Quadrant Protocol, the technology that maps and authenticates data making it easier to buy and sell quality, authentic data feeds, has announced the launch of its Data Smart Contracts Payment Module to be released on the Quadrant.io platform.
The Data Smart Contracts Payment Module brings enterprise data subscriptions onto the blockchain and facilitates the production and use of quality, authentic data by making it easier for producers to monetize, and users to access, their data.
For the past two months over 27 million eQUADs have been purchased on behalf of major enterprises who access location data through the Quadrant platform. The Data Smart Contracts Payment Modules have allowed these enterprises to pay for data in fiat while the data suppliers are paid in either fiat or QUAD.
“Our Data Smart Contracts Payment Module reward suppliers of quality location data by making it easier to monetize the data that they produce, thereby increasing the overall supply. Quadrant is a leader in location intelligence and data, we are able to provide data that allows our clients to generate in-depth behavioral insights into their customers or potential customers on a long-term basis. Furthermore, we enable the mapping of disparate sources of data which not only produces better results but allows more innovations and services to be created. By moving payments onto the blockchain we are providing a smooth and easy way to facilitate the flow of quality data between supplier and buyer.”
– Mike Davie, CEO of Quadrant
How it Works
Quadrant’s Data Smart Contracts Payment Module works by making data available through a subscription model for enterprises, who purchase data on the platform from data producers. Buyers purchase this data via Fiat currency which is then used by Quadrant to purchase tokens from the open market. Once the contract has been executed – the buyer has received the data from the producer – then the data producer will then be paid in QUAD or Fiat depending on preference.
Enterprises already use the Quadrant platform to purchase data and over the two-month Data Smart Contract pilot period, Quadrant has brought in USD$628,728 worth of enterprise subscriptions to the Quadrant blockchain, equalling 27,973,275 eQUADs.
The Data Smart Contracts are the latest in a line of innovations developed by Quadrant. Quadrant Protocol, launched in 2018, uses blockchain to map and authenticate disparate sources of data; Service Credits which launched in January 2019 allow organizations to purchase blockchain-based tokens for Quadrant’s services using fiat currency, ensuring that they remain in compliance with traditional bookkeeping and accounting structures.
The Data Smart Contracts Payment Module is set to be followed by the Data Smart Contract Compliance Module, which will focus on bringing transparency to data transactions.
“Data use will only grow as we become ever more connected and digitized and Quadrant’s technology will grow and evolve too.” Adds Davie, “We have come a long way and built some truly game-changing solutions that we are using to solve large enterprise data problems, and there is much more to come!”