RepuX Poised to Transform Data Sharing in Business with Recently Launched Blockchain-based Platform

Shazir Mucklai  |

2017 was undeniably the year of blockchain. With over 200 ICOs launched, raising upwards of $3.5 billion, it appears the hype is reaching critical mass. Despite the obscene amounts of funding being pumped into this new form of fundraising, however, many projects have very little to show for it, instead relying on token holders having faith in a roadmap promising developments in the years to come.

RepuX has gone against the trend, releasing its fully-functional platform on the 21st of December. The project was conceived as a means for SMEs to optimise their data. Built on top of the Ethereum blockchain and integrating distributed storage solutions such as Sia and IPFS, RepuX streamlines the use and transfer of data – a resource collected by so many businesses, yet one that is often wasted when companies are unsure about how to analyse it to accelerate growth.

With RepuX, an SME can instead opt to take this data, and upload it to the platform, outlining a possible use case. In turn, developers can then purchase the data set, using the purpose-built RepuX token. With the data, they can then create custom applications, to be sold back to businesses on the RepuX network.

One can already see how powerful a market like this could be for a small business: data collection nowadays is incredibly simple and inexpensive (even a Raspberry Pi can be configured to record a plethora of information). Processing it efficiently to produce high-level analytics, however, can be more costly, and hiring additional experienced staff tends not to be a priority for smaller companies. But using RepuX, they can be rewarded for uploading their data with ease, and gain access to a marketplace offering customised solutions to turbocharge their business.

Take a retailer – the protocol would allow them to monetise, say, their transaction records. The records would be safely encrypted using IPFS, and made available to buyers. A developer can then take these, and create a tailored machine learning algorithm, using the records to train it. It could then inform the user of the most popular products, arrange deliveries, and find the cheapest prices online. The SME could then purchase this software with RepuX tokens, and integrate it into their systems.

The creators of the RepuX protocol endeavour to create the first blockchain market of its kind, all whilst spurring developments in the fields of artificial intelligence and Big Data (an industry projected to grow by upwards of $200 billion in the next few years). The white paper lists uses that could harness veritable goldmines of data, conferring legitimacy to records that have been collected but remain unused. It makes reference to the wealth of data stored by the Smithsonian, and patient data amassed by hospitals (aggregated and anonymised, of course). In a world where data is an increasingly important commodity, it’s about time that it is traded as such.

WorkHQ’s recently announced contract with RepuX could see the protocol rapidly evolve into one of the first fully-functional blockchain platforms in business. The inventory management software perfected by WorkHQ, used by SMEs to keep track of sales and stock across a range of e-commerce sites, intends to integrate an option for users to sell their encrypted data on RepuX, being remunerated in its tokens. Combined with WorkHQ’s large user base, the ease of use will guarantee widespread adoption and recognition of the platform in the coming year.

2017 was the year that blockchain revealed its potential, with ICOs proving to be a radical new form of funding for projects in the space. 2018 will be the year when real disruption takes place, as teams aim to transform prototypes into working products. With protocols like RepuX being rolled out, functional blockchain technology will revolutionise how business is conducted.

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