As we progress deeper into the information age, big data is becoming big business; data collection, storage and utilisation are becoming increasingly vital for effective day-to-day operations of many businesses and individuals alike.
However the data industry is not without its problems, which will continue to become increasingly crippling as data becomes increasingly critical. Major problems include the highly fragmented and complicated nature of the data industry, making the sourcing and utilisation of data far from a seamless experience. This is not a viable state of affairs for the data industry long-term ; the need for effective data continues to become more essential for many daily operations, and there is a disconnect beginning to appear between the hugely growing demand for quality, reliable data and available fragmented options as they currently exist.
Take the advertising space as an example, global advertising spending has slowly increased from $488.48Bn in 2014 to $591.07Bn in 2017, and is expected to continue on this trajectory to 2020 and beyond. Current data solutions are simply not equipped to cope with this increase in demand for quality data in any effective manner.
Global advertising spending. Taken from the DataBlockChain whitepaper: https://www.datablockchain.io/pdf/whitepaper.pdf
This is why DataBlockChain are looking to disrupt the current traditional data industry by offering a solution which makes the process of sourcing and purchasing data incredibly efficient, secure and easy even for those looking to purchase a small amount of data. The solution makes data more accessible by offering greater amounts of better quality data all in the one location, but with lower order requirements. Blockchain-based transactions using DBCC are more efficient and secure and- most importantly in my view in terms of delivering inherent value as an innovative solution- the platform allows for the mitigation of middlemen in the form of managers and brokers, along with their unnecessary fees. Ah, blockchain!
DataBlockChain are proposing an innovative solution to a growing problem, and are utilising the new possibilities of blockchain technology alongside artificial intelligence in order to make it a reality. They intend to provide a far superior experience for data consumers, whereby data sourcing and delivery are made more efficient, and unnecessary middlemen eliminated, with the use of cutting edge technology with inherent benefits in the fields of utility and security.
Summary
DataBlockChain has particularly caught my eye as it is a classic example of an innovative use of blockchain, being applied to a problematic traditional industry which potentially offers a future-proof solution to an ever-present and growing real-world problem. The solution incorporates artificial intelligence to provide the best quality data and the two technologies of AI and blockchain together harness incredible possibilities where data acquisition and transfer is concerned.
The acquisition and usage of data will continue to grow hugely as we enter a new era of the information age inclusive of blockchain, AI and an ever expanding internet of data. Effective data is invaluable to many business aspects, and a solution such as that proposed by DataBlockChain is required not only to modernise the currently fractured and inefficient system, but also to future-proof the industry for increased levels of data demand and utilisation.
I will be releasing a detailed analysis of each of the following aspects of the DataBlockChain project over the coming few days: the problems within the big data industry; DataBlockChain’s technology utilised; the use cases of such a solution; and finally the place of DataBlockChain’s native utility token, DBCC, within the ecosystem.
In part 2 we will soon be taking a closer look at the problematic data industry, and why DataBlockChain’s innovative solution is necessary.
Take a look at the DataBlockChain website to dig deeper in your project research or to find out more
http://www.dbc.io?utm_source={cryptospartan}&utm_medium=article&utm_campaign=bounty
If you have questions you would like answered I'd suggest joining either their standard Telegram community, or their Bounty Telegram community depending on your query
Telegram- https://t.me/dbcio
Bounty Telegram- https://t.me/joinchat/Ho-YFg8O26hIutf7R8A8BA