Big Data Protocol (BDP) Awarded Grant from Truflation to Bolster Private Dataset Access and Disrupt Global Inflation Calculations
Truflation, the premier source for real-time financial data, is partnering with Big Data Protocol (BDP) to gain deeper access to their network of alternative data providers and proprietary data feeds. Truflation is known for disintermediating archaic inflationary indexes by developing more accurate prediction models across global macro indicators. This requires vast amounts of contemporaneous, pristine data in order to be reliable. After a successful pilot with BDP focusing on global eCommerce pricing data, Truflation is providing BDP a three-year performance-based grant in exchange for onboarding more data providers.
Truflation's indices provide unbiased, transparent metrics, essential for informed financial decisions, and support real-world asset tokenization on-chain. Truflation’s current indexing methodology involves a seven-step process to create a real-time, accurate Consumer Price Index (CPI). The index leverages over 40 data providers, 18 million data points, and is updated daily. The index establishes household expenditure categories, sources diverse data, incorporates rigorous quality control, normalization, relative weighting, aggregation, and publishing of insights.
Big Data Protocol (BDP) emerged in 2021 with a vision to create a decentralized data marketplace for alternative data - eliminating the various middlemen, brokers and human-to-human interactions that traditionally absorbed most of the value in data as an asset class. Their marketplace quickly attracted large retail and institutional audiences, amassing $6.5 billion in Total Value Locked (TVL) within its first week. Today, they work with prominent AI companies to source private training data, support asset managers in pursuing esoteric avenues (to gain alpha) and innovate with data intelligence companies like Truflation.
Initial Case-Study with BDP
Facilitated by Chainlink, this partnership emerged in 2023 when Truflation was seeking access to granular, real-time product pricing datasets. BDP connected Truflation to Moojing, a data company who has access to 90%+ of all eCommerce activity across major platforms globally, including Amazon, TaoBao, Alibaba, and Shoppee. With access to Moojing’s eCommerce market data, Truflation was able to access CPG pricing movements across numerous global markets in (near) real-time.
Enhancing Inflation Forecasting Models
Traditional inflation metrics, often marred by lagging data and political influences, have long been a point of contention among economists and financial analysts. The partnership between BDP & Truflation allows for real-time analysis and forecasting, ensuring that inflation metrics are both current and reflective of true market conditions. The granularity and depth of BDP’s data market network will enable Truflation to provide unparalleled insights into inflationary trends across areas like retail, real-estate, and healthcare, aiding economists, policymakers, and investors in making more informed decisions.
About Truflation
Empowered by Coinbase and Chainlink, Truflation stands as the foremost DRP (Definite Reference Point) for economic veracity, driving the tokenization of Real World Assets through its independent, transparent, and real-time financial data. With a comprehensive index tracking over 18 million items, Truflation offers censorship-resistant data infrastructure, fueling systemic advancements in the DeFi economy. This empowers decentralized applications (dApps) such as DEXs to unlock boundless markets. From predicting orange juice and uranium prices to facilitating BTC-denominated oil, gas, and corn markets, Truflation unlocks a diverse range of financial instruments, heralding a new era in the Web3 landscape.
Website | X | Discord | Telegram | Github | YouTube
About Big Data Protocol (BDP)
Big Data Protocol is Web3 marketplace and AI tool which allows data consumers to source and onboard private data. The Protocol tokenizes commercially valuable data through a network of 21,141 professional data providers and makes the data token liquid on Uniswap.