Who owns data? One of the most important discussions in the context of the digital transformation the world is currently experiencing has to do with personal data and its treatment.
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The sense of control of our lives through data at this point in human evolution has become critical, as industries and organizations will have no other way to survive through it —they have the power to not only possess it in big volumes but to process it for their benefit.
Since giant IT platforms have been accused of monopolizing and using users’ personal data at will, blockchain technology is offering people absolute control over their data through Decentralized Identifier (DID) and Identity Data Hub (IDH) technologies.
We spoke with Martin Lee, CEO of blockchain platform LEDGIS, about how these technologies can give data control back to users, about the key misconception within the NFT realm, and how LEDGIS is aiming at user data sovereignty.
What Is LEDGIS?
Martin Lee: LEDGIS is a user-centric (SSI) blockchain platform that prevents the monopolization of personal data. It has a sophisticated coin economy where you can experience various dApp services at a high speed of 3,000 TPS, and receive rewards according to your contribution to the ecosystem.
LEDGIS’ coin, LED, is used as a payment method in Real Collection, a premium art content NFT marketplace, which is LEDGIS own service. It is used as a means of payment and compensation in the realization of LEDGIS token economy and creation of an ecosystem.
In Your Experience, How Has Blockchain Affected The Tech World?
Martin Lee: Previously, hardware was the key element of industrial growth with an emphasis on the importance of semiconductors.
Now, as the 4th industrial revolution unfolds, information is key and data has become the key element of industrial growth. In addition to securing high-quality big data, ensuring data reliability is more important than ever.
Technologically, What Is It That Lies At The Core Of LEDGIS?
Martin Lee: The core technology is IDH, a DID-based decentralized data encryption storage/sharing solution. In IDH, the user directly encrypts and transmits data from the terminal, and distributes and stores large-capacity data in the storage using secure Database (DB) and InterPlanetary File System (IFPS) technology.
The storage generates a private key/public key extracted from the user’s encryption key, and generates a common symmetric key with the other party’s public key. This way, people can exercise complete control over their data.
What Are The Main Challenges LEDGIS Will Have To Overcome?
Martin Lee: LEDGIS launched mainnet/block explorer/wallet 1.0 in 2019, went through upgrades, and started operating the mainnet in earnest in November 2021.
Currently, 12 dApps are working as block producers but there are no killer dApps that appeal to many people —fostering them is a challenge. However, we have high expectations for the success of “Real Collection” —the premium art content marketplace.
Real Collection can guarantee the reliability of transactions by applying DID and IDH technologies, and I think it has enough potential to become a killer dApp by securing excellent IP such as East Village Art.
What Are Some Industry Misconceptions?
Martin Lee: Looking at the recent NFT craze, it seems that success is guaranteed if any content is NFTized. However, NFT is only a technology that increases the scarcity of an asset and does not guarantee success.
For NFT technology to succeed, the original work of art to which the technology is applied must succeed.
It is thought that a service model is needed that allows not only artists but also collectors to gather and take royalties. Therefore, with Real Collection, we plan to create a space where artists and collectors can coexist together by providing a variety of services, including a split sales method and NFT DeFi.
Let's Dig Deeper Into What Real Collection Is...
Martin Lee: The Real Collection is an NFT marketplace where you can trade curated art contents such as pop art and graffiti works in New York's East Village. Also, the contents of famous artists such as Basquiat and Keith Haring are exclusively on sale.
Real Collection sells only selected works through the art director's screening and is concentrating on securing excellent IP by restoring lost works of legendary artists.