The most important aspects of the data marketplace are its credentials on data privacy and security. And, in order to strengthen these dimensions, a strategic partnership has been struck between 0Chain and Kylin Network. According to the agreement, the Proxy Re-Encryption capabilities of 0Chain will be utilized by Kylin for providing safe and secure data to its users through its platforms.
This coming together will result in the integration of the application programming interface (APIs) of 0Chain directly into the Kylin network. This means users can access their files on the Kylin network using the functionality of block explorer. The platform is open for any entity that can join the network as a service provider of data storage. It is an equally attractive opportunity for the application developers to build dApps to enhance the storage of the consumption through various platforms, including ones that are streaming videos.
According to experts and analysts, this association is important in furthering the prospects of a decentralized economy by building safe and secure applications. Kylin Network will benefit as it will allow the platform to expand further in the space of a data-powered economy. On the other hand, 0Chain will continue to strengthen its credentials of being a storage network that offers safe and secure data services through its decentralized technology.
The agreement will have long-term implications for the industry to strengthen the transparency of the data marketplace with superior technology and efficient processes. On a broad scale, this will catalyze the growth of dApps as more developers will come into the domain as adoption will pick up the pace with the safe and secure use and access of the data. In sum, it is a win-win situation for all stakeholders involved in the blockchain industry, and right from developers to organizations to users, everyone is expected to get benefited from this association.