Eveytime a person sends out a tweet, the data goes to a centralized database owned by X. Such data effectively becomes limited in how much value can be generated off it and how it generally can serve the greater public.
X, as a centralized business will take steps to ensure that every data flowing through its system rewards its business first, at the maximum possible extent.
By doing this, the economic value that should be generated from the flow of information is limited to specific businesses as the open market can neither access nor leverage it properly.
Exponential Growth In Solutions
What would happen if the general public had access to all of Google’s search data?
Google's search business is a significant component of Alphabet Inc.'s overall operations, contributing substantially to the company's revenue. In the first quarter of 2024, Google Search generated approximately $46.16 billion, accounting for a major portion of Alphabet's total revenue of $80.54 billion for that period.
For the full fiscal year 2024, Alphabet reported total revenues of $350.018 billion, reflecting a 13.87% increase from the previous year.
It's common for anybody’s first line of thought to be that Google’s business would be threatened and rightfully so, as this is an accurate assessment, the world would however experience exponential growth in solutions that would reshape global economies.
People have very little clue on just how much value the data Google has access to is. This is why I've personally been of the opinion that Alphabet would remain a strong competitor in the AI race as it already holds data to an amount that cannot be estimated and this data bares reflection into the minds of people, globally.
People search for the most random of things and have unfathomable needs and one simply cannot imagine what value those several billions in daily searches holds. Think about it. What if an individual not too far from your neighborhood was searching for a specific piece of building materials that are now off-market but you happen to have a ton laying around, how would this not turn into an opportunity to generate income from something that was probably going to go to waste?
There's many of such cases when it comes to what people go online looking for and it goes beyond physical items and when those extents are factored, there's evident that if the open market had access to this data, the number of solutions that would be built and deployed would be in the count of millions.
What was once a database producing billions in economic value for a single centralized business would literally see its annual economic add blow through several trillions simply because the open market can view, analyze and build solutions atop of data generated by consumers globally.
Blockchain as the world's information layer
Being a public database means that information becomes a public good and with that reality, greater solutions to public needs are easily actualized.
People are yet to understand the true appeal of blockchains and why building ontop of it will be central to how humans evolve into the era of abundance. Being a time were data becomes a fuel in our economies and AI becomes a processing layer, there's a great importance to have a tamper-proof information layer that will make the flow of data permissionless, open and secure for public use.
Blockchains are set to drive trillions in economic value as it grows into the default system for communication and financial transactions. Of course, this happens when web3 makes substantial penetration into human’s use of social platforms. It is not a case of if but when.
Opening up the information layer to the world encourages the development of consumer-first products and services where solving a problem is prioritized and effectively actualized given the competition.
We are bound to witness a new wave of value generation as blockchain becomes the database system that powers global communications and economies.
The future is onchain.