With A Blockchain-Powered Platform, Rlay Helps Companies Build Better Crowd sourced Data Sets

Why Trust Rlay?

Believing that blockchain technology plays a crucial role helping businesses crowdsource their data – gathering tasks, the team behind Rlay comes with founder Michael Hirn saying that it is a problem they have encountered as they were working with Sunstone Capital developing a more quantitative approach to venture capital meaning that pulling the start-up data from a wide variety of online sources ended up thereafter incredibly time-consuming process where he says 90 percent of the time was since spent cleaning the data and acquiring the data. 

Arguing that this is a broad problem is CTO Max Goisser with examples that are already successful in crowdsourced data which is most notably Wikipedia whereas in his view they succeeded mainly due to the things that were of value for the entire world while everyone is interested in that. Gossier continues that in case you wanted to crowdsource something how is it only interesting to you as a company. In case you need to convince people to contribute, then you need the right incentive system as this is where Rlay comes in launching the start-up onstage as part of the Start-up Battlefield at Disrupt Berlin. 

Offering blockchain-powered tools for data collection and verification are other start-ups like Dirt Protocol whereas it sounds like one of Rlay’s bigger selling points with the ability to integrate with existing enterprise database technology. Providing a mechanism for people to contribute data and be rewarded for their contributions Rlay leverages the blockchain side of things where each customer decides how they would in case want to structure the incentives. Whereas the goal is therefore to collect data in a format of being useful for the company where it desires that it can be kept private 

The Technology Underlying Rlay To Help The Companies 

According to Hirn, the abstract over the database of the backend where the company would use as they abstract over the blockchain or ledger technology which is currently Ethereum but it doesn’t matter technically. Therefore, it is not necessary to figure out how to work between Postgres as also Ethereum where you don’t have to figure out the relevant question of how do we represent the data, which is that all are taken care of by Rlay. He continues that for incentives, almost as many ways are there for incentivizing as there are different types of financial products as obviously ways are more robust even more than others outlining a very general and universal incentive mechanism explained in their whitepaper which is a little bit complex for most of the applications.

Providing some templates in the future with Rlay and certainly advice for certain ways as they work with a client giving a good interface to define these things easily, it allows companies ultimately acquiring the data they need at a lower cost thereafter going out and buying data sets or else hiring their data collection team and as an example, Hirn and Rlay come to be working with which is a big name in the blockchain space gathering environmental, social, and governance data required thereby hedge funds as also other investors.

Focusing on working with developers to collect data online, for now, Hirn and Rlay come not aggregated or structured in a way making it easily accessible wherein the case of ESG it means writing scripts pulling the data from the reports where many companies are already publishing as ultimately it could move to collect data from the physical world as well. Therefore, according to Goisser the company is seen to be developing various ways of recognizing and resolving conflicting data as customers are sure that the information collected is accurate. 

Finally, Where Is Rlay Positioned?

According to experts Rlay is promising as it is built on robust blockchain technology. Surely, companies adopting Rlay will benefit from safe and secure technology. So why are more global giants hesitant on adopting Rlay? It may be because there is one such hurdle faced by them including the non-regulatory feature which many are viewing as something that allows the crypto ecosystem to be used for fraudulent purposes including drug peddling and money laundering. Here Rlay helps the companies across a vast number of platforms to get hold of data while crowdsourcing them to accuracy. This is where there are many companies helping fund Rlay to provide their services to a major challenging position. Let’s wait and see for the rest of the part.