Blockchain Smart Contracts and Multicast End-to-End Encryption for a Trustless Data Economy

Current centralized data sharing infrastructures fail to provide a reliable, GDPR-compliant, and ethical mechanism to share data, thus, impeding the development of the flourishing data economy. Indeed, the future of technology and, consequently, the flourishing economy and society should be built on a paradigm of decentralization. This is known more widely as the Web3 movement, which is being celebrated as the future of the internet, and which seeks to endow everyday internet users with the capacity to have full control of their digital footprint. It aims to provide a trustless, secure, unmediated, and verifiable infrastructure that spreads control throughout the community, putting the individual at the center of it all.

Aiming to tangibly implement this paradigm shift, decentralized data access control enabled by EcoSteer’s Data Ownership Platform, provides a key to a trustless, unmediated ecosystem of data exchange where all the players are rewarded for participating. This is achieved by means of EcoSteer’s patented Multicast End-to-End Encryption Scheme and Blockchain Smart Contracts. The former hands the control back to the data owner by protecting the data at the point of its generation. The latter provides a possibility for Data Owners to control visibility over third-party access to their data granularly and establish a 1-to-1 relationship with all the interested Data Users. Furthermore, Blockchain also enables a straightforward compensation mechanism for data sharing in exchange of goods and services, which is an enormous incentive and an imperative for a lively ecosystem of data sharing.