- IFA enters the market tokenizing human values into digital assets through the decentralised AIre project. The token enabling the development of AIre is IFA’s offering: ARCS (ARX).
- ARCS is a proprietary blockchain system distributed using the Ethereum network and is meant to be used to facilitate the data financing infrastructure of AIre.
- IFA has also been collaborating with the Informational Science Department at the Meiji University on the research and development for the data banking technology using artificial intelligence and blockchain during 2020.
- AIre network is built on two cornerstones: the data banking mechanisms that govern the infrastructure of the system, and the digital identities that form the participants of the network.
As the world of digital token offerings keeps expanding at a rapid rate with the growing mainstream attention to cryptocurrencies, IFA Co., Ltd. has come forward with a unique digital token that accounts for something unique in the market. Unlike other offerings where the token derives its value from games (Enjin Coin), decentralised exchanges (0x), market predictions (Augur), and judicial services (Aragon Network Juror) amongst many others, IFA enters the market tokenizing human values into digital assets through the decentralised AIre project. The token enabling the development of AIre is IFA’s offering: ARCS (ARX).
ARCS is a proprietary blockchain system distributed using the Ethereum network and is meant to be used to facilitate the data financing infrastructure of AIre by providing incentives for users to participate in the project, a means of remittance between clients using AIre, and rewards.
ARCS Chain Prototype
Now, IFA has managed to successfully test and deploy the first prototype of the ARCS chain. The development of such a blockchain-based data bank, there are certain key components that need to be recognised in order for proper functionality and utility. The ARCS chain is built to reward users with tokens for registration and participation in the system. Sharing data with companies will grant the users tokens while maintaining all the traditional benefits of a blockchain-based payment system without any transaction fees. Data privacy is also kept strictly in check by the system only allowing the user to make any changes to his/her data. The choice of which companies can access a user’s data is also available for users to make sure that their data only goes to companies they trust.
Since the ARCS chain is built publicly, the data transfers can be monitored by anyone ensuring that transactions are genuine and secured. This also helps in detecting fraudulent activities on the chain in the unlikely case of a breach quicker than any other traditionally built network.
The network is also built using the Parity Substrate, the usage of which ensures that the initial registration reward is ensured for every new user and the user maintains full rights of their data on the network. And manipulation of the data can also be easily recognised due to the method IFA employs to store the user data on the network. Although currently all user data is stored on IFA’s servers, the company aims to move to distributed storages in order to double down on the security factor for storing valuable user assets.
The company also plans on holding a beta test for the proof-of-concept ARCS chain sometime in April 2020.
Collaboration With Meiji University On Data Banking Technology R&D
IFA has also been collaborating with the Informational Science Department at the Meiji University on the research and development for the data banking technology using artificial intelligence and blockchain during 2020 which is meant to build a data-sharing infrastructure that is more transparent to the users whose data is being shared and incentivises them to participate in more data sharing. Users will also be given a choice in which companies have access to their data and receive some compensation when their data is used by any of the companies using the technology. The incentivisation that the technology will provide might also result in more users being ready to share their data for businesses. Additionally, this “data bank” will also be publicly visible so the user data cannot be used maliciously. This is a welcome change compared to existing solutions for data sharing where companies harvest user data without their awareness, resulting in mistrust between businesses and users.
One of the primary collaborators with IFA at Meiji University is Professor Takagi, who is the head of the Web Science Laboratory at the institute. He has led several research projects on the web that involve artificial intelligence and big data. Professor Takagi’s work focuses primarily on building a bridge between web-based recommendation engines, digital marketing, etc. with the cutting edge artificial intelligence algorithms like deep reinforcement learning, hostile learning, etc. Takagi’s proficiency and track record will be a huge asset to IFA in building their revolutionary data banking system.
AIre: A Decentralized Network For Sharing Valuable Human Elements
The AIre network is built on two cornerstones: the data banking mechanisms that govern the infrastructure of the system, and the digital identities that form the participants of the network. Personal identity is an important aspect of everyday life that is mostly forgotten when traversing the plane of the internet. But just like in the real world, it is important to verify the identities of individuals online and make sure they align with their identities in real life. Except that, on the internet, this is a harder task than it initially seems since it is much more difficult to track back an online identity to the physical one.
Traditionally, the problem of a genuine digital identity is handled using identity profiles that are governed by the online business (like the login ID, on a web page). It links the digital profile of the user to their physical self. But this involves the user trusting the governing business to ensure the safety of their digital identity and their verifiability is unsure of. AIre solves this by making sure that digital identities have verifiable credentials that are controlled by the user itself, using Decentralized Identifiers (DIDs). This makes a user’s digital identity much more secure and easy to manage and verify. This identity verification can be attained through trustworthy physical sources like governments, banks, offices, universities, KYC reports, etc.
The system also gives users full control over what credentials businesses have access to and how the data is shared with the business. Since the entire network is blockchain-based, its security is also ensured while any breaches or tampering can easily be recognised and verified on the chain.
AIre’s Newest Venture: Business Incubation
While AIre is building its human value tokenization system, the project is also stepping its foot into the incubation business to bring the best technological offerings from Japan and integrate it with other global trends. Kunihiro Katsuragi, the COO of IFA hopes to create a space where anyone can come together and discuss blockchain technology in Japan.
The primary purpose of the incubation space that AIre provides is to bring all the aspects for a successful blockchain system together into a single ecosystem so that every element can work in harmony and sync with every other.
As Katsuragi himself mentions,
“We would like to bring private companies, market participants, governments, and global players together and disseminate how Japan will advance its blockchain”.
Katsuragi believes that there are different approaches to the boom of cryptocurrencies and blockchain technology: namely the Asian one: focusing on business and investment; the American one: focusing on regulation and safety; and the European one: focusing on innovation and technology. According to Katsuragi, Japan is moving closer to a US-based approach to the blockchain where the focus is given to regulation over, building and developing the actual technology. He believes that Japan must rather focus on integrating all three approaches to blockchain in order for the country to lead in the field over other competing countries. This is what sparked the idea for an ecosystem for businesses to come together and enable this came from and this is what AIre’s incubation project will strive for.
Katsuragi also mentioned the need to clear the negative image that the media has shined upon cryptocurrencies and blockchain technology over the years. Bringing the knowledge of the technology at a base level to the general population will result in more people understanding the potential and working together in order to achieve everything AIre stands for. Knowing and understanding the technology is important to prevent the fear over what it entails and other regulatory obstacles.
AIre hopes to take on a large client roster including both domestic and foreign companies. There is hope that given the massive potential applications that blockchain technologies hold, the number of participating companies in AIre and its incubation space will gradually increase. Simply put, the more the blockchain applications, the more the conversation surrounding blockchain-based systems, and the need for a space to discuss this becomes more necessary.
The incubation business will also provide a solid meeting point for international companies to enter the Japanese market by interacting with the local business through AIre’s incubation ecosystem.
AIre is stepping out into a rapidly growing industry with big ambitions, but as Katsuragi says, “…we can’t change society unless we have big dreams and goals”.
So far, AIre is working hard towards reaching their goal and it is yet to see if they will become the storm they hope to be, in the long term.