A recent press release reports, “The IOTA Foundation, a non-profit organization delivering the world’s first scalable, feeless and decentralized distributed ledger technology, announced today its technology will be used as a key enabler for Project Alvarium, an open source effort being formed under the Linux Foundation. The Alvarium project will be focused on building out the concept of a Data Confidence Fabric (DCF) to establish the provenance of data coming from multiple different sources and deliver data to applications with measurable confidence… As the amount of data available continues to surge, trust in data is on the decline. Increasing government regulations around data usage and privacy have created a fundamental shift in how data is viewed and used. Trust in data has decreased as transparency on its origin, collection process and storage has also decreased.”
The release goes on, “Currently, data used for decision making across a number of industries comes from multiple repositories containing information that exists in multiple formats, with very little information on its accuracy, provenance or timelessness. This can often lead to inaccuracies in reporting and can have critical implications in areas such as artificial intelligence, where “training data” is used to develop new machine-learning models. Another example of the importance of trusted data is in the pharmaceutical industry where companies use existing data from clinical trials to inform the development of new patient medications. If this data is inaccurate or outdated it could greatly impact the end results.”
Read more at Business Wire.
Image used under license from Shutterstock.com