XRoad – The Future of Data is Decentralized

The importance of data cannot be overemphasized in today’s world, it is generally believed to be as important as an individual’s property, hence, the need for it to be respected as well as protected. In the past years, data has been collected and stored centrally through large enterprises, and although this has recorded its fair share of success, it is, however, impossible to overlook its lapses that have led to the compromise of so much user data, a case study being the recent data leak of over 533 million Facebook users. Decentralized storage through Blockchain technology is generally believed to rectify this error inherent in Centralized storage because of the autonomous and incorruptible nature of the technology that is known to disrupt and bring improvement to industries in areas where they are otherwise lacking. This undeniable need for decentralized storage gave rise to the idea of the project called XRoad. The XRoad Platform XRoad deploys the decentralized infrastructure that is needed to serve as the intersection between blockchain technology and the world’s data. This is possible with XRoad Oracle, Decentralized storage, and the XRoad Locker for user-powered interoperability between the off-chain world and smart contracts, as well as for individual data self-sovereignty. The XRoad Initiative (XRI) operates a concept that allows for every business model in the real space to be reproduced in the virtual space through t...