Switzerland’s Decentralised Information Asset (DIA) is looking to address the issues of inaccuracy and unreliable market reports for participants across the Decentralized Finance (DeFi) and traditional asset market. It has launched a Wikipedia-style data platform that will support Blockchain validation for financial data.
Blockchain validation for market reports
To ensure the accuracy of market data, the DeFi data and oracle company mentioned that the new platform was developed to be community-driven. By doing so, DIA hopes to enable a go-to platform of market reports, for both the traditional and digital asset market participants, through blockchain validation of any report on the platform.
By enabling blockchain validation for market data, the founder of Outlier Ventures, Jamie Burke, said:
DIA’s unique proposition is to democratize the provision, access, and usage of financial information by leveraging the wisdom and power of the crowd.
DIA highlighted the inaccessibility of financial reports as one of the problems hitting different markets. Reportedly, more than $32 billion was spent last year to access market reports. DIA also blamed inaccuracy and disparity of information provided on different platforms. This is the more reason it plans to democratize financial data.
Community-driven market data platform
As reported, public users can be able to contribute and also validate financial data on the Wikipedia-style platform based on blockchain. However, they will be able to do so using DIA’s Governance Token. In this way, decisions can be voted amongst the community members in a trusted and traceable manner.
Their [DIA] mission is to make financial data standardized, open-source, and accessible to everyone and under the same terms. We believe that decentralized finance will be a multi-billion-dollar industry…