CHICAGO, IL / ACCESSWIRE / July 6, 2022 / The data industry has grown rapidly over the last decade and shows no signs of stopping. This growth represents an opportunity for innovation and new technology solutions that help data producers and consumers understand and control their use, especially in the finance and entertainment industries. While the current ecosystem definitely works, it could be exponentially more efficient. Through new technologies, producers can tie revenue to data usage, while allowing data consumers to buy only the data they need, without paying for data they don’t want or worrying about costly audits.
While many finance and entertainment executives don’t realize how useful data tracking could be, few are leading the way in creating change by looking ahead rather than being content with the current way data moves and is considered. Indeed, leaders who shed archaic ways of working with data are critical to the future success of companies as the value of data becomes ever more central. After conducting interviews with a number of data executives, several main factors that contributed to this change in perspective became clear.
“Data, like other software applications, has network effects,” explained Gregory Alan Bolcer, chief data officer of third-party risk discovery Bitvora. “The more data you bring together from different sources and understand how it’s connected, the more value you can extract. Yet many content publishers don’t understand the value of the data they already have, and are resistant to change and largely protecting their data. Issues around content distribution and decentralization did not have a solution until recently.”
There is a clear need for new technology to enable people to better protect their data, says Elliot Banks, product director for data-driven fintech BMLL Technologies. “As a FinTech, we do not shy away from using the latest technologies and tools to make our product as secure and accessible as possible. For our part, we see data security and ease of data management as a priority for our clients and we continue to use technologies to achieve this. All tools that make the process of signing and licensing agreements simpler – a process that we think will continue to be a critical topic – will be of great value from a security and rights perspective.”
Particularly key to this advanced approach to data usage is the idea of data immutability. This refers to the concept that data cannot or should not be overwritten when new data is available – similar to how medical databases often keep a complete record of all data concerning a patient’s health history, for example. For Dirk Anderson, Chief Information Officer of Bitcoin and cryptocurrency lending platform SALT Lending, it all comes down to data integrity. “Immutability has integrity – it gives you confidence that the data you’re looking at is accurate and what was there in the first place. While decentralization isn’t required for immutability, it definitely helps. In our context, KYC and AML data is frequently audited and one is one of the most constrained types of data from a privacy perspective. A blockchain-based approach can help answer two main questions: How do we create pathways for data to flow and analyze it in a way that can be trusted, and how do we prevent the wrong people from accessing it?”
“A major issue for any organization, regardless of size, is knowing where non-public and sensitive data resides within your data ecosystem,” said Dirce Hernandez, vice president of the FS-ISAC Insider Threat Task Force. “If you have a secure way to make sure that the data you’re reporting is accurate, verified and true – and if you can prove it – that’s going to be great for your business. It reduces your liability for a data breach or bad faith, or misuse of data. It makes no not only by shifting responsibility, but also by ensuring that at any time you can lock down your data and consider how it is presented and identified.”
Not only the world of technology can benefit from this, but also the world of entertainment. “When you work on a movie for 4 years like Dune, you start to understand why the industry needs a better tool that can provide greater security, access control and immutable logging,” added Cody Lassiter, former executive director of content protection at Legendary.
The new direction that data producers and consumers are starting to take comes with some pretty big challenges. Armin Kech, head of data management at MBC Group, presents the idea of transparency. “One big challenge for any company is transparency over its data resources. Like many others, we are a fragmented company, with many departments and entities resulting in data silos. This makes it very challenging to get a 360-degree view of our data, or to understand, for example, what kind of data we have in our environment and how that data flows through our enterprise – the data pipeline. Knowledge of data flows is especially important when it comes to the international transfer of personal data. Data protection regulations around the world pay close attention to the transfer of data across international borders. limit. Therefore, the ability to provide traceability – through usage, rather than as a fixed subscription – makes perfect sense.”
Tractiv was founded by Drew Orsinger, former head of security at SpaceX, to create trust between two parties regarding the control and sharing of proprietary data by harnessing the power of immutable data. Their proven technology enables consistent data tracking and delivery for data providers, and empowers data users to understand where and how their purchased data is being used. By instantly distributing, receiving and processing data, Tractiv has not only taken a giant step towards creating a more efficient and responsive data ecosystem, but has also developed a reputation for delivering concrete results for its clients, including better tracking of benchmarks, cost savings and increased revenue.
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