Dawex has released its new Data Exchange Platform, which utilises hybrid capabilities combining decentralised and managed modes at GITEX Technology Week.
The platform supports the exchange of data and related payments between data providers and acquirers.
Data is a strategic asset that dramatically increases its value when easily and securely exchanged between multiple business entities. The role of a data marketplace and a data exchange platform is to establish trust and enable secure and efficient data transactions between data providers and acquirers.
The announced hybrid capabilities allow the parties supplying and sourcing the data, as well as the operator of the data exchange platform, to choose between two operating modes for managing the actual transfer of data, and the related payment, when transactions are monetised. The decentralised mode takes advantage of the blockchain to allow the exchange to take place without intermediary, while providing maximum trust, traceability and transparency. This new capability completes already existing blockchain-based features for making licensing contracts forgery-proof. The managed mode allows stakeholders to rely on the data exchange platform’s rich capabilities to manage the exchange of data and payments, and benefit from various value-added services.
“Being the largest data marketplace totaling more than 8000 member-companies worldwide, puts Dawex in a unique position to understand the market dynamics when it comes to data exchange” says Laurent Lafaye, co-founder and co-CEO at Dawex. “What we observe is that corporations engaging today in data exchanges want the ability to decide which model to use and when. With Dawex hybrid approach, we’re in a unique position to provide flexibility to organisations’ evolving data strategies.”
Some organisations are envisioning the emergence and the rapid adoption of decentralised blockchain-based models. Dubai is at the forefront of innovation. Gitex is the ideal venue to launch Dawex decentralised data exchange capabilities and demonstrate the combination of technological prowess with the business expertise in operating a data marketplace at scale.
“Trust is key for organisations to engage in data marketplaces” adds Fabrice Tocco, co-founder and co-CEO of Dawex. “It is a one-stop place where multiple organisations, operating in different industry sectors, regardless of their size, meet to exchange data. Strong participants’ vetting processes are required to create trust. By implementing blockchain-based mechanisms for data exchange on the Data Exchange Platform, organisations will now benefit from an additional layer of algorithmic trust.”