The Open Insurance Data Link platform will reduce the cost of regulatory reporting for insurance carriers, provide a standardized data repository for analytics and a connection point for third parties to deliver new applications to members, according to the foundation. The foundation announced the new project on Monday, April 12 and describes the project as the “first open blockchain platform that enables the efficient, secure and permissioned-based collection and sharing of statistical data.”
A decentralized database splits the workload up among multiple machines and uses sophisticated algorithms to balance the incoming and outgoing requests for the best response time. This type of database is useful for those times when there is more data that needs to be stored in the database than can physically saved on one physical machine. The bits — like log files, data collected by tracking click-throughs in the application, and the data generated by internet of things devices — pile up and need to be stored somewhere. They are also frequently referred to as distributed databases.
Organisations are turning to open source storage solutions to gain value from the data they store. But, what has driven this trend?
- Cloud architectures and open source storage
- Open source in the analytics space
- Open source storage driving intelligence
Dead, dead, dead — secret, stovepipe, proprietary.
I’ve argued for a while now that we’re at or near a data tipping point beyond which lies a new world where companies analyze many fundamentally new types of data in real-time and use it to make business decisions that were previously impossible.
But after all tipping points, there are winners and losers. I believe in this case, the winners will share one really important quality: a deliberate choice in favor of leveraging open source technologies at the heart of their modern data architecture.