About 10 years ago, Silicon Valley software companies were keen to explore the potential of "big data" and cloud services that could bring together information. As technology advances, software companies have improved the process of their data collection, while many networks, applications, and devices are beginning to extract all the information related to the Internet.
Initially, software companies were flooded with consumer-related data and treated them as digital gold. They hope to dig as much as possible within the limits of their ability, but soon they realize that too many good things can turn into bad things. Cloud technology opens up the flow of data for social media, email, phone, and more (all that is stored on the Internet). But only a few of them are useful, and it's hard to trust all the information that comes into the data pool.
In addition, when consumers learn that the growing data aggregation is quietly collecting their information, they can understand that they feel very upset. Big data promises to improve the lives of consumers and businesses, but privacy and credit costs are not easy to solve.
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At present, political power limits the way technology companies collect data. In most cases, transparency is a must, and consumers must voluntarily provide data for use by technology companies. Despite this, many customers are still unable to decide. They don't want to sacrifice data privacy, but they also want to benefit from the convenience of the Internet to connect the world.
So how do customers retain privacy and data ownership? At the same time, how can technology companies motivate consumers to voluntarily provide data that helps improve products and services?
Blockchain technology provides us with a way to tag data and encrypt it in private wallets. Encrypted (virtual) currency is programmable and can be used both as a currency and as a conduit for secure delivery and tracking of data. The blockchain gradually acquires credit in the form of consensus. Developers can write smart contracts, check the integrity of the input data in the blockchain, and actively reward providers of “quality data”.
Currently, almost everything is connected to the Internet. The Internet of Things (IoT) is unstoppable. Blockchain now provides a responsible and secure way to manage data for everyone.
Here are a few ways blockchain technology can support consumers, big data aggregation, and IoT providers:
Your information is not protected in its current state. You are not telling the actual person who is using the data in a real way. Once the store has your information, how can you prevent it from selling your information to the highest price?
Now consider: Suppose you can share your data but retain digital ownership. You can set up a rule where only the person you send the message can open and decrypt your data.
The blockchain provides a way for this future trend through encryption keys. With blockchain technology, developers can use rules to encode confidential information into tokens. By using this code, the data sender can set parameters and only give certain "recipient" wallets the ability to decode information. The entire blockchain network can then use a shared distributed ledger to determine if the terms are met and to revoke access to those who violate the rules.
Modern family homes are connected by the internet. Today, there are more than 17 billion connected devices and more than 7 billion IoT devices, including smartphones, tablets, laptops or landlines.
Your family is "mining" your data. But what is the reward you get? More targeted advertising? Good music? Is this a process of equivalent exchange? What if your IoT device is tapped through a blockchain?
Blockchain IoT devices create a system that allows data sharing with a higher level of security and more accurate data collection.
For example, suppose you can mine your favorite programs to watch cryptocurrencies on your connected TV. On the back end, developers can program the TV to release a certain amount of encryption for the hourly programming time you consume. The TV can then encrypt the data associated with your decision and record the details on the blockchain ledger. Consumers who agree to share their data with TV manufacturers and/or network providers can trigger smart contracts to unlock the mined encryption algorithms and deposit funds into your digital wallet.
In this way, manufacturers, programmers, and consumers can enter more direct contracts to reward data sharing. Consumers can encrypt valuable data, send it to a specific company, and extract a percentage of its value from the sharing process without linking to a platform on a centralized cloud server. This is in stark contrast to our current blindly signed typical "Agreement Terms" contract for accessing our favorite software.
This is not just a concept. Companies like China Mobile have begun working with encryption companies to create IoT devices that generate tokens. In the future, many IoT devices are likely to provide blockchain mining capabilities. Consumers will be able to generate tokens for everyday tasks. The “mining” cost offset of multiple IoT sensors can greatly benefit customers and businesses.
Calibrating the wrong device or forged data sets can easily contaminate other useful information pools. Worse, interconnected devices can potentially share pollution data in the network and reduce the reliability or effectiveness of networking tools and services.
In addition, too much data may dilute the report to an insignificant extent. In other words, if a company absorbs all the inputs of a parameterless consumer, it may find itself in the trouble of simply data. If they can't extract meaningful indicators, what else can it mean?
The blockchain can alleviate these problems by using consensus combining, redundant network oracles (oracles) and target data collection. In essence, technology companies can tag specific data sets they want and limit collection to those collections in the IoT family. They can then use consensus across multiple IoT sensors to determine the validity of the data and protect users from malicious attacks or to avoid poorly calibrated devices.
In this case, the consumer can establish a credit network in their home where multiple devices share and trade with digital information to improve the user experience.
Companies that obtain data from these IoT home devices can also benefit from the assurance that no employee or third party intercepts and overwrites data. By verifying the miners' network of all user transactions in the system, it is proven that the data is safe on the blockchain.
The nature of blockchain data is structured and very rich. By moving data collection to the blockchain, developers get big data with better consistency and better integrity.
Blockchain, Financial Technology, Innovation | February 4, 2019 Contributed by Cherie Liu, Managing Partner, Outpost Capital
About the Author:
Cherie Liu is the Managing Partner of Outpost Capital and the Chief Marketing Officer and Corporate Partner Manager of MOAC, a blockchain company based in Silicon Valley. As a Wall Street veteran, Cherie focuses on investing and advising blockchain, consumer technology and cleantech companies. She has extensive experience in team building, operations, marketing strategy building and management.