August 3, 2020

Blockchain harnessed to “democratise” financial data

By Lucy Ingham

Swiss open-source financial information platform Decentralised Information Asset (DIA) is launching a Wikipedia-style platform built on the blockchain, which is designed to become the go-to source for financial markets data.

Developed to be fully transparent and community owned, DIA will enable users to contribute and validate data using DIA’s Governance Token, which is being publicly distributed from today.

This will enable data to be validated, as well as enable decisions to be voted on, in a reliable, traceable manner. As a result, it is hoped that this blockchain-based validation will ensure all the financial data on the platform is reliable.

DIA: Using blockchain to widen access to financial data

At present, financial markets data is largely inaccessible to smaller operators, with over $32bn spent on access in 2019. Furthermore, there are little controls to ensure it is reliable and accurate. As a result, the current system provides significant benefits to major companies in the space.

It is hoped that by putting financial markets data in a blockchain-backed wiki, DIA will democratise 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.

“The DIA Association leverages the power of decentralisation 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 attracted considerable investment, including from venture capital funding Outlier Ventures, Continue Capital and TRG Capital.

“DIA’s unique proposition is to democratise the provision, access, and usage of financial information by leveraging the wisdom and power of the crowd,” said Jamie Burke, founder of Outlier Ventures.

“Their mission is to make financial data standardised, open-source and accessible to everyone and under the same terms. We believe that decentralised finance will be a multi-billion-dollar industry and that DIA are leading the innovation that will secure a solid and fair foundation for this industry.”

Read more: Bank of England pitched blockchain operating system for digital currencies – but will it use it?