The emergence of digital infrastructure has resulted in an enormous amount of data about everything from someone’s location and music interests to traffic flows and online sales. This raw data has become foundational to Big Data processes, which use it to output value-generating business and social intelligence. Leveraging blockchain technology, GeoDB is democratizing the Big Data market by offering a decentralized, peer-to-peer sharing ecosystem where data creators can validate the integrity of their data and sell it directly to consumers without costly intermediaries.
As part of expanding upon our decentralized ecosystem, we’re excited to announce that GeoDB will be launching our own Chainlink node to further increase users’ ability to monetize their data. Through the Chainlink node, data shared within the GeoDB ecosystem can be made available directly on various blockchains (on-chain) to then be consumed by smart contract applications, such as user location data triggering on-chain rewards programs.
Not only does the Chainlink node serve as a universal gateway for bringing GeoDB data onto any blockchain network, but it enhances the security of that data by cryptographically signing it on-chain as a means of proving its origin. This ensures the tamperproofness of GeoDB data when relayed on-chain, further enhancing its reliability for triggering an exchange of on-chain.
The GeoDB Chainlink node will initially be focused on supplying location and mobile phone-related data on to the Ethereum blockchain, such as the number of phones within a given location. In the future, we plan to expand into retail shopping receipts, and health data generated data via IoT wearables and running applications. This opens up a whole suite of new blockchain applications based solely around consumer data, such as location-based marketing campaigns, IoT-enabled sports competitions, parametric health insurance policies, and more.
Supporting Consumer dApps Through Chainlink
GeoDB is a decentralized Big Data ecosystem that compensates data providers who share data and makes data affordable and trusted for data consumers. It uses blockchain technology to collect user data without compromising identities, distribute rewards to data providers, and validate and manage the ecosystem using a decentralized governance model. Data providers consist of connected applications that generate data via unique services. For example, there are already numerous location-based Apps connected to GeoDB today, such as GeoCash, and more soon to be connected like Wave, which has 12mil downloads worldwide and is in the process of integration.
With the emergence of blockchains, one of the unique ways GeoDB data can be leveraged is by smart contract applications, which use it to trigger on-chain logic such as settling parametric insurance claims or determining the issuance of user rewards programs. However, blockchains are closed systems, meaning smart contracts have no built-in functionality for fetching external data. They require an additional piece of infrastructure known as a blockchain oracle, which serves as middleware that retrieves off-chain data on behalf of the smart contract and stores it on the blockchain to be consumed.
After looking deeply into the oracle problem and various methodologies, we recognized the Chainlink decentralized oracle network as the most secure, reliable, and flexible solution in the market. Chainlink provides several key features that make it the top oracle solution for bringing GeoDB data on-chain:
- Data Signing — Chainlink nodes cryptographically sign the data they provide on-chain, allowing consumers to verify the origin of GeoDB data and prevent man-in-the-middle attacks.
- Blockchain Agnostic — Chainlink nodes can service any blockchain network, acting as a single gateway to supply GeoDB data on all blockchains both now and in the future.
- Security Focused — Chainlink is thoroughly audited open-source software built upon strong academic research and maintained by a large developer community, ensuring high levels of security and reliability for oracle services.
- Large Adoption — Chainlink is the most widely used oracle network and secures over 10 billion dollars in on-chain value, presenting GeoDB with a large developer base to tap into that’s already utilizing Chainlink for off-chain data.
“We’re excited to leverage the Chainlink node to expand the utility of the GeoDB ecosystem, empowering data providers to use and/or monetize their data within smart contract applications,” stated Luis Gelado, Founder and CEO of GeoDB. “We believe this is only the beginning of what’s possible when combining consumer data, oracles, and blockchain-based applications, and look forward to leveraging Chainlink to establish GeoDB as a leading on-chain data provider across a variety of key data sets.”
About the Chainlink Network
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.
GeoDB is a decentralized peer-to-peer big data-sharing ecosystem, which returns value to its creators, the users. GeoDB creates bridges between current isolated participants and aims to solve the huge big data industry's existing inefficiencies.
Users receive GEO tokens in exchange for their anonymous data, which can later be exchanged to other crypto-currencies or, once we launch our full network, use it to acquire goods and services.