We are moving to a distributed data economy. Inveniam’s president Kerry Rudy says: “The safest way to store data is in a decentralized manner so hacks are limited in scope, depth and breadth.”
Take the SolarWinds hack, for instance, which affected at least 9 federal agencies and 100 private companies since September 2019. The WSJ: “Holding data in-house is seen as safer by many customers, said Keith White, senior VP for hybrid-cloud services at HP, who didn’t find any of its customers exposed.”
One data base to rule them all isn’t the answer – that’s the problem, as The Economist makes clear: “The data economy as it exists today is already very unequal. It’s dominated by a few big platforms. In the most recent quarter, Amazon, Apple, Alphabet, Microsoft & Facebook made a combined profit of $55bn, more than the next 5 most valuable American tech firms over the past 12 months. This corporate inequality is the result of network effects—size begets size. A firm that collects a lot of data can make better use of artificial intelligence and attract more users, who in turn supply more data.” Bank robber Willie Sutton, when asked why he robbed banks replied: “Because that’s where the money is.”
As we move to this distributed model, you need a mechanism to trust data – that is Inveniam.