Author: Danish Yasin Last Updated Sep 14, 2021 @ 11:46
XRoad Initiative (XRI), a platform where blockchain technology and the world’s data intersect, has announced plans to launch an experimental Decentralized Autonomous Information Bank in Japan in collaboration with the IoT platform Jasmy.
XRI describes the decentralized autonomous information bank as a business model that personalizes data sovereignty using the blockchain. According to the official announcement, the platform will offer several services like managing, scoring, and valuing data in different industries like the insurance market.
“As a concrete use case, payroll related data (attendance, work history, salary information) is managed by individuals as their own data.”
As per the announcement, the information bank will also enforce scoring of data managed by individuals (patents held by the XRI project) as well as provide decentralized advertisements (DeAD) and EC (DeEC) as services for the time being that individuals can get (Additional patent pending). But this will depend on the data scoring.
“By applying the above services to the insurance industry, it is possible to manage insurance enrollment information and automatically receive insurance benefits in the event of an insurance accident (for example, hospitalization) by smart contract,” XRI added.
The project noted that users will also be able to acquire the value of personal data in the future, using legal currency and the native tokens of XRI and Jasmy.
Although the timeline of the launch was not made known, XRI aims to take advantage of its partnership with Jasmy to accelerate the development of the platform. Both firms became partners in early August, the PR revealed.
XRI Launches Digital NFT Town
Aside from its upcoming information bank and other existing autonomous and decentralized (DAO) businesses, XRoad Initiative provides a wide range of blockchain-based services and products.
The project is already involved in the booming NFT market and recently launched a metaverse dubbed the Digital NFT Town. XRI describes the product as a virtual world where users can live and create business models with non-fungible tokens. Activities conducted in the Digital NFT Town will then be feedback to the real world through the latest blockchain-based solutions like DeFi and NFT.
This will be made possible through the project’s system integration which consists of the XRoad Oracle, Decentralized storage, and the XRoad Locker. These solutions enable user-powered interoperability between the off-chain world and smart contracts, as well as individual data self-sovereignty.