Blockchain company Quadrant Protocol raises US$15M to bring transparency into data industry
Quadrant Protocol aims to build the data economy around the silos that large data-hoarding companies like Google and Facebook create, in turn diminishing their power
Singapore-based Quadrant Protocol, a blockchain company that aims to bring transparency into the data industry, has raised US$15 million in private token sale from more than 30 backers, including Malaysia’s Coin Capital, China’s Zeroth.AI, and Switzerland’s Block0.
Quadrant Protocol aims to build the data economy around the silos that large data-hoarding companies like Google and Facebook create, in turn diminishing their power. It also aims to address the non-transparency issues in the data industry, which lead to a lot of fraud where companies are hiding their sources. With the transparency promoted within Quadrant, companies will be able to trace the data sources for compliance purposes, as well as ensure that they get the data they paid for.
The blockchain company also ensures that all the data providers within the value chain receive proper and fair compensation as the original creators (dubbed as nurseries) are often left out when it comes to the profits generated by the data they provide aggregators or companies.
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Essentially, Quadrant provides the infrastructure that facilitates the exchange of DaaS and AI services between organisations. It enables data vendors to sell their data with the use of data smart contracts. Likewise, it enables buyers to purchase data and trace its authenticity and provenance through the network’s data stamping verification system.
In turn, this enables DaaS and AI service firms to build new products and services on top of the infrastructure and network.
The company mainly works with data vendors, AI companies, app/SDK developers, DaaS firms, and universities/ innovation labs.
Quadrant Protocol is owned by DataStreamX, a global marketplace for commercial data. DataStreamX, which is backed by Wavemaker Partners, recently announced an agreement to collaborate with Singapore’s Info-communications Media Development Authority to implement a commercial AI and microservices layer on DataStreamX, powered by Quadrant Protocol.
Photo by Marius Masalar on Unsplash
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