Part Two of how George Saleh and Drasko Draskovic are planning to change the world of data.
Welcome back! Last month in our first article about Datapace we introduced you to the project of creating a data marketplace of the future. This week we proudly present to you an in depth interview with the founder George Saleh. We will talk about how Datapace works, what makes it so progressive and discuss its future prospects.
Mr. Saleh, thank you for joining us.
Explain to us how exactly Datapace works, practically and technically.
Datapace is a data marketplace where we follow the simple rule: With 3 clicks you can buy data, create a smart contract or sell data. The fact it is powered by blockchain enables many features: security, micropayments, Smart Contracts. The end users will not need to be an expert of coding or blockchain, we have made it as simple as possible for them. Datapace does not keep any data, it is enabling the exchange between sellers and buyers without the need to store data. Also we have enabled functions such as AI, ML that can be applied to the data on the fly.
What is Datapace used for now and in the future?
Datapace is used as data one shop stop for Nokia product Sensing As A Service, also 2 trials are ongoing with a telecom operator. In the near future Datapace will be used for any data monetization and data exchange such as agriculture, retails, automotive, energy, transportation, public safety and more.
How much is the Datamarket and Datapace in particular worth in cash?
The data marketplace is evaluated at 200B€ (Gartner). We know that everything is becoming data, AI and machine learning need huge amounts of data from different sources.
Today only the product design is worth 2M€, the business plan we have in place is to achieve 150M€ cash flow after 5 years.
How did Datapace start?
Datapace started as a merged idea between Drasko and myself, we were exploring blockchain solution interaction with the IoT industrial world.
Does this program (DIA) really allow employees to act as real intrapreneurs?
DIA’s role is the same as the one of investors, they guide us through the journey during which we are in autonomous entrepreneur mode, were we need to face the challenges and find solution as any new startup.
How does setting up an internal startup within Nokia works?
It follows the same path as a real external startup, first we need a disruptive, innovative idea, prove the value added, then we pitch the idea with the DIA board. The first step is seed funding to create a PoC, once seed funding is agreed and PoC is build next step is Round 1 where an MVP is build and a production ready product is ready for deployment. The next step is to find customers, marketing, and sales at the end of the process or the new product becomes a part of Nokia’s portfolio or a spinoff is made for a new external startup.
Is Datapace only being used by Nokia or who are the other customers and partners?
Today Datpace has many leads with external customers, several are looking for partnerships or joint venture with Datapace, and among these enterprises are big software companies such as Amazon, Google or IBM but also others such as telecom operators or infrastructure providers.
How are data and money protected from abuse?
We have implemented several solutions to protect the data of our sellers and buyers, acertification program is available to ensure the source of the data and validity, the blockchain hashes to protect user end point access (patent pending). The blockchain is used as protection of identity and security to protect monetary transaction. We also use Smart Contract to validate any agreement between sellers or buyers about revenue sharing, SLA or data access agreements.
Where do you (want to) see the platform in let’s say 5 years? What are its potentials – is it really going to be interplanetary?
In 5 years our goal is to be the Amazon of data. Being a B2B solution and industrial grade platform we have built a unique solution integrating AI and ML features, private blockchain with on the fly smart contract creation.
What have you and the customers learned while testing the system so far?
We have 2 telecom operators that are trailing the product in Middle East and Eastern Europe, also others are using it as the data monetization platform for SnaaS. Other projects are under discussions
When do you think the platform will be up and running to full extend?
Datapace is at the stage of MVP ready for production, a testnet will be up and running soon for public and stress test. By the end of the year we are planning production deployment with customers.
Mr. Saleh, Thank you very much for the interview.
If you would like to find out more about the exciting topic you can read Part one of our story about Datapace