Data ecosystems are interconnected, seamless networks that represent the next phase of data management. They allow companies with common interests to securely and dynamically collaborate around information. For example, a bank could be able to access and confirm the employment details of someone applying for a mortgage without needing to call their employer or see private details beyond what’s absolutely necessary.
The rise of blockchain-secured data ecosystems can eliminate these costs by building trust and integrity directly into the system. Due to the immutable nature of the blockchain ledger, companies can easily prove that they were in compliance at all times. This will save enormous amounts of time and money by essentially automating governance and compliance needs.