation checks on data on a regular basis and update the scores accordingly.
The scoring algorithm introduced by the Smart Indexing Engine is a robust and a reliable one. Therefore, people will be able to rely on it without keeping any doubts in mind. For example, the scoring algorithm takes some of the essential parameters, such as the age of data, speed of data source, quality of data, quantity of data and the attributes of available data into consideration. Hence, people will be able to receive the best data that they need for consumption.
- Blockchain technology
Blockchain technology plays a major role behind the overall functionality of DataBlockChain. In fact, it utilizes smart contracts and Ethereum Blockchain technology for all the payments and transactions. As you already know, Blockchain technology can be considered as a secure transaction ledger database, which is shared across multiple computers. Blockchain utilizes cryptography technology in order to keep all the transactions secure. There is no possibility for the hackers to gain access to the data that is stored in the Blockchain.
Due to the availability of Blockchain technology, it is possible to access multiple sources of data via complicated payment contracts. DataBlockChain provides all the support needed by the payments and transactions for the smart contracts. On the other hand, audits can easily be conducted on the platform. Due to this reason, data sources have the freedom to keep full faith on the services offered by DataBlockChain. Most importantly, all the transactions that take place within the DataBlockChain ecosystem are verifiable, immutable and transparent.
It is also important to keep in mind that DataBlockChain platform is using IPFS in order to store all the records related to transactions. Therefore, all the data source providers will be given with the chance to scrutinize the transactions. With that, they can go for secure payouts and analyze the usage of data. Complete auditability capabilities are offered because all the transactions are stored in a cryptographic hash. If a data provider comes across the need to take a look at transactions in a detailed viewpoint, DataBlockChain provides ability to do it. Hence, the data source providers will be able to keep peace of mind while they are using the services available via DataBlockChain.
- DataBlockChain Wallet
Last but not least, you must take a look at the DataBlockChain wallet as well. If you take a look at the existing process available for the usage of utility tokens, you will figure out how complicated it is. One of the key objectives of DataBlockChain Wallet is to transform that complicated process into a simple one. Hence, people will be able to go ahead and access it with peace of mind. They will not come across any complications in the long run as well.
DataBlockChain Coin is linked to the Smart Contract. Then you can find the connection that exists in between the DataBlockChain Wallet and the Smart Contract. In other words, there is no direct link in between the DataBlockChain Coin and DataBlockChain Wallet. Due to this reason, users are provided with the ability to go ahead and buy Ether via a trusted exchange. There is a possibility to exchange Ether along with DataBlockChain Coin with just a single click as well. In addition, payments can be made with DataBlockChain wallet directly, just like you are making payments with your credit card.