Is blockchain the future of the geosector?

2018-01-31

In today’s globalized world, accessibility is one of the most important privileges. No matter if it is accessibility in terms of location, internet, information or data, we need it to stay connected and to make the most out of modern technology. But accessibility and connectivity shouldn’t be privileges, reserved for only a few of us. In almost any sector, fast and cheap access to data is critical to efficiently using the vast amount of data that is being produced every day. Especially in the geosector accessibility has been a major issue in in the past years.

As the number of machines and services that demand connectivity and geographic monitoring increases, collecting and sharing geodata is becoming increasingly important. From the very beginning it has been cloudeo’s mission, to make geodata more accessible and affordable as well as more insightful for a broader public. There are countless ways of using geodata in nearly any field, but so far it has only been feasible for large scale orders and projects. We want that to change and therefore we offer services on our marketplace that meet the expectations of both experts and absolute novices in remote sensing. By offering geodata, geo-IT and geosoftware as a service, we make them more accessible and can offer high value for low cost. That is a first step. But we want more! We want to take this accessibility to the next level and bypass restrictions such as currencies and converting them. We are creating a decentralized network of providers, users and collectors of geodata.

But how are we gonna do that?

Blockchain! We have launched a blockchain venture to be on the forefront of data collection and the provision of location services critical to expanding the Internet of Things and the development of Artificial Intelligence. That all sounds great and progressive and catches the spirit of the age, but exactly are the advantages of blockchain?

Most of us have heard of blockchain technology in the context of cryptocurrency and bitcoin, but with blockchain we have the possibility to record not just financial transactions, but anything of value, any information. There are no centralised databases in a blockchain, which is a huge advantage in terms of transparency and security. There is no more need for a third party or central authority for peer to peer transactions, which makes the process of transactions both faster and cheaper. The CloudEO Blockchain Network (CBN) enables crowdsourcing, machine-to-machine communication, and the exchange of geospatial information through automated transactions. The use of existing geodata and platform services, contribution of new data, development of new applications, and seamless interaction is provided through smart contracts. Using the technical functionality of smart contracts to run an integrated, immediate exchange of content and funds through one automated transaction is needed in order to make the smallest transactions (‘micro-geoservices’) and crowdsourcing feasible. To help further decentralization and bypass currency restrictions, we are introducing the cloudeo token.

Using the cloudeo token and blockchain technology to create a decentralized network for geodata, we can turn the geosector into a world system, that is accessible for anyone, no matter what the location or currency is.