CHAPTER 66Open Banking, Blockchain and AI: The Building Blocks for Web 3.0
By Cesar J. Richardson1
1General Manager Americas, Strands Finance
We produce more data now than ever before, and a valuable stream of behavioural insights resides in our raw transactional data. So far banks, like many large internet companies, have held a firm grip on this data and its derived insights, claiming it as their intellectual property.
With the emergence of open banking the tide is turning, and consumers will soon have the unprecedented choice to share this transactional data with third parties who, in turn, will leverage this information and create new value-added experiences for the original consumer.
The question this raises is what is the optimum system and protocol required to guarantee the success of open data? How can we engineer a solution that is designed to truly democratize the value generated by our data and benefit humanity as a whole? While tech giants today have a firm grip on open application ecosystems, tomorrow we can establish free and open access to information by leveraging crypto technologies and building a new internet architecture, or Web 3.0, with significant positive outcomes for future generations.
Genesis
I first heard of “The Netflix Prize” back in 2010 and realized the tremendous value locked in raw data. This open competition allowed anyone to access a training data set of over 100 million ratings on almost half a million users, with the aim of challenging ...
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