A Smart Data Scheme is essentially a structured framework or set of rules that governs how data can be turned into smart data — data that is programmable, portable, and enforceable by rules.
Here’s a breakdown:
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Definition
A Smart Data Scheme defines:
- Standards for how data is formatted, labeled, and exchanged.
- Permissions & rights (who owns, who can access, under what conditions).
- Validation processes (how proofs, credentials, or SeCuDAs are issued).
- Economic model (how value or yield is created from the data when shared or transacted).
It’s the governance layer that ensures data is not just raw information, but becomes an asset with recognized integrity, usability, and enforceable rules across a network.
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Purpose
- To enable interoperability: making data from different issuers, merchants, or institutions usable across ecosystems. (Less applicable to Dataswyft Network as Dataswyft Wallets are portable by virtue of every wallet user owning their own wallet server).
- To protect rights: ensuring the subject (person or business) retains control over usage.
- To create trust: certifying that the data complies with a common framework so others can safely transact on it.
- To enable markets: allowing smart data assets (like SeCuDAs) to be priced, traded, or monetized.
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Analogy
Think of it like:
- Financial markets need accounting standards and securities laws.
- Smart data markets need smart data schemes that set the rules for how data becomes a legitimate, tradable, yield-generating asset.
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Example
- A healthcare smart data scheme might define how hospital records are issued as patient-controlled assets, how they’re validated by insurers, and how research institutes can license access.
- A financial KYC smart data scheme might standardize how identity proofs are created, validated by banks, and reused across jurisdictions.
✅ In short: A Smart Data Scheme is the rulebook that turns raw data into trusted, portable, and economically valuable smart data.