The problem of double spend that is solved using financial versions of blockchain such as Bitcoin is utilized in our version as a utility. The data that is under contract with the trustee and under a trusteeship contract should not be double spent. A user should never gain access to a data source indirectly that is not assigned to them by the trustee directly.

Blockchain is the only data structure that has computing as well an networking capabilities. This means that not only it can execute a smart contract but also knews the network space that each of stakeholders in the contract are occupying. Comparing it to the financial realm, not only you know how much you are spending but also where are you spending it.

No. Parsedata can not be a trustee since it is not a legal firm. The trustee is a lawyer that needs to enact a trusteeship on a data asset. Parsedata has created the technology the know-how in order to make this process digital and scallable. In other words any layer can act as a trustees in their jurisdiction and country. Parsedata will make this possible by creating a digital smart contract on blockchain to enact, monitor and assure compliance.

The three main participants in the smart contract each would have their own reasons for participation. For the producers of data, it levels the playing field in the current asymmetric strugle between individuals and congolamerates. For the trustee the management of the trust will be a source of income. And finally for the data consumer it relieves them of the liability of data governance and compliance with numerous regulaations.

The only information that is stored on the blockchain is the cryptographic identity of the participants and their public keys. In essence the blockchain is a distributed decentralized public key server allowing participants to link to each other cryptographically. Smart contracts on the chain is the fine grained rights and roles of each data path or file. The trustee as a result is the middle-man between the producer and the consumer of the data and the contracts are the terms of the deal between the two.