DIA Harnesses Blockchain to “Democratise” Financial Data
Swiss open-source financial information platform DIA (Decentralised Information Asset) is launching a Wikipedia-style platform created on the blockchain, which is intended to become the go-to source for financial markets data. Developed to be fully transparent and community-owned, DIA will allow users to contribute and validate data utilizing DIA’s Governance Token, which is being publicly distributed.
This will allow data to be validated and allow decisions to be voted on, in a reliable, traceable manner. Consequently, it is believed that this blockchain-based validation will secure all the financial information on the platform is reliable.
DIA: Utilizing blockchain to widen access to financial data
Financial market data is mostly inaccessible to smaller operators, with over $32bn wasted on access in 2019. Moreover, there are little controls to ensure it is reliable and accurate. As a result, the current system offers prominent advantages to major companies in the space. It is hoped that by putting financial markets data in a blockchain-backed wiki, DIA will democratize access to the industry, providing a go-to source for regulatory and financial authorities, financial institutions, information providers, and traders.
“We believe that data needs to be transparent, trustable, and accessible for everyone,” said Michael Weber, co-founder and association president of DIA in a statement. “The DIA Association leverages the power of decentralization and the blockchain to build a community aligned around exactly this goal. We are here to create a level playing field for everyone.”
With such disruptive potential of the established financial data industry, DIA has already drawn significant investment, including from venture capital funding Outlier Ventures, Continue Capital, and TRG Capital.
“DIA’s unique proposition is to democratize the provision, access, and usage of financial information by leveraging the wisdom and power of the crowd,” said Jamie Burke, founder of Outlier Ventures in a statement. “Their mission is to make financial data standardized, open-source, and accessible to everyone and under the same terms. We believe that decentralized finance will be a multi-billion-dollar industry and that DIA is leading the innovation that will secure a solid and fair foundation for this industry.”