Blockchain and big data are undoubtedly two of the hottest sectors in today’s technological development. Big data is widely applied in business, economics and other fields while many business decisions are based on data and analysis — instead of experience and intuition. The distributed ledger, decentralization and non-tampering attributes of blockchain technology allow more data to be released. Big data currently has insufficient effectiveness caused by data silos, quality and leakage problems. However, the combination of blockchain technology and big data will solve these issues and bring new development opportunities.
The Cointelegraph China HUB is an online interview program initiated by Cointelegraph China. Along with some of the leaders of the blockchain and cryptocurrency world, we discussed the current development opportunities and challenges of the industry segments and how businesses can break through the current situation and lead the future. HUB LIVE is the video column of HUB. For the first livestream event, we invited GeoDB, one of the hottest project in Europe. The host of this event was Tracy Zhang, the chief business development officer of Cointelegraph China, who was accompanied by Luis Gelado, the CEO and co-founder of GeoDB, with special guests Eric Ma, the CEO of Bione, and Jason Luo, the co-founder of BitForex.
GeoDB is the first peer-to-peer big data sharing ecosystem in the world based on blockchain technology. The project integrates blockchain technology, DLT, big data and token economy to provide a decentralized platform for all parties involved in the ecosystem of big data. Ranked 11th by CrunchBase on the list of startups in Europe and the United Kingdom and ranked first in Europe in the blockchain category, the GeoDB team has had successful entrepreneurial endeavors. They founded Wave Location Technology and built its user group of 12 million around the world. GeoDB is promising on implementation, and it has a variety of application scenarios.
This livestream was covered: (1) how GeoDB combines big data and blockchain technology and rewards users for sharing their data; (2) what the biggest technology challenge and achievement for GeoDB are; (3) GeoDB’s token model; and more.
1. Blockchain is the technological tool that will solve problems in society. GeoDB aims to democratize the big data market from both sides.
2. Data crowdsourcing is a new concept, and all the major market inefficiencies can be solved by combining big data and blockchain technology.
3. Educating users about blockchain technology, crypto and the new opportunities to sell their data — which is a challenging process.
4. In the test environment of GeoDB, the data is captured from users’ mobile phones and validated through the Iota network. The biggest technological achievement for GeoDB is to combine all the advanced tools from big data and blockchain technology together.
5. GeoDB’s goal is to create an environment where all key big data market players can interact with one another in an easy, automated and secure way.
6. Because of its involvement in the crypto market, Asia is important for GeoDB. Asia is a great market to build a community of people who understand blockchain and big data.
7. The distribution of GEO tokens will be split over 21 years to keep a good balance of the users’ reward versus the token price and circulating supply. The GEO Token will be listed on BitForex on May 8 and on Bione on May 10.
8. The full decentralization of data exchange is currently the main technological point of efforts for GeoDB — and its next challenge is to bring GEO to global leaders in the crypto industry.