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Governance plays a critical role in the operations of digital ecosystems, and this is no different for Nevermined. At its core, a mature Data Governance strategy involves fully understanding where data is coming from, how it is being used, who or what is using it, and where it is going. The response to each of these questions impacts your ability to comply with regulation and meet the privacy requirements that your user’s demand.
Nevermined can improve an organization’s business outlook and compliance objectives through general risk mitigation as it relates to both regulation and insurance requirements.
One of the core attributes of Nevermined is its holistic provenancial integrity and the resulting high fidelity data lineage and attribution capabilities.
Because of Nevermined’s transparency, it is easy to establish where assets are coming from, who is using them, and for what they are being used for.
As a result, regulatory and compliance constraints are diminished. Regulation is essentially a manifestation of a lack of control, and Nevermined hands the control back to you.
By increasing provenancial integrity, Nevermined helps reduce regulatory risk and the associated issue of substantial penalties. For instance, because Nevermined allows data to remain in-situ within the provider’s infrastructure when being analyzed, solutions do not require the same level of data consolidation as traditional solutions. The results are two fold: first, Nevermined removes the “Honey Pot” risk that comes with data consolidation. Second, the role of solution providers and/or third parties is limited, resulting in their function solely as Data Processors under GDPR. This means that the more precarious Data Controller role remains where it should - at its point of origin with the data provider.
Mixing this GDPR-style role reversal with the combined functionality of direct regulatory “reporting”, Nevermined again helps to limit an organization's exposure to regulatory non-compliance. This is due to the open nature of a Nevermined ecosystem in which an existing industry regulator(s) can be included as an actor in the system, possibly even paying to access the other participant’s assets. As such, the opportunity arises for regulators to gain clearer insights into how organizations are behaving. This, in turn, can help all stakeholders in governing the ecosystem.
A subset of the larger regulatory compliance and risk mitigation strategy is insurance compliance for organizations and the associated reduction of cost that can be achieved. By providing greater transactional fidelity, automating access control, and higher reporting transparency, Nevermined provides greater risk analysis capabilities to an organization's insurance providers. This clarity can help substantiate positions and claims, which result in reduced insurance premiums.
Additionally, like the regulators in the ecosystem, insurers can also be included as actors in the system. In this case, the insurance providers will be able to see metadata about the transactions taking place in the ecosystem. The insurer can pay individual providers for the additional data they need in order to make better assessments or to create new products for ecosystem participants.
The resulting benefits to participants are improved insurance policy pricing, lower premiums, and better product offerings.
The ability to secure assets and retain control and oversight is paramount to any successful exchange of information. As such, Data Privacy is a cornerstone to any mature data strategy. It also plays a critical role in the definition of regulatory and compliance policies that govern data access and usage requirements.
When lacking sufficient privacy capabilities, exposure to risks and liabilities increase dramatically, and can lead to catastrophic data breaches, resulting in a degradation of user/ customer trust.
For these reasons, Nevermined was designed with a privacy-first approach, leaving control where it belongs: in the hands of the data owners. Nevermined was designed to piggyback off of existing solutions and security measures, and not reinvent the wheel. To accomplish this, Nevermined was built to leverage existing data solutions and best practice privacy measures already in place.
The result is a federated privacy paradigm in which data is not required to move, but can remain where it currently resides, protected behind your firewall. Through Nevermined’s DISC and Federated Learning capabilities, data is analyzed locally with ephemeral results that are discarded post processing. This analytic pattern results in the data owner providing limited access and exposure to their assets, thus keeping their assets secure behind existing, battle-hardened security features.
Combined with Nevermined’s provenancial integrity and attribution capabilities, the result is a robust, secure, high fidelity privacy implementation.
Data catalogs are data governance tools that provide insight into what assets exist within an organization. A successful data cataloging strategy involves taking inventory of all the data assets within an organization in order to understand what assets exist, where they reside, how they are structured (i.e. the data schema), who has access, who controls the assets, and how they are being used. These tools also assist with the discovery of assets within an ecosystem.
Data catalogs work by recording the metadata of all assets across distributed environments. When a new data asset is created, the metadata pertaining to that asset can be registered to the catalog for discovery and persistence purposes. The metadata is usually entered manually, though it can also be collected for registration via "crawlers". This data is then made available to consumers who can search the Data Catalog to find assets that are useful to them.
Nevermined integrates with existing best-of-breed data catalogs like Amundsen, from Lyft, and Collibra (coming soon), to seamlessly publish registered assets to the network, thus mitigating extensive change management and catalog migration requirements. This integration leverages the metadata acquisition and discovery capabilities of existing data catalogs and introduces pricing for the catalog’s listed assets, as well as facilitating automated access control. Additionally, Nevermined adds features to existing data catalogs so they can be leveraged to automate access privileges and tocontrol data usage parameters, including pricing.
The result is that Nevermined effectively converts an organization's existing data catalog into a marketplace interface, facilitating search and access to assets across the ecosystem.
By incorporating data catalogs, Nevermined will reduce the costs associated with creating net-new marketplaces, and allow actors to begin buying and selling assets immediately through their existing solutions.
One of the most powerful features of blockchain technology is the ability to issue incentives, rewards, and penalties for specific activity. The ability to bake in incentives that promote participant behavior provides a fundamental shift in how digital ecosystems operate, including how they are monetized and governed.
Incentives act as trigger points to encourage desired actions, conduct, outcomes, and motivate participants. Within Nevermined, incentives can be used to guarantee that assets are delivered when requested. They can also be used to deter specific behavior, like data leakage, by penalizing actors that are in breach of trust. Additionally, rewards can be used to drive conformity to certain standards, like ontological mappings for a specific domain. Bounties can also be a form of incentive mechanism, incentivizing activity and solution development in response to some request for problem solving.