Chinese cryptocurrency start-up Bottos wants to end the monopoly tech giants like Amazon and Facebook have on data, its founder and chief executive said Wednesday.
“We’re trying to break the data monopoly situation currently,” Xin Song told CNBC’s Arjun Kharpal at the East Tech West conference held in the Nansha district of Guangzhou, China.
Xin’s company makes an artificial intelligence (AI)-focused blockchain platform, which provides digital marketplaces of data and models to help train AI programs and connect them with users, as well as networks for computing power and data storage.
The firm’s boss explained that AI models can issue crypto tokens using the Bottos platform in exchange for data from entities using its data marketplace.
“Currently, almost all the big data are controlled by the industry giants, and for the small-to-medium companies it’s very difficult for them to get the data,” he said.