How Immutable Tracking Can Revolutionize Data Accountability In Finance And Entertainment

CHICAGO, IL / ACCESSWIRE / July 6, 2022 / The data industry has rapidly grown over the last decade and shows no sign of stopping. This growth represents an opportunity for innovation and new technological solutions to help data producers and consumers understand and control their usage, especially in the finance and entertainment industries. While the current ecosystem definitely works, it could be exponentially more efficient. Through new technologies, producers can tie revenue to data use, while enabling data consumers to buy only the data they need, without paying for data they don't want or having to worry about costly audits.

An Executive Perspective

While many executives in finance and entertainment spaces don't realize how beneficial data tracking could be, a small handful are leading the charge in creating change by looking forward rather than being satisfied with the current way data moves and is accounted for. Indeed, leaders who reject archaic ways of working with data are crucial to the future success of companies as the value of data becomes more and more central. After conducting interviews with a range of data executives, several main factors contributing to this perspective shift became clear.

"Data, like other software applications, has network effects," explained Gregory Alan Bolcer, Chief Data Officer of third-party risk discovery data startup Bitvore. "The more data from more diverse sources you put together, and understanding how they correlate, the more value you can extract. Yet many content publishers don't understand the value of the data they already have, and are both resistant to change and hugely protective of their data. The issues around content distribution and decentralization didn't have a solution until recently."

There's a clear need for new technology to enable people to better secure their data, according to Elliot Banks, Chief Product Officer of data-driven fintech BMLL Technologies. "As a FinTech, we're not averse to utilizing the latest technologies and tools to help make our product as secure and as available as possible. From our side, we see data security and ease of data management as a priority for our customers and we continue to leverage technologies to achieve this. Any tools that make the signup and licensing agreement process more straightforward - a process that we think will continue to remain a critical topic - is going to be hugely valuable from a security and entitlement perspective."

Particularly key to this forward-thinking approach to using data is the idea of data immutability. This refers to the concept that data cannot or should not be overwritten when new data is available - similar to how medical databases often keep a full record of all data concerning a patient's health history, for example. For Dirk Anderson, Chief Information Officer of Bitcoin and crypto-backed loan platform SALT Lending, it all comes down to data integrity. "Immutability has integrity - it gives you that assurance that the data you're looking at is accurate, and that it's what was there in the first place. While decentralization isn't required for immutability, it definitely helps. In our context, KYC and AML data is frequently audited and one of the most restricted data types from a privacy perspective. A blockchain-based approach can help answer two main questions: how do we create pathways for data to flow and be analyzed in a way where it can be trusted, and how do we prevent the wrong people from accessing it?"

"A major problem for any organization, regardless of size, is knowing where non-public and sensitive data reside within your data ecosystem," said Dirce Hernandez, vice-chair of the FS-ISAC Insider Threat Working Group. "If you have a foolproof method of making sure that the data you're reporting is accurate, validated, and true - and can prove it - it's going to be great for your business. It reduces your liability for data breaches, or bad intent, or data misuse. It does this not just by shifting responsibility, but also by making sure that at any given point you can lock down your data and account for how it's being represented and identified."

It's not just the tech world that stands to gain from this, either, but the entertainment world too. "When you work on a movie for 4 years like Dune, you start to understand why the industry needs a better tool that can provide greater security, access control and immutable logging," added Cody Lassiter, former Content Protection Executive at Legendary.

The new direction data producers and consumers are beginning to take comes with its fair share of challenges. Armin Kech, Head Data Governance at MBC Group, brings up the idea of transparency. "One major challenge for every company is having transparency over its Data Assets. Like many others, we are a fragmented enterprise, with many departments and entities resulting in data silos. This makes it very challenging to receive a 360-degree view of our data, or understand, for example, what kind of data we have in our landscape, and how this data flows throughout our enterprise - the data lineage. Knowing the data flows is particularly important when it comes to international transfer of Personal Data. Data Protection regulations across the globe pay great attention to data transfer across international borders. Therefore, being able to ensure traceability - by usage, and not as a flat subscription - makes perfect sense."

About Tractiv

Tractiv was founded by Drew Orsinger, SpaceX's former Chief Security Officer, to create trust between two parties with regard to controlling and exchanging proprietary data by harnessing the power of immutable data. Their proven technology enables immutable tracing and data delivery for data providers, and empowers data consumers with the ability to understand where and how their purchased data is used. Through instantly distributing, receiving, and processing data, Tractiv have not only made a huge step towards creating a more efficient and accountable data ecosystem, but also developed a reputation for driving concrete results for their clients, including better benchmark tracking, cost savings, and increased revenue.

Keep up with Tractiv

Company Website:https://www.tractiv.com/
Company LinkedIn:https://www.linkedin.com/company/tractiv/
Founder LinkedIn:linkedin.com/in/drew-orsinger

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SOURCE: Tractiv