Data as a currency
Data already moves like money does. It’s transferred between entities millions of times each second, and though this had little value to many before, blockchain is turning this notion on its head. The real value of the data generated by an average consumer will soon be exclusively in their hands. Increasingly, people will realize how unbalanced the old ways were. As the first pioneers of this undertaking begin to monetize their online habits, the data economy will grow with the same expediency as it always has, just in another direction.
The future will see users in the driver’s seat, but big data players will remain relevant. With secure, decentralized applications and airtight encrypted security, blockchain is pushing the status quo on both sides of the equation. The value of personal data will soon be unlocked for the average Joe, yet researchers and businesses will also gain greater access. While it’s too soon to predict exactly how it will look, data looks different from how it did just a few years ago, a trend most would agree is welcome.
The value of personal data will soon be unlocked
What are we doing with all of it? To many, this data has immense value, and they will gladly buy it for princely sums. The concept isn’t new; companies have been purchasing data for years and use it to more accurately target their potential customers. There are whole departments, and even entire firms, who are dedicated to finding patterns within this data, whether demographic, geographic, or sociological.
The “data universe” is one of the most fascinating aspects of the modern world. As the internet continues to expand and “smart” technologies accelerate the Internet of Things (IoT), the amount of data collected and made available is growing exponentially. In fact, EMC predicts that the amount data in the world doubles every two years, with over 44 trillion gigabytes worth of Big Data said to be at our fingertips by the turn of the next decade.
It’s not easy for the layman to think of data as a currency, but the mainstream is starting to acknowledge the way it is transferred millions of times per second around the world – and how the burgeoning data economy can also put consumers firmly in the driving seat.
What do experts say the future holds?
Industry experts are pointing out that clients increasingly want simplified systems that allow them to be agile and maximize the value of their data analytics. In fact, the expectation that consumer data will become lighter and more normalized has also been expressed, with the benefits of data analytics becoming more obviously apparent to consumers in the near future.