Company’s data is valuable resources in the running of the business, hence data management is sort after. A company’s data should be well secured with high level of security mechanism so that the information will not be assessed by competitors and hackers.
In a bid for a business to protect itself against being overrun by its competitors and cyber criminals, it’s important to secure their data with high level of technology.
We’ve discussed cloud computing in series of our posts and the merits, however, there are also inherent risks in each of the data security technologies discussed.
Of course, to beat the big fish (industry leaders) in your business, you need to understand what they do, and when you don’t have the financial strength to compete successful, you may want to consider collaboration.
Although, making a partnership with your competitors might look scary, sharing one or two data proves more good than harm.
This is made realizable with Electronic data Capturing, Engineering & Industrial Design Data Service Platform, which utilizes blockchain technology to make data sharing secure and easy.
The Electronic data capture Initiative
Blockchain as we’re seeing it now is finding its way into every phase of Internet ecosystem and it’s beyond cryptocurrency.
The EDC is a computerized system that’s Blockchain based, designed by Sung Chan Machinery Co., Ltd to organize clinical data in electronic format for use in clinical trials.
EDC system utilizes blockchain technology to protect data copyright and build an ecosystem where data can be shared conveniently and safely. Research organizations, banks, pharmaceuticas are good examples of adopters of this system.
With EDC, data that is already on print can be transcribed into the EDC software which will store the clients’ data collected in clinical trails and save it in an electronic format.
Advantages of Electronic data capturing
- EDC system helps with electronic file sharing in a secure environment
The EDC project seeks to build a strong, transparent and reliable community where information can be shared without infringing copyright.
EdC has been designed to provide support to third party applications and compensate contributors who help further in improving the platform.With a community foundation located in Korea,
EdC also utilizes computer-aided design software create precision drawings, two-dimensional (2-D) drawings or three-dimensional (3-D) and other technnical illustrations which will help users like architects, engineers and artists, and in building trading system of higher quality.
- EDC provides a secure electronic data trading community
With the use of blockchain technology, the electronic data capturing makes data trading easy, fast, transparent, convenient and secure. Additionally, it will employ the use of parallel expansion technology as a multi-chain system.
- It supports Convergent Data Ecosystem
With the integration of other useful tools like UX, electronic data capture tool ensures that there is reliable communication between different engineering data such as robots, facilities, electronics, machinery and automobiles from different fields.
- It ensures copyright is well protected
One of the merits of EdC is that your data will be secure and copyright will not be infringed.
The copyright protection mechanism is that, the owner of the data will first upload it on the system, and robot would verify the data authenticity and validity.
Once the test is positive, the approved data will be protected with a blockchain.
While the data validation is carried out and completed by delegated users, authorized users are required to pass through a second verification process on the copyright and value of the data.
The validated data will then be given copyright temporarily for three months and if no issue arises, then permanent validation will be given indefinitely.
- It fosters Smart Contracts
EdC runs its transaction system in form of smart contracts. Smart contracts offer a lot of advantages since transaction records, copyright holder records and transfer of usage rights are handled automatically without human interference.
With this capacity, huge transactions requiring large amount of data will be executed timely. Being that the contract which is deployed is immutable and highly specific, the E-data and Ed Coin can be trusted since the data will not be easy to change.
The Electronic data Coin – Initial Coin Offering (ICO) of the EDC Initiative
The Electronic data Coin is the ICO of the EdC initiative that is used by the participants in the EDC platform to exchange rewards and services.
The EDCoin is the medium through which all the transactions in the EDC ecosystem are carried out. The Ed Coin offers the following benefits:
- Peer-to-Peer E-data trading system.
- Integration with other Data trading related services.
- Voting participation and voting rights: With the EDCoin, participants within the EdC ecosystem can claim ownership of their data and exercise voting rights.
Participation in competition and crowdfunding can be exercised once you have password to log on to the program.
While the release date for EDCoin is yet to be released, the first volume to be issued to the market is 5 billion, 50% of the total issuance is 10 billion, the other 50% being owned by the company of which 10% are assigned to teams and advisors.
The funds raised during the token sale process will be used to develop the project and to facilitate research within the ecosystem.
Keying into the EDC initiative will bring a fast, safe, transparent, and efficient system where data can be traded among different entities in a secure electronic business environment, which is the blockchain.