Data is what drives and guides businesses in our information age; without effective data, a company can not expect to effectively attract new customers let alone retain their current clientele with any certainty.
However the data industry as it currently exists is highly fragmented and complex, and offers a far from ideal experience for individuals or businesses looking to source urgent and critical data. Current solutions are inefficient and often cost businesses unnecessary time and money; the present ecosystem of data owners, managers and brokers often yields unsatisfactory results, and is certainly not equipped to cater for the growing demand for increasingly high-quality and targeted data as we enter the new phase of the information age.
Here, we are going to examine this problematic space which DataBlockChain is looking to revolutionise with their innovative solution.
Current Situation
In today’s digital age, a company’s (or individual’s) access to effective sources of quality, complete data is a God-send in terms of market research and customer analytics; however this can also be like finding a needle in a haystack. Paradoxically, sources of quality data are becoming rarer as they are becoming more necessary. This is because the data industry suffers from two crippling problems in particular: fragmentation and inconsistency between data sources, and the complete lack of transactional transparency.
The current fragmented and inefficient mechanism for data purchasing. Taken from the DataBlockChain whitepaper: https://www.datablockchain.io/pdf/whitepaper.pdf
Data Buyers
In the space as it currently stands, the process for a buyer to attain a specific data set is laborious and overly complicated. Much time and effort (not to mention money) will be spent locating a supplier with your specifically required parameters, then ironing out financial and transactional details on a case-by-case basis; not only is this overly complex, but the current mechanisms create a barrier to entry for smaller and medium-sized entities who can not afford the time or money required to sieve through the content-saturated market to find the relatively extremely small specific data sets they require.
Data Sellers
Those with potentially valuable data sets which they are looking to monetize also face their own plethora of problems when trying to operate within the currently problematic space. Acquiring valuable data sets are one hurdle, but often times it is trying to sell this valuable data which unfortunately raises the most challenging problems; identifying an organisation with a high demand for your specific data type, trusting said organisation to effectively manage and monetise that data, and the security of the storage environment in the centralised facility are all ever-present and potentially crippling concerns which data sellers routinely endure.
This is certainly not a viable state of affairs- both in terms of the experience of the data buyer, and that of the seller- for an industry with increasingly exponential demand and importance.
Industries identified by DataBlockChain as increasingly requiring the type of data and transparency they are offering. Taken from the whitepaper: https://www.datablockchain.io/pdf/whitepaper.pdf
Something must be done to tackle these problems and bring the data industry into a position in which it can cope with the increasingly accelerating demands of the information age. DataBlockChain believe the solution lies in their innovative and revolutionary vision for big data.
How is DataBlockChain Intending to Modernise the Space?
DataBlockChain’s aim is to create an environment for data-related transactions made superior to traditional solutions by removing the elements of inefficiency in the traditional system, providing a transparent audit into data usage and payment, as well as maximising the financial benefits to all users within the ecosystem. This HUGE vision is made possible by DataBlockChain’s innovative and unique use of layers of cutting-edge technology within their decentralised platform.
In Part 3 we will be taking a closer look at the innovative technologies powering DataBlockChain’s solution, so stay tuned!
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