The IDA asset digitization ecosystem( “ IDA Ecosystem”)will drive the digitization of the real economy using an innovative asset digitization business model that combines blockchain technology, artificial intelligence (AI), Internet of Things (IoT) technologies, data-driven financing, and mobile robots. The IDA Ecosystem enables the data to truly constitute assets with enhanced digital ownership rights on the blockchain. At the same time, it increases the connectivity and circulation of real assets, through creating an “Internet of everything” that promotes digitization of the real economy. The IDA Ecosystem provides an enterprise asset digitization solution and functionality to build a thriving ecosystem for exchanging all qualified real assets.
The 21st century can be seen as the dawn of a globalized knowledge economy. Traditional business models and markets are bracing for varying degrees of disruption from the maturation of swiftly evolving information technologies. IDA is creating a data ecosystem that integrates the real and data economies, offering a complete digitization solution that uses the Internet of Things (IoT), big data, and artificial intelligence on a digitized asset public blockchain.
The Present Situation
The rapid evolution of the Internet has created the foundations for a flourishing data economy. These advances in information technologies are being further accelerated by the mobile web, big data, the Internet of Things (IoT), artificial intelligence, and blockchain. The data economy is already the most vibrant and fastest evolving area of the present economic system, and these emerging technologies are speeding the transformation of traditional industries. IDA estimates that the data economy in the United States reached $10.8 trillion USD in 2016, comprising 58.3% of the GDP.By comparison, the data economy in China reached $3.4 trillion over the same period, representing 34% of the GDP.Other leading data economies include Japan, Germany, England, France, and Korea with similar GDP proportions in the respective countries.
The data economy has introduced substantial improvement in asset circulation and resource allocation. The efficiency, robustness, and ease of circulating assets is a key driver of economic growth. The efficient allocation of resources is essential for their optimal utilization and reduces associated social and economic costs. The rapid evolution of the current sharing economy is a direct result of new efficiencies in resource allocation.
The role of asset digitization in optimizing asset circulation and resource allocation is as follows:
-Digitization allows information to be networked and enhances the ease of managing and transacting assets.
-Today’s sharing economy made breakthroughs in asset allocation by digitizing tangible resources so that many people can simultaneously view the status of available resources. This has introduced great advances in resource efficiencies and management.
-Asset digitization is already an essential driver of emerging economic developments.The deeper integration between web services and blockchain technologies will create evolving capabilities that further advance the digital economy.
Blockchain Technology of IDA
A blockchain is a distributed and immutable ledger maintained over an encrypted online peer-to-peer (P2P) network. Transactions are verified by a consensus mechanism across distributed nodes in the network before data is recorded in a none editable chain structure. This novel ledger technology achieves both greater security and transparency. Transactions are completed according to smart contracts that are executed by automated scripts, protected with data encryption, and verified by distributed participants in the network. In essence, a blockchain secures information in the database through having transactions verified by independent parties across the network. In contrast to previous distributed databases, a blockchain has the following distinguishing characteristics:
Decentralized “ trust less ” transactions: enables secure interactions between parties without a need for direct third party intermediaries or oversight. This greatly reduces or eliminates transaction risk.
Authorized users: users have full control over their data and transactions.
High-quality data: supports more complete data with greater consistency; that is more instantaneous, accurate and broadly accessible.
Durability, reliability and resilience: network decentralization means that there is no single locus of vulnerability, hence precluding malicious attacks.
Transparency and permanence: By removing the need for a third- party authority, users are assured that transactions will be reliably executed according to a mutual agreement.
Simplification of the ecosystem: Including every transaction in the public ledger reduces the inconsistencies and complexities of maintaining multiple sets of records.
Rapid transactions: Inter-bank transactions can take multiple days for processing and finalization; particularly outside of set business hours. Transactions on the blockchain can be reduced to several minutes, and without restriction on the hours of operation.
Low transaction costs: Due to its decentralized structure, blockchain technology reduces or eliminates transaction fees associated with third-party intermediaries. In practice,a blockchain can increase information sharing and mutual trust between participants.
Present economic systems are heavily reliant on the control of centralized institutions or some form of third-party documentation. The decentralized nature of blockchain technology, however,enables parties to transact directly. This boosts efficiency and friction-less consistency, while reducing transaction costs. A blockchain is unique in its ability to release certain information to the public, yet preserve the privacy of other information, while empowering users in the community to individually define how to protect their personal rights and interests.
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