Many have said that knowledge is the oil of the 21st century, a vital commodity powering every industry. However, the economy has not yet reorganised around this fact. There are fundamental market failures preventing useful knowledge from getting to the people who need it most.
The research and development (R&D) market has been estimated to be worth $1.9 trillion worldwide. Only 7% of this knowledge makes its way to the business world. This is a hugely inefficient market which is ripe for disruption. Under the current system it is particularly difficult for smaller players to access and purchase small amounts of knowledge, for instance solutions which could be implemented quickly, if only the right expert could be found.
To extend the oil analogy, it is as if cars have no fuel, while pipelines pour oil into the sea.
French ICO Connecty has identified this huge market opportunity. It has developed a blockchain platform focused on the Knowledge Economy, and connecting what it calls “the world of knowledge”, the scientists, researchers and experts, with the innovative world, companies that can use that knowledge to create new goods and services.
Connecty plans to make the interchange between those worlds much faster and more efficient.
The platform has three main features. First, an artificial intelligence engine which can translate between everyday and technical language. The buyers, the businesses, will be able to speak their non-technical language, while the experts can stay in the language of their expertise.
Second, a large pool of experts and scientists in fields as diverse as mathematics, economics, psychology and the physical sciences. These will provide the knowledge base for businesses to consult.
Third, a blockchain-based processing and transaction system. Connecty have created the ERC20-compatible CTY token for use within the ecosystem, thereby keeping transactions secure, decentralized and cheap. CTY tokens will be used to buy knowledge from specialists in the field, as well as goods and services from the Connecty knowledge store. They can easily be converted into fiat, or alternatively used to finance further research.
Built on the Stellar blockchain, CTY tokens also allow for the implementation of smart contracts, automating various processes and adding other functionality such as trust-building and reputation management features.
With the goal of building a circular knowledge economy of 1 million users, the Connecty platform enables researchers and experts to be rewarded for their knowledge, while businesses will gain valuable information which will expand their capacity to innovate. Not only that, but consumers will benefit from better goods and services. If Connecty gets it right, everyone wins.
The Connecty pre-ICO is currently underway, with CTY tokens available at a 30% bonus. The next sale period will be during the first quarter of 2019, timed to coincide with the release of the beta version of the Connecty platform.