Swiss open-source financial information platform Decentralized Information Asset (DIA) is building a Wikipedia-style platform built on blockchain for data on financial markets. Thanks to this platform, it will be possible to verify data and vote on decisions in a reliable and traceable way. As a result, blockchain-based verification is expected to ensure that all financial data on the platform is reliable.

1. BLOCKCHAIN WILL BE USED TO
“DEMOCRATIZE” FINANCIAL DATA
Tuğçe ARSLAN

2. In general, this concept defines the
processes enabling almost everyone within
the organization to access relevant data
and make more accurate decisions or
reach results by obtaining insights from
this data. It is aimed that users, regardless
of their role within the company, have
the necessary competence to access and
effectively interpret data according to their
needs and to be able to use the relevant
tools.
Why is Democratization of Data
Important for Institutions?
As we all know, reading, analyzing,
interpreting, and obtaining data is
defined as data–driven decision–making,
and business transformations are
moving in this direction. This transforma-
tion process brings the need for data to
be accessible and interpreted much faster.
Moreover, institutions want to evaluate
their data for different purposes as much
as possible. The concept of data democra-
tization began to emerge precisely in line
with this need. With initiatives made for
this purpose, in–house users can access
and analyze the data they need, even if
they do not have technical knowledge.
In previous processes, organizations
entrusted their data to a few data analysts
with the necessary skills to extract value
from the data. The evaluation of the data
owned by the institution by a few people
and the demand of the reports by the
departments from the analysts made the
processes quite long. In addition, the fact
that the decision–maker himself did not
evaluate the data could be an obstacle to
healthy decision–making processes.
Some argue that the data should re-
main in the hands of IT departments or
specific individuals, and there is still some
debate on this issue.
The reason for this uneasiness is the
concern that making the data available to
everyone may pose a security threat. In ad-
dition, misreading and misinterpretation of
data and thus causing wrong business deci-
sions is another reason for this uneasiness.
However, these problems can be solved
mainly with a healthy system, data security,
and practical training.
With an analysis system that provides
real–time data flow support, any in–house
user can access data instantly and make
real–time decisions. The ability to make rea–
time decisions for corporations is essential in
converting a rapid customer movement into
sales, preventing a crisis, or efficiently carry-
ing out operations in the field.
The established system is designed to
be entirely transparent and develops with
a mass approach. DIA will enable users to
contribute and validate data using the DIA
Governance Token.
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3. Thanks to this approach, it will be possible to verify data and vote on reliable and traceable
decisions. As a result, Blockchain–based verification is expected to ensure that all financial data
on the platform is reliable.
Unfortunately, accessing data on financial markets is very costly. It is estimated that over
$32 billion was spent accessing this data in 2019 and remains largely inaccessible to small
operators. On the other hand, accessing the information is not enough; They have to pass
various checks to confirm reliability and accuracy.
As a result, the current system creates an indoor pool
from which only large companies can benefit.
DIA aims to democratize access to this data from all industries by presenting financial mar-
ket data on a Blockchain–based platform. It also provides a resource for regulatory and mone-
tary authorities, financial institutions, information providers, and traders.
Time will tell how successful the system will be, but if the system is successful, blockchain
technology takes to replace the fiat money system. Moreover, it will be possible to benefit the
same purpose indirectly.
How Does Democratizing Data Democratize Countries?
Open data is the democratization of data. Data that only governments and large
companies can access is not available data. Open data is essential for both democracy and
innovation.
The most critical data is the budgets of the states. When a form is not transparent about
how much revenue it collects and what it does with these revenues, bribery, corruption, and
injustice are caused. Although states present the items in their budgets in a report, we cannot
know whom. From these accounts, and for which applications these expenditures are spent
since we do not know the sub–items and the expenses of some institutions are closed to audit.
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