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Cash is king, says the saying, and he will not easily give up his throne. But in a technologically advanced society that relies more and more on data, money can have a new challenger: big data.
Massive data is important for individuals and businesses. For individuals, it is comforting (or disconcerting depending on the point of view) to know who has access to personal information. For companies, big data generates revenue . It allows companies to compare products and services, expand marketing efforts and target specific audiences.
Big data can help companies improve their customer service skills by determining which customer service methods are most effective at acquiring and retaining business.
The profusion of data in all aspects of life continues to grow so it is appropriate to ask: "Who controls it?" companies like Amazon and Microsoft seem to be in the lead .
So there seems to be a growing centralization of big data, with prices likely to be higher for the transfer of these data. While big companies like Facebook or Google continue to collect data, they have the ability to control who has access to it.
Blockchain startups offer viable alternatives to make big data less important. These platforms provide a decentralized way for end users, whether they are humans or machines, to buy and sell data, all on the basis of a personal choice.
How Blockchain Technology Changes the Landscape of Big Data
Everyone and everything produces data. The machines store the number of cycles, the battery power and the voltage readings. Humans, while not programmable entities, can store data through stories, memories, and even body language, as well as measurable data from wearable devices. Humans form reactions, opinions and beliefs based on daily data collection.
With the rise of the Internet, these data were largely stored online. Social media profiles and Google searches are filled with people's personal story. There is no escape.
Blockchain technology led to the creation of platforms that place data producers in the driver's seat. By opening up a network of data transactions, blockchain companies have found a way for humans and machines to buy and sell data in a decentralized market.
A company, Streamr has already deployed its blockchain platform. On Streamr, the data that a product user stays with him. The user has total autonomy and can choose to sell his data or those of him.
Take for example the self-driving car. To work properly, a standalone car needs a wide variety of internal measures such as speed, turning radius and weight, as well as external factors such as road quality, weather conditions and the circulation.
With the Streamr system in place, an electric car can sell its internal parameters to manufacturers – say battery manufacturers or tire distributors – and use the revenue to buy weather forecasting or weather information. traffic jams. This data will help manufacturers better protect themselves and keep the driverless car on course.
The Stream and others platform like it have raw data processing engines that are built for real-time data management. These machines can read and write in strings of blocks – connecting the world of big data with a wide variety of platforms and blockchain startups.
In terms of human applications, blockchain technology allows big data to connect to everyday processes such as turning on lights, calling elevators, and sending alerts via e-mail. By synthesizing, analyzing and processing large volumes of data, blockchain technology can revolutionize the way machines and humans communicate.
As a concrete example, think of a clothing manufacturer specializing in sporting goods. And if, using blockchain technology, data could be sold by athletes to apparel manufacturers about their heart rate, temperature, and sweat volumes. These "smart clothes" would allow apparel manufacturers to create tailored clothing tailored to specific environments with specific applications. Athletes, because they control the data, can choose what information they disclose and at what price they want to sell it. In this scenario, both parties benefit.
The free market principles on which these platforms are based create a permanent network effect. The more data available, the more likely it is that data producers and data consumers will interact. In the case of Streamr, its web portal facilitates data discovery and provides a way to manage data streams. These data streams can then be subscribed, providing a continuous supply of information.
The biggest benefit of these platforms is perhaps their peer-to-peer nature. By offering decentralized networks and markets, blockchain technology removes the middleman and creates a direct connection between the data producer and the data consumer. Big companies like Google, Facebook and Amazon no longer hold power – individuals do it, and at their discretion.