The patent-pending blockchain platform for data analysis, MADANA, announced their whitelist sign-up at the beginning of August. Headquartered in Germany, the platform enables participants to engage in a data market with their own protected data.
More than 700 million data records were compromised in 2015 alone, and 1.3 billion were compromised in 2016. MADANA offers a solution to this problem, by providing protected open access to analyse results based on various kinds of data from different sources. All exchanged data is encrypted and is only decryptable if the data owner agrees to participate in a remotely triggered data collection.
Pre-registry for the PAX token Initial Coin Offering
To give investors the opportunity to participate in the MADANA community, the startup will enable pre-registry for their PAX token Initial Coin Offering. MADANA is also pleased to announce that they will be the first Lisk-based blockchain ICO to comply with German BaFin regulations.
As stated by Christian Junger, the Founder, and CEO of MADANA:
“…we are working on a solution to bring privacy back to data producers. Data has become our greatest modern asset, and will only continue to grow in importance – which is what makes it so susceptible to cyber attacks and hacking. Therefore, we are collaborating with experienced companies and political institutions to create a new solution, rooted in infallible blockchain technology.”
Get paid to participate in social networks
Users will be able to monetize their own data within a decentralized blockchain marketplace. Bounties can be posted by users and claimed by other members. Smart contracts built on the network will allow for the data owners will be paid in PAX tokens. Essentially, users will be paid to participate in social networks.
“Even with GDPR in place, data security is still a paramount concern that costs the world trillions in recovery every single year,” said Dieter Schule, Co-Founder, and COO. “We will expand upon this base and create new opportunities for industries to buy GDPR compliant data.”
Three parties can interact in the MADANA world safely, including data producers that can now monetize their data without giving up privacy control; plug-in providers that can now implement new analysis schemes and applications through the easy-to-use interface; and data analysis buyers that can now purchase on demand with no need for costly data management.
To find out more about MADANA’s PAX token, please visit: https://www.madana.io
An announcement by Daniel Roberts, MADANA
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