Mapping the Business Intelligence Region in a Digital World Moving towards Decentralization (Part 1)
The ‘Cryptocraze’; as the skeptics call it; is the new rave (or has been for many a month!). The digital world is seemingly moving towards decentralization and open-source technology without a backward glance.
At the end of last year, Coinmarketcap (arguably the leading cryptocurrency index today) posted that the global market capitalization of cryptocurrencies rose over an unprecedented value of $600 Billion (I’ll take that again — $600 Billion). The number of cryptocurrencies available on the market on the other hand grew to over 1500 different coins or tokens with different utilities (or lack thereof). Looking at these figures, one can say it makes sense that any investor (micro or large) needs to be thinking of how to get in on the action. The investment potentials are not only self-evident but also disruptive by their very nature.
By investment, I refer not only to cases where individuals or organizations have money to ‘buy’ into cryptocurrency, but even more importantly to the ways in which the modus operandi of the crytocurrency ecosystem can be used to power up traditional business with sufficient tools and capacity to reach sustainability that much faster. The classic argument of cryptocurrency being a bubble and the recent major market dip rather than belie this fact, reinforces it. Why? This is because Blockchain tech- powered by cryptocurrency initiatives- are not dying, rather they are maturing. Gradually, the market is correcting itself, the investors are demanding for stronger, better and more robust solutions. Standardization is setting in. The era of Decentralization is emerging stronger than ever.
Decentralization is perhaps the most ‘interesting’ phenomenon to hit the business sphere since the advent of the ‘world wide web’. What makes decentralization so special is the fact the value of an asset, concept, idea or anything for that matter is determined by the users. The user/customers support a product because they perceive it as important or useful to their needs. Just imagine you have a new product or service, and you want to promote it to potential customers, study has shown that the most effective method for sales conversion is ‘word of mouth’ marketing. In decentralization, because of the fact that people actually believe and accept the product and therefore support it, they naturally refer their contacts to join them. Community engagement and growth is exponential in decentralized services and it cost almost next to nothing. This is why the rise of cryptocurrency has been momentous, its fall in recent times likewise.
So what impact does this have for business intelligence? The potential is quite interesting. Data collection from existing and potential customers can be made that much easier with a system designed to engage collect data from users of a service who can also be tasked to collect opinion and other subjective data from their contacts of similar demographic; all in the name of improving ‘their’ system… after all by the decentralization paradigm, the asset belongs to the community to a large extent, but is administered by founders.
Feedback information, customer relationships and engagement and other similar information is of higher quality because of the fact that the community is activity involved in all project phases. Today the Bizavest Analytics Platform, having realized the potential in creating a system where actual, verifiable, accurate and high quality information and intelligence is available to businesses at incredibly low cost because of decentralization. Imagine a scenario where the billions of users on Facebook are providing different streams of data for the purpose of business development.
Bizavest Analytics is the ‘new frontier’ in business intelligence provision and it is powered through Blockchain Tech. To get an understanding of what Bizavest offers, read the whitepaper here:
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Here a YouTube explainer video which gives an idea of what the Bizavest Platform is all about: