Lowering costs with a blockchain-based artificial intelligence-enabled data analytics platform
SINGAPORE, July 3, 2018 /PRNewswire/ -- As the world grapples with data digitization, forward-thinking enterprises are learning how to leverage data analytics to make informed business decisions. DATAVLT strives to help SMEs from across various competitive industries to thrive by building an information management and analytics platform by providing a cost-efficient data analytics service for these underserved SMEs.
The company's upcoming technology offering is built on a decentralized network, also known as blockchain, to avoid the threat of a single point of failure such as hacking attempts into a centralized database.
Cash-strapped small and medium-sized enterprises (SMEs) often find it difficult to match the budgets for quality and actionable evaluation. The decentralized architecture of DATAVLT guarantees continued functionality, even if parts of the network go down. As a principle of cryptography, records of value exchange are stored on the ledger and are accessible by others in the system for traceability. But only those parties who hold a "digital key" can see the content of the information.
As the cost of infrastructure to process volumes of data has lowered, technology has enabled data collection to be more accessible than ever before. DATAVLT wants to provide a robust platform for regular businesses in any market to access and analyze this data via open-source customization. The company invites and incentivizes third-party developers to create analytical tools or verticals within its platform. This saves time and money for SMEs by simply replicating a process that is already optimized. In return, these developers would receive the utility tokens as a reward whenever companies or individuals use their products and services on the platform ecosystem.
To lower the cost of infrastructure set-up, machine maintenance, and human resources, DATAVLT charges clients only when they use the analytical services on a pay-per-use basis. Clients benefit from the savings derived from storing idle machines and avoiding hefty subscriptions from other service providers. The firm foresees a viable opportunity to provide more comprehensive data analytics tools compared to the available off-the-shelf ones in the market, which usually offer only partial perspectives to businesses, or have a limited scope of functions. DATAVLT draws consumer behavior data from the field of economics, sociology, and anthropology, integrating this data with profiling, tonality, and sentiment for more in-depth and meaningful analysis. The goal is to churn out a tailored consumer experience, efficient resolution of customer service issues, and manage the risk of threats and potential business challenges. Additionally, DATAVLT's platform algorithms and artificial intelligence will sort, declutter and reject dubious data over time, especially if it detects anomalies that may affect its predictive analysis. Machine learning will improve quality analysis over time, and facilitate informed strategic decision-making.
In the growing demand for enterprise data analysis, DATAVLT strives to create a competitive product to improve the status quo and encourage more small businesses to embrace big data adoption.
About DATAVLT
DATAVLT is an agile, innovative, on-demand, data analytics platform, secured by Blockchain technology, that has been designed to provide users with integrated and correlated insights. Backed by artificial intelligence and machine learning capabilities, this platform empowers enterprises to make meaningful sense of big data and scale cost efficiently. Essentially, DATAVLT is an end-to-end data/information management platform. Contact us at datavlt.com
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