WiMi Developed a Lightweight Multi-sectoral Data Sharing System Based on Consortium Blockchains

Rhea-AI Summary

WiMi Hologram Cloud Inc. (NASDAQ: WIMI) introduces a lightweight multi-sectoral data-sharing system based on consortium blockchains to enhance data security and privacy. The system allows for efficient data integration, analysis, and sharing among different departments, fostering collaboration and innovation. Despite challenges like data silos and information barriers, the technology offers a secure and reliable way for enterprises to optimize data utilization and decision-making.

Blockchain Technology Expert

The introduction of a lightweight multi-sectoral data-sharing system by WiMi Hologram Cloud Inc. represents a significant advancement in the application of consortium blockchains for data security and privacy. Consortium blockchains, which are essentially private blockchains controlled by a group of organizations, offer a tailored solution for collaborative environments where data sharing is critical but must be managed with strict access controls. This technology enables higher performance and scalability compared to public blockchains, making it ideal for inter-departmental data sharing.

The implications for businesses are substantial, as this system can potentially reduce the risks associated with data breaches and unauthorized access. Furthermore, the ability to integrate and analyze data from various sectors could lead to more informed decision-making and efficient operations. However, challenges such as overcoming data silos and ensuring the seamless integration of disparate data sources must be addressed to fully realize the benefits.

For stakeholders, the short-term benefits include enhanced data security and potential operational efficiencies. In the long term, adopting such a system could position a company as a leader in data management and collaboration, potentially influencing its competitive edge and stock valuation positively.

Data Security Analyst

WiMi's development emphasizes the growing importance of data privacy and security in the era of big data. The use of consortium blockchains for data sharing ensures that sensitive information is shared only among authorized participants. This is particularly relevant given the increasing number of data breaches in recent years, which have heightened regulatory scrutiny and consumer concerns over data privacy.

By employing smart contracts, the system can automate data sharing processes while maintaining strict access controls, which minimizes human error and the potential for insider threats. The backup of complete data across nodes also ensures data integrity and availability, addressing concerns over data loss or tampering. Such security measures could be a strong selling point for companies looking to gain trust from stakeholders and customers.

While the system promises improved security, it is important to consider the potential complexity and resource requirements for implementation and maintenance. Companies will need to evaluate the cost-benefit ratio of adopting such a system, considering the initial investment against the long-term savings from potential data breach avoidance.

IT Systems Integration Specialist

The announcement by WiMi highlights the critical role of data interoperability in achieving efficient multi-sectoral collaboration. The integration of data from various departments into a unified platform is a complex task that requires careful planning and execution. Pre-processing steps such as data cleaning and normalization are essential to ensure that the data is accurate and consistent, which is foundational for reliable analysis and mining.

Successful implementation of this system could streamline workflows and enhance data utilization across departments, leading to better-informed strategic decisions and potential cost savings. Additionally, the ability to interpret and apply data analysis results across different departments is crucial for translating data insights into actionable business intelligence.

However, the technological and organizational change management required to adopt such a system should not be underestimated. Businesses must be prepared to invest in training and possibly restructuring to accommodate the new data-sharing processes. The success of this system will heavily depend on the seamless integration with existing IT infrastructures and the adoption by end-users within the organization.

BEIJING, March. 11, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed a lightweight multi-sectoral data-sharing system based on consortium blockchains. This system can connect data between different departments by creating a network of consortium blockchains and ensuring data security and privacy. In this process, data access and integration become a crucial step. This process involves collecting data from various sectors and integrating them into a unified data platform for subsequent analysis and sharing.

Consortium blockchain is a blockchain-based distributed ledger technology that allows multiple participants to share and manage data in a coalition. Compared to public chains, a consortium blockchain is more suitable for data-sharing scenarios between multiple sectors, as it offers higher performance and scalability and can be customized to meet different needs. The core value of consortium blockchains lies in cross-industry data sharing and collaboration. Through smart contracts, different departments can upload data to consortium blockchains, forming a decentralized storage network. Each node has a complete data backup to ensure that the data will not be tampered with or lost. Meanwhile, only authorized users can access the data on the chain, ensuring data privacy and security.

WiMi's lightweight multi-sectoral data sharing based on consortium blockchains is an efficient, secure and reliable way to share data. Through rational design and implementation, it can effectively facilitate data sharing and collaborative work among multiple departments and promote business development and innovation. However, realizing this goal requires overcoming some challenges, such as data silos and information barriers. Lightweight multi-sectoral data sharing based on consortium blockchains rationally designed data access and integration, data query and sharing, data analysis and mining will help to realize the value of data.

In the lightweight multi-sectoral data-sharing system based on consortium blockchains, data query and sharing are very important. Through a reasonable data query and sharing mechanism, data interoperability and collaboration among multiple departments can be realized, improving work efficiency and data utilization. In addition, data analysis and mining are also a key link. Before data analysis and mining, data cleaning and pre-processing are needed to ensure the accuracy and consistency of data. Data cleaning mainly includes removing duplicate values, and dealing with missing values and outliers. Pre-processing includes steps such as data standardization, normalization and feature selection. Through data cleaning and pre-processing, the quality of data can be improved to provide a reliable basis for subsequent data analysis and mining. In terms of the interpretation and application of the results of data analysis and mining, it is necessary to ensure that various departments can understand and utilize the mining results. The interpretation of results is mainly to interpret and explain the results of data analysis and mining so that various departments can understand and utilize them. The application of results is mainly to apply the results of data analysis and mining to the business to achieve business optimization and decision support. Through the interpretation and application of results, the results of data analysis and mining can be transformed into real value, and promote the development and application of lightweight multi-sectoral data sharing based on consortium blockchains.

The lightweight multi-sectoral data-sharing technology based on consortium blockchains provides an efficient, secure and reliable way for enterprises to share data. In the era of big data, making full use of this technology will help break data silos, promote inter-departmental collaboration, and provide strong support for enterprise innovation and development. In the future, as the lightweight multi-sectoral data-sharing technology based on consortium blockchains continues to mature and develop, it is expected to bring more convenient and efficient data sharing for enterprises.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

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SOURCE WiMi Hologram Cloud Inc.

What technology did WiMi Hologram Cloud Inc. introduce for data sharing?

WiMi Hologram Cloud Inc. introduced a lightweight multi-sectoral data-sharing system based on consortium blockchains.

How does the consortium blockchain system ensure data security and privacy?

The consortium blockchain system ensures data security and privacy by allowing only authorized users to access the data on the chain.

What are the key benefits of the lightweight multi-sectoral data-sharing system based on consortium blockchains?

The key benefits include efficient data integration, analysis, and sharing among different departments, fostering collaboration and innovation.

What challenges does WiMi Hologram Cloud Inc. need to overcome for successful data sharing?

WiMi Hologram Cloud Inc. needs to overcome challenges like data silos and information barriers for successful data sharing.

How does data query and sharing play a crucial role in the data-sharing system?

Data query and sharing play a crucial role in improving work efficiency and data utilization among multiple departments.