The Future of Data is on Web3: DeFiance Media Interview
The Navigate team recently attended Consensus where they spoke to DeFiance Media about the evolving Navigate platform, the future of data management, and their predictions for the future of fintech Rumi Morales, Board of Navigate and Head of Venture and Growth Investment at Digital Currency Group, and Amir Husain, Board of Navigate, and also the Founder and CEO of Sparkcognition came together to detail the power Web3 has to transform how we interact with our data - and even our machines.
Hi, I'm Rumi Morales, and I'm with Digital Currency Group.
And I’m Amir Husain, I'm on the board of Navigate, and also the Founder and CEO of Sparkcognition.
Navigate is an idea that Rumi and I have been talking about for a long time. It really comes from the need to apply Web3 and crypto to real-world problems in the physical world. The challenge that we want to solve is to be able to aggregate data and reward people for contributing that data, and then enable that data to be used for real meaningful applications that solve problems in the real world. This ecosystem, we think, can over time become one of the largest data ecosystems in the world - one that is fair, that is open, that is free, and that rewards people who source the data and not the large companies that hoard the data.
I think one of the most important things about Navigate is its focus on next-generation data. This has been an issue, and as someone who's been in the blockchain space now for almost 10 years, I've been thinking about it for a long, long time. There's no Federal Reserve of things but yet we are going to increasingly have drones and autonomous vehicles and more things that need to transact and communicate with each other. And what better than blockchain technology to be that organizing mechanism for such a decentralized distributed system?
[Rumi] backed Sparkcognition and I was the founder and CEO of SparkCognition and still am. That company has grown from strength to strength and we've been able to really play out the hypothesis and prove it, that you can take data from clients in industrial applications and transform that data into meaningful insights to prevent the systems from failing, to make their factories or the warehouses more productive, to prevent environmental disasters and so on and so forth. But one of the challenges that we discovered along that journey is simply a paucity of meaningful data. It's really hard for these clients to come up with data sources for many of the models and many of the predictive systems that they want to build.
So, Rumi and I spoke about this and we determined that one approach where crypto could come together with these types of next-generation AI problems, is to be able to crowdsource data on this extremely community-focused, incentivized network that would allow us to collect data from all over the world and across all types of systems. This data can then feed either analytics or reports, or be embedded in websites or even feed neural networks where they get trained and they start becoming smarter because there's so much more amazing data.
So data from dashcams, drones, weather information, and video information - the sky's the limit.
As someone who used to invest in AI a lot along with Blockchain, one thing that always worried me about AI is that it is kind of in a black box, you really don't know where the data is coming from or what algorithms that it is trained on. Now, with a combination of blockchain, transparency, and the incentivized marketplace that Navigate is building, I feel like for the first time, not only do we have more access to data, but it's transparent, it's usable, it's shareable. Everyone on the network can trust it because it's not in a black box anymore - it's on Navigate.
With any new technology and innovation, if you see its practical application and how it makes life better for you, you like it more than it scares you. I think a lot of people talk about the power of your cell phone now, and how it is your movie maker, your video player, and your record player. It has more computing power than some of the initial Moon Landing instruments, spaceships, whatever you want to call them - and it's just in your hand. Wouldn’t that freak you out before?
But now you see how it makes your life better. In this case Navigate, because of its transparent nature, because of the way data is being shared and because people are being incentivized to use the network, I think (similarly to the cell phone) people are going to get excited about the platform, and not scared about it.
What is exciting for me currently about Financing technology is the switch. Instead of fintech (Financial Technology), we are doing TechFin (Technological Finance) and that is what we're seeing in crypto and blockchain now with every tokenized network. We are fundamentally re-architecting what we've always known about money, value, and savings, and I get so excited about it.
It's a great enabler for entrepreneurs. Honestly, I've been operating for many, many years building conventional equity-based companies, and I think crypto really jives so much better with where the workforce is going, global participation, and offers the ability for people to truly partake in the success. I think it's a true disrupter. Even as an entrepreneur, I see the value of this beyond the technology, security, and financial services. It really has the potential to disrupt venture investments.
To watch Rumi and Amir’s interview with Defiance Media, please see the full video here .