Financial technologies like artificial intelligence and blockchain are driven by data.
AI systems are optimally powered by high volumes of data that are not just machine-readable and accessible, but that are “machine-understandable.” Artificial intelligence has enormous potential, but AI algorithms must leverage high-quality, unambiguously understood data to generate reliable, useful results. Blockchain is a distributed, decentralized ledger designed to capture records of information and establish trust that an action has occurred among “untrusted parties”. Smart contracts or digital contracts, are a form of blockchain. Digital assets rely on blockchain to enable the creation, ownership, and transfer of assets without the need for intermediaries. All require structured, unambiguously understood data to function effectively.
The path to providing data of high integrity and accuracy is through open, nonproprietary (free) data standards, an approach successfully employed around the world. Data integrity is achieved when the creators and users of the data have a clear, shared understanding. Creating data in structured, standardized format imposes the discipline needed for data that is accurate and transparent.
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