Data is the ultimate currency, how web3 and blockchain creates business opportunities

The word "Data" to some people may seem complex as though a handful of people associate the word with the world of computing whenever it is mentioned, but is that really the right way to look at data?

Data is information, basically, every other representation of data are just new layers built on one thing - information.

So if data is information, how can that be a currency?

Currencies is how we price things in, but what we do not pay attention to is that the things we are pricing in is what actually holds the value, thus the currency is simply representing what we are pricing.

For example, you step into a car dealers office and request to buy a Mercedes, he tells you the price, you bring out your card and make a payment. The Mercedes is what has caused you to transfer your money to the dealer, but why would anyone do this?

Because of the belief that the Mercedes is worth what was paid, so in essence, you can always sell it back for the money.

In a way, the Mercedes is data, everything is data to put it quite plainly, but we are not here to talk about "physical products as data" but to explore how "raw information" is the ultimate global currency.

Google as a case study

It is reported that Google processes over 99,000 searches per second and about 46% of product searches begin on Google.

When people search for products, they typically are about to purchase something online. So they log onto Google and do a quick search, perhaps "Trump Size Dildos" lmao, not that I search those, cross my heart :).

That said, Google responds in 800ms to 1.6 seconds and voilà, there are them beauties of a goddamn product.

Now one might say, how does any of this prove that data is a currency?

Well, I was getting there before you asked.

Google isn't just the most powerful tech company for nothing, ads is how Google gets paid.

So Google has access to two types of data at the primary level:

Business Data

Individuals Personal Data

The business data in this case is the products I see when I search the web for the products. Google typically acquires this by crawling web pages.

And the individual's personal data?

Oh yeah, the moment I search something on Google, I give away the fact that I'm in need of that thing.

Google gives the business data out for free but monetizes the personal data because that is where the money is.

So, businesses allow Google to freely access their listings in hopes of some search exposure and they go ahead to try and maximize revenue by running ads targeted at me as Google offers up the fact that I might freaking need Dildos right now.

I get my product, the business gets paid, Google gets paid. All transaction channels were satisfied by what? That's right, data!

Web3 And Blockchain Changes The Value Flow Dynamics

You see, the likes of Google and Facebook don't give up their user data for free, it's basically how they get paid. But web3 had to go crazy and offer it up for free via blockchain technology.

Does that mean businesses don't need to run ads anymore?

Not the slightest!

I've often heard people discuss worries over the public nature of blockchain networks and I often ask myself, do these people really think the blockchain is EtherScan? Or Hiveblocks? These services enable us to see what's happening on-chain but the reality is that these companies can choose to turn their services to "premium only".

We are truly at the age of abundance because it's crazy how these services are free to a great extent. I mean, sure, the blockchain is public, but the average user doesn't have the technical skills to access this information so he depends on services like EtherScan and Hiveblocks to easily view the Ethereum and Hive Blockchain.

Web3 is changing the value flow dynamics in the sense that instead of Google having all the digital data flow, this is all public and several entrepreneurs can build various businesses with it. We already have several blockchain analytics platforms selling us our own data that is already public, lmao.

The reality is that the average person will always have to buy something rather than know how to get it for free, so web3 simply creates a fair playing field for many businesses to maximize this, therefore decentralizing access to information.

Web2 keeps data private and makes a bank out of it, web3 preserves your privacy to an extent and puts anonymous data on-chain where businesses can pull to a user-friendly interface for the average person to comprehend.

This is the technological shift that is taking place. Data is the currency and web3 creates a fair entry field for various businesses to maximize.

Posted Using InLeo Alpha