The Business-User Value Of Tamperproof Records And Verifiable Data

One of the beautiful things about crypto is that it's piloting a movement for economies to be built on “authentic” and “verifiable data”.

For decades, national economies and businesses have operated with a dangerous reality of “private” data management. In most cases, this has been an advantage because “data” in the business space is essentially a currency, this is what makes tech companies like Google giants in the advertising industry as they trade the most valuable thing in the world for money.

With the introduction of blockchain technology, coupled with cryptokenization of assets and currencies, we're marching towards a new era for business that involves working with a more verifiable and authentic data network.

In the traditional finance and business network, there are very few ways for the average user to verify the uniqueness or authenticity of the in or outflow of data. For example, when we make a bank transfer, in most nationals, there's limited access to the routes of that transfer, the average user simply has to “trust” that what the bank says or displays on its transaction frontend is true.

This includes the amount moved, amount left in the account and the destination of the transfer.

While the original data in its authenticity exist on their database, the weakness of the users not being able to access and determine the transaction process places the institution with too much control over crucial consumer information.

Essentially, the bank has the ability to manipulate said data or simply make them seize to exist because from creation to settlement, there's no public and tamperproof record.

The Cost Of Bad Data

As much as private data may sound like a great thing for businesses, there are numerous ways the lack of a verifiable network for data authenticity is bad for business.

With the Internet, there are numerous stages for data flow, all serving unique purposes to enrich the world-wide web. For instance, a bot disguised as “badbitch” could log into Twitter and post “I need to find alternatives to iPhone”.

Without a verifiable data network - it's common for this data to be promoted by data aggregation softwares as badbitch indeed looking for alternatives to iPhone, essentially, causing the various businesses that are subscribed to its protocol to push targeted advertisements for “iPhone Alternatives” and losing money in the process because hell, I never said shit on Twitter.

Sometimes these bots may be run by these data software companies themselves to make their businesses look better or maybe just someone else and their system simply picked up the tweet.

But this would be different with a network like Hive, given that Twitter is no blockchain and there isn't a solid system to determine the authenticity of each account and tweet, hell did we all not see how bot accounts moved stock prices with fake tweets?

With Hive, it would be easy to determine if such tweets came from me because there's ever going to be 1 badbitch on this chain and there are several other pieces of data to gather to determine the time-value of such tweets.

Essentially, businesses can work with better data for their advertising processes rather than blindly chasing leads that may be fake!

Business leaders are starting to notice the impact of bad data on their bottom lines. According to a survey by research firm Gartner, "organizations believe poor data quality to be responsible for an average of $15 million per year in losses."

A 2016 study by IBM is even more eye-popping. IBM found that poor data quality strips $3.1 trillion from the U.S. economy annually due to lower productivity, system outages and higher maintenance costs, to name only a handful of the bad outcomes that result from poor data quality. Forbes Report.

Every step of the way with business development and economic building, we can identify several instances where there's the urgency for verifiable data networks that can prove the authenticity of data in real time and promote productivity and business scale.

This isn't something we discuss quite often, this is why I'd stress that crypto is growing bigger than Bitcoin, and given the slow and sometimes “expensive” nature of that chain, it's unlikely to serve as a business portal as the global digital economy will require something more cost-efficient and fast.

The business-user value of tamperproof records and verifiable data is increasing as the day goes by and blockchain with crypto is leading the charge for the next gen robust business and economic building environment.

Posted Using InLeo Alpha