Blockchain and Data — A Necessary Synergy For The Survival of Blockchain

The need of Data in Blockchain — The need of Blockchain in Data

DBXChain
DBXChain
Sep 6, 2018 · 4 min read

The need of Data in Blockchain

The dawn of Blockchain is awaiting its full potential with crypto enthusiasts and newly started companies ready to capitalize on its technology for true mass adoption. The enthusiasts have firm belief Blockchain will be applied throughout industries and transcend traditional services, apps and consumption to new levels. However it is one crucial aspect that have been ignored by the industry which will be fundamental in the adoption of Blockchain, and that is Data. Most Blockchain companies are focusing on transactions and usage of their cryptocurrency, but the only way blockchain will be able to compete against traditional systems is to enable real world applications and services. And that requires data-exchange.

First of all, for all current applications and services, data plays important role to conduct data analysis and make business decisions. Investment banking staff have to know the financial data of the IPO company; a luxury brand has to collect data showing by how much proportion household spent their income on luxury goods. All industries are surrounded by data, we can not live without data support. Beyond the need for Data to conduct business, the very technical aspects of applications and services involves the management and exchange of data. Hence, to allow Blockchain to compete against current systems, but most of all to be able to integrate and functions with these systems; data-exchange will need to be in its core.

The essential spirit of DBXChain is data. No matter the future applications, the already launched “Data Game”, or the ecosystem community in the final step, all those functions are data based.

However, it does not stop there. The reason why DBX wants to build up a public chain which main focus is data is that traditional systems and services have major shortcomings in their way of managing big data that neither are fair to data suppliers, nor efficient to data demanders.

Let’s discuss this further.

The need of Blockchain in Data

How Data has been access, stored and shared in the classical internet & Big Data industry have almost been in the form of oligopoly. Data of you is used by big internet companies to generate huge amount of profit without your control. For example, Facebook can collect and export all data about you from your interactions on their platform. However, you are not able to get any reward by providing your information or data to Facebook. In fact, your information could be used by so many companies for different types of purpose through variety of ways without your consent.

Additionally, there are several conundrums existing in the traditional data exchange approach. In macro point of view, the supply side is much heavier than the demand side. Tons of data, in so many ways, are generated second by second in our daily life but people in a certain industry might only need a small section of the whole data, leaving the remaining part aside. This is no doubt a kind of data waste, namely we do not utilize the data fully or effectively. Among different types of data, it lacks of logic to connect each type of data, resulting more and more data islands.

Furthermore, traditional systems have great issues with data precipitation. Data precipitation refers to the issue of an original data supplier inability to benefit from any following transaction on his data. Imagine three people A, B and C, try to trade data between each other. A owns the data demanded by B and C. Initially, B comes to A and successfully purchases data. Then, he extracts the specific data section he needs just as to precipitate the data of A, and forms his own data with a more attractive charge. In this way, C could naturally go to B instead of A, the original data supplier, to trade. After purchasing data from B, C precipitates the data one step further and trade with other people, which has nothing to do with A and B. In such business model, every intermediate trader tends to precipitate the data and the original data supplier cannot benefit from any following transaction on his data.

However, Blockchain, characterized by its decentralized encrypted and open spirit, serves as an ideal solution to the problems existing in the big data industry. DBX Foundation, as a leading public chain company in the blockchain industry, is established just in order to solve the puzzles mentioned above. DBXChain provides unique distributional data storage on its side chain and data analysis and computing online service to satisfy specific need of companies from different industry, which is not quite available by other blockchains. On DBXChain, you can find whatever data you ask but also be able to analyze the data. DBXChain will will let data owners benefit themselves by their data; a more advanced data exchanging approach which could target at certain section/field of data; and an incentive mechanism to stimulate data owners to keep participating in exchanging their data on DBXChain.

LEARN MORE ABOUT DBX FOUNDATION AT:

Website: http://www.dbx.one/
Twitter:
https://twitter.com/DBXFoundation
Facebook:
https://www.facebook.com/DBX-Foundation-2034487803539197/
Telegram:
https://t.me/DBXOfficial
Medium:
https://medium.com/@dbxchain/
Reddit:
https://www.reddit.com/r/DBXChain/
Github:
https://github.com/dbxone
Official Email: dbx_official@dbx.one

DBXChain

Written by

DBXChain

Welcome to DBX -The Blockchain Built For Real World Apps. Official Website. www.dbx.one | Email: dbx_official@dbx.one

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade