Ocean Protocol is a decentralised data exchange protocol that enables safe data sharing and monetization between people, organisations, and devices. The protocol's goal is to make it possible to share data in a secure, open, and controllable manner while protecting privacy.
Bruce Pon and Trent McConaghy introduced Ocean Protocol in 2018. In especially in sectors like healthcare, finance, and insurance, the initiative was created to satisfy the growing demand for secure and privacy-preserving data sharing.
By allowing data providers to determine the terms and circumstances for data access, including the cost of access, Ocean Protocol enables data providers to maintain control over their data. As a result, data providers can make money off of their data without giving up ownership or control.
Ocean Protocol allows data consumers to obtain information from many different sources, including both public and private data sets. In addition to allowing data providers to track the use of their data and get paid for it, the protocol employs blockchain technology to assure the confidentiality and privacy of data sharing.
For sectors like healthcare, finance, and insurance where sensitive data needs to be transferred safely and anonymously, Ocean Protocol is very beneficial. Data providers may guarantee that their data is only accessed by permitted parties and that they are suitably reimbursed for its use with Ocean Protocol.
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