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Value Creation with Nevermined’s is significantly influenced by the solution’s asset tokenization capabilities. Nevermined facilitates any ecosystem asset of any type to be tokenized, including data assets, data services, the expertise and knowledge of the system participants, Artificial Intelligence algorithms, and more.
Once assets are registered, they can be discovered and consumed by ecosystem actors. Nevermined integrates with existing data catalogs 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 a data catalog and introduces pricing for the catalog’s listed assets, as well as facilitating automated access control.
The tokenization of assets results in the emergence of what could be described as a new asset class for organizations. Nevermined enables the monetization of an organization’s assets through its tokenization technology, which can provide token issuance for any type of digital asset. The resulting new Assets Under Management (AUMs) can be treated like any other organizational asset (i.e. capital, shares, bonds, real estate, etc.). These assets, as a result, can be leveraged for maximum impact and growth. With this idea in mind, Nevermined can assist all business units in creating net-new forms of revenue. In particular, Nevermind helps IT shed it's image as a capital sink, helping to migrate away from its purely traditional role as a Cost Center to a driving force behind transformational growth as a Profit Center.
The following are examples of the types of assets that can be tokenized by Nevermined participants:
Existing data assets can be tokenized in order to facilitate transactions on these assets. This tokenization could manifest as a Non-Fungible Token (NFT) representing a specific data asset and/or the access parameters to a certain dataset or class of assets. Alternatively, a fungible token (i.e. standard ERC20) could be issued and coupled to a specific class of usage, length of access, etc., for any data asset in the ecosystem. Regardless of the token type, a value can be assessed to any token or any data asset in order to facilitate bid/ask functionality in a marketplace setting. Generally speaking, because they already exist, these actual data assets would have discrete ownership by a single entity.
Nevermined assists in the creation of new data assets through its decentralized query, computation, and Federated Learning capabilities. Through this decentralized analysis capability, Nevermined can facilitate the creation of net-new datasets, which can be tokenized. Similar to pre-existing data, this tokenization could manifest as a Non-Fungible Token (NFT), representing a specific dataset and/or the access parameters to a certain asset or class of assets. Alternatively, a fungible token (i.e. standard ERC20) could be issued to represent a specific class of usage, length of access, etc., for any data asset in the ecosystem. Regardless of the token type, a value can be assessed to any token, and therefore any data asset, in order to facilitate bid/ask functionality in a marketplace setting. In the case of net-new data assets, ownership could be attributed to all parties involved in it's creation, creating a profit sharing scenario with numerous benefactors.
Because of Nevermined’s high fidelity provenancial integrity, in the case where multiple parties contribute to the creation of a new asset, each contributing party can be properly attributed and correspondingly compensated for their contribution based on pre-agreed to parameters.
Similar to data assets, algorithms can be tokenized within Nevermined to facilitate their transactability, sharing, and monetization. By facilitating algorithm tokenization, either as fungible or non-fungible tokens, Nevermined provides for proper attribution to analytic applications like AI and ML models. Consequently, data scientists and advanced analytics organizations can monetize their assets and receive fair compensation based on measurable usage metrics.
Like algorithms, services can also be tokenized, including storage and computation functions. For instance, access to an intermediary 3rd party aggregation storage facility in a Federated Learning application could be tokenized. Additionally, federated and machine learning applications themselves, with algorithm and associated computation environments, can be containerized and represented by a token. The result is that these computation services can be transacted upon within Nevermined.
The orchestration of solutions, combining data with algorithms and associated compute infrastructure, as well as triggers to other services, can be packaged and tokenized. This provides experts like data engineers, data curators, and services organizations the ability to tokenize their offerings and transact with service consumers in the ecosystem in a purely digital fashion.
Established standards for ontologies and domain specific schemas can be tokenized for monetization. This will facilitate conformity through mechanisms like subscription to standards or by conformity through incentivization. The results will be improved discovery and trust for assets that conform with specific, verified standards.
The ability to tokenize expertise is also possible with Nevermined. In this case, experts, organizations, and hubs (i.e. Kaggle) can be represented by NFTs, where access for services can be claimed by holding the respective service token, with transaction history being used to establish quality and reputation. Similarly, AI bots can be tokenized and leveraged for services within a Nevermined ecosystem. For example, curation expertise, such as 3rd party data discovery, data standardization, and ontological mapping, can each be tokenized in its own right, packaged for consumption and transacted upon within the confines of Nevermined.
Perhaps the most attractive and novel commercial proposition presented is the marketplace solution that Nevemined enables. Nevermined’s ability to tokenize any data asset, from a dataset to a data model to a computation environment to orchestration pipelines, gives ecosystem participants the opportunity to finally monetize their investments and digital Assets Under Management (AUM).
With the explosion of data exploitation over the last 20 years, the criticality of data assets has never been more significant. However, there remains an inability for organizations to truly leverage this AUM. Nevermined provides the ability to market and sell access to assets, while controlling who has access to what, in a way that is secure.
Consequently, organizations now have the potential to realize tangible returns from CapEx and OpEx and create considerable new revenue streams.
Nevermined will ease actor entry into the marketplace paradigm through integrations with existing data catalog technologies, including Amundsen (Open Source) and Collibra (Closed Source; coming soon). This integration will leverage the metadata acquisition and discovery capabilities of a data catalog and introduce pricing for the catalog’s listed assets, as well as integrating automated access control.
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 integration with 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.
Rewards act as trigger points to encourage desired actions, conduct, outcomes, etc. Within Nevermined, rewards 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, thus increasing the security of the ecosystem. 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 reward mechanism, rewarding activity and solution development in response to some request for problem solving.