Why data is the power of blockchain technology

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Blockchain
is undeniably the next great technological jump in our lives, the most transformational advancement after the Internet. The strength of the blockchain resides in the data, and the ability of the data used to construct a better future.

Bitcoin Association Founding President Jimmy Nguyen gave a keynote talk at Sir Anthony Ritossa’s 13th Global Family Office Investment Summit in Dubai, looking at ways to participate in and benefit from the blockchain movement.

In his lecture, Nguyen clarified how data is now an abundant by-product of everyday life. It points to the example of Singapore’s traffic networks, which already measure road use in order to minimise congestion, reduce pollution and introduce distance-based road charging.

The machine is now monitoring 4 million trips a day, with as much as 1.4 billion trips a year. According to Nguyen, this is not only ‘large data,’ but huge, extreme data. Pointing to the Cambridge-based GeoSpock, which has created a database solution for handling transport data on this scale, Nguyen said that the organisation will be introducing blockchain technology in the near future to enable easier access to and use of data.

Crucially, blockchain also makes it easier to monetize data, opening up a whole host of new opportunities, both technical and financial, for players in the new data ecosystem. In particular, GeoSpock opted to use the Bitcoin SV blockchain for the project, the only blockchain capable of processing data on a severe scale efficiently.

BSV understands that data is the most important weapon of the modern economy. Blockchain ensures that you can do more about data technically, but still combine it with a native token to facilitate data monetization. As a result, companies and consumers should consider embracing blockchain technology, since it allows incentives to build that control in a safer, fairer, more transparent environment.

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According to Nguyen, there are actually a range of data challenges that can be resolved by blockchain technology. Next, intermediaries of existing processes contribute to inefficiencies – middlemen, such as payments processors, credit card issuers and merchant acquirers, mean that payment flows attract excessive extra costs as well as an aspect of confidence. Blockchain cuts out middlemen and goes straight to the root, leading to more effective data transfers, as well as eliminating the confidence factor by delivering easily verifiable data.

Data is usually maintained in silos without detailed single source overviews or in real-time access. And within organisations, data is frequently stored in various locations—with blockchain technology, these arbitrary boundaries may be overcome, leading to more open access and distribution of data.

Databases are usually private and cannot be easily checked by third parties without authorisation. This means that data anomalies are widespread and impossible to correct—again, questions fixed by a centralised source of facts written on the blockchain database and open to many separate parties at once.

There is currently no native way to transfer data through the Internet, and there is no way for customers to directly own or monetize the data they produce. Again, blockchain fixes these issues with the aid of native tokens such as BSV, making transfers of all sizes simpler.

All of these problems are tackled by Bitcoin BSV in particular, integrating openness and access to a single, verifiably accurate data ledger with a payment protocol that opens up a plethora of monetization possibilities. And because of the peculiar properties of BSV, such as its unbounded size and support for microtransactions, Bitcoin SV is now emerging as the blockchain of choice for the modern data economy.

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Organizations around sectors are now dependent on the BSV platform to create technologies to enhance data processing, utility and monetisation. If we learn more about the benefits of technology, Nguyen expects Bitcoin BSV and blockchain technology to evolve further as the future of tomorrow becomes bigger.

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