The internet and cloud computing have fundamentally changed our lives, demonstrating the potential of what data at scale can enable. Together with advances in analytics and machine learning, data can provide enormous societal value, foster advancements in many industries, and enable fundamentally new use-cases and applications.
For example, shared learning of medical and genomics data across different hospitals and medical organizations could accelerate discovery of new disease preventions, deliver on the promise of personalized medicine, and extend life. Data analytics among financial institutions could lead to improved fraud detection and avert global financial crises. Increased data sharing for autonomous vehicles will improve road safety and relieve traffic congestion.
Despite these promises, today much of this valuable data remains restricted and siloed due to privacy concerns. Moreover, when data is shared, users have little to no control over how their data is used. Too often data is misused, leading to privacy violations, or inadequately protected, resulting in data breaches. In order truly take advantage of the promise of “big data” we need new solutions that can empower data-driven applications while addressing these security and privacy concerns.
At Oasis Labs, we believe in empowering users and developers to protect and control their data in order to responsibly enable data-driven applications of the future. We believe only a platform that is both decentralized and privacy-preserving can truly deliver on this promise. This change would create trustless privacy by protecting privacy through technology rather than business decisions. It will enable a state of self-sovereign data ownership that allows users to fully dictate how their data is used.
To help realize this vision we are building a first-of-its-kind privacy-preserving cloud computing platform on blockchain. Our platform will enable privacy-preserving and computationally complex applications, allowing developers to build applications that protect user data by design, and foster the creation of new applications that couldn’t otherwise be built. We will provide tools and features to support development of these applications on our platform. In addition, we are designing our platform to scale to computationally complex workloads unseen in other blockchain systems to date.