Streamr, the popular decentralized network for real-time data, is set to make its entry into India with its Streamr Data Challenge. Streamr is a distributed open-source software project which allows distribution of unstoppable data streams over a global peer-to-peer network.
A noteworthy offering by Streamr is the Data Union Framework, which allows admins to develop crowdsourced data products combining real-time data from multiple contributors to a single, more valuable data set. It also uses smart contracts on the Ethereum blockchain to enable secure payments and data permissions.
India has one of the largest developer talent pools in the world, and according to Streamr, holds the potential to build a decentralized data economy.
The Streamr Data Challenge
To mark its venture into the Indian data ecosystem, Streamr has partnered with Lumos Labs, a Singapore-based innovation management company, to launch this challenge. The challenge is an open innovation program that intends to build, grow and leverage the Indian developer ecosystem to build digital-first apps that can be integrated with the Data Union Framework. For example, a teaching app could integrate this framework to allow users to sell their products or information.
The programme was launched on 20th October and spans across 4 months. It involves a series of webinars for the participants. Teams that qualify for the first cohort will receive grants of $200, while the winning team will be given grants of up to $5000 on a case-by-case basis to build their products. Participants are expected to identify data monetization opportunities to its users, with a goal of decentralizing data control.
More details regarding the Streamr challenge can be found here.
Being a leading consumer in the global data consumption market, the move to bring Streamr to India holds vast implications for both the company and India’s booming big data arena. The increasing smartphone penetration, broadband and mobile data connectivity, and falling data tariffs suggest a future that data growth will continue to be exponential in the near future, and at the same time hints at India’s great potential for innovation in the data arena.