We live in a world in which information and its appropriate usage are critical to the success of companies and individuals. Unfortunately, numerous issues arise in the process of data collection, distribution, and usage. Can Blockchain-based technology prove to be the long-awaited remedy for that?
Data usage is important across all spectrums, but it has turned out to be absolutely paramount for the advertising industry. And that’s a huge market. In fact, it’s growing so fast that according to Statista it hit $591 billion in 2017 — $209 billion of which was entirely dedicated to digital advertising.
Individuals rely on accurate information to make their decisions while enterprises need it to assess market opportunities and their customers in the best possible way. That’s why the need for precise information is only going to grow — making managing big data critical to corporations both large and small.
However, the data industry in its current shape is riddled with a lot of issues because it is too big of a consortium of big data among other reasons.
A Troubled Yet Critical Field
Enterprises and individuals are offered a tremendous amount of confusing choices when it comes to data, making it challenging as well as expensive to obtain the information needed. This is mainly because the existing data industry is both complicated and particularly fragmented. In today’s dynamic world, it proves to be inefficient and, quite often ineffective.
There is also a serious lack of trust, transparency, verifiability, and simplicity when it comes to acquiring data. The existing tools seem to be outdated at best and with the demand for big data growing each and every day, a need for an actionable solution turns out to be as critical as it gets. This is especially highlighted by the fact that proper and accurate data is among the main necessities for effective customer acquisition, as well as retention.
Combining the Blockchain and Big Data
Blockchain-based technology seems to be able to provide answers to quite a lot of currently pressing issues. Even more so, however, it seems to be capable of delivering a spectrum of benefits for everyone.
Combining the Blockchain and Big Data could make the verification of transferable data seamless. Anyone who has ever had to deal with large amounts of information knows that there are always high costs associated with big data such as data duplication, false information and human error.
Furthermore, apart from seriously improving data management, this emerging technology can be directly applied to empower digital advertising as we know it. The Blockchain can serve as means for fraud prevention, enhanced engagement and targeting, and getting rid of unnecessary intermediaries across different channels.
The Blockchain could be used to handle the majority of the hurdling issues that businesses face and the DataBlockChain is a revolutionary data platform that stands to disrupt the way that companies and individuals gather premium data.
The DataBlockChain Makes Big Data Easily Accessible to Enterprise
As it turns out, there are projects which are already attempting to put all of the aforementioned into a fully-functional, easy-to-use platform. DataBlockChain brings critical information to the world such as government information, industry, voting records, B2B, property, and credit bureau data.
The project integrates artificial intelligence, big data, and Blockchain-based technology in a single-point platform which enables numerous advantages for everyone involved. Both data providers and enterprises or individuals who are looking to obtain information can experience the following benefits from the DataBlockChain:
- Transparency: Through the usage of Blockchain-based technology, data providers can rely on traceability and transparency.
- Confidence: There solution brings forward a vetting and grading system, delivering the much- needed confidence between the data source and the end user.
- Accuracy: The usage of Artificial Intelligence allows for quick and precise navigation and sorting of billions of data records, while Blockchain-based technology guarantees their verification.
- Simplicity: The platform brings a simplified, easy-to-use interface which also comes with a quick and very secure payment system.
The DBCCoin to Facilitate Enterprise Big Data Transactions
The project’s native currency is the DBCCoin. It will serve as the main medium exchange on the platform facilitating all transactions. For those who are interested in fiat, they can use any exchange the DBCCoin is listed on to convert them. The platform will also have its own native browser-based wallet that will allow for the seamless exchange of Ethereum and its native DBCC token.
Here’s how the DataBlockChain big data marketplace works.
- Sign Up: A client creates an account with DataBlockChain.io and makes a user profile. The client then installs the DBCWallet.
- Coin Exchange: The client uses the DBCWallet to easily purchase ETH using Coinbase or other exchanges. Additionally, the DBCWallet can also be used to exchange ETH for DBCCoin Tokens.
- Query: The client creates an itemized request for the data they need and are then provided with a data count and price.
- Purchase: The client purchases the data and the payment is sent from the DBCWallet. Then, a smart contract executes the payment and then, the data is aggregated and delivered to the client.
- Data Source: The data source provider receives payment for their big data information, which they can choose to convert the payment to ETH, USD, or the DBCCoin.
Do you think Blockchain-based technology can dramatically enhance the advertising industry through empowering data processing? Please let us know in the comments below!
Images courtesy of iStockPhoto, Shutterstock
The post Big Data and the Blockchain appeared first on Bitcoinist.com.
Written by Georgi Georgiev @ http://bitcoinist.com/big-data-blockchain/ May 31, 2018 Georgi Georgiev