The IOTA Foundation, an open-source protocol and decentralized network dedicated to the Internet of Things (IoT) took to its blog to announce a strategic collaboration with Dell Technologies. The strategic collaboration aims to hold the first-of-its-kind project Alvarium, which focuses on projecting the effectiveness of data in quantifiable terms.
Institutions are opting for automated decision-making systems because it is the need of the hour. These systems help get rid of repetitive business-related decisions while maintaining lower costs. However, the contemporary setup also requires keeping a check on the efficacy of this data due to the dynamic nature of institutions. And Project Alvarium helps bridge that gap by appraising the data for its credibility.
Dell Technologies had released the first Data Confidence Fabric in the year 2019. It was later upgraded through IOTA solutions to meet parameters in the key areas such as safety and scalability to ensure the effectiveness and trustworthiness of the data. The process measures the effectiveness as the data traverses through various areas, right from IoT device sensors to the cloud network. The whole process is examined by driving a rating system based on the sector it belongs to.
Furthermore, it is required to go through a rigorous rating system, then these ratings are uploaded to the IOTA tangle, which keeps it safe, free of any change, and is immutable. If these scores meet the set parameters, data is entrusted to businesses. The Alvarium project is built to demonstrate the data confidence fabric that helps evaluate the degree of effectiveness of the data that needs to be adopted by the business to run various business functions, including business decisions.
The outcome thus arrived can be incorporated by institutions that require a finer version of compliance. The blog highlighted the example of demand generated during the COVID times and how such filtered data can be utilized during vaccination drives.
Steve Todd, a member of Dell technologies, mentioned that data transparency plays a crucial role in building business decisions and shaping business functions. And Project Alvarium will present to the world the process of evaluating the trustworthiness of the data, which then can be integrated by businesses across the world.
On the other hand, Dominik Schiener, Co-founder of the IOTA foundation mentioned that data holds the key through which most technologies of the future will be shaped. Intel will join Dell technologies and the IOTA Foundation to host the webinar on Project Alvarium on 24 February.