A higher level of ‘nothing wasted.’
People are finding new ways to bring the world to a higher level of sustainability; some are reducing the amount of waste they produce, others are reusing otherwise unused outputs and turning them into objects with more utility.
One recent research study is exploring the idea of carbon dioxide recycling, capturing CO2 from power plants or even from the atmosphere and converting it into fuel. In the world of blockchain mining, there are some who are also coming up with ingenious ways to increase profits or at least save on overhead costs. One example is an entrepreneur who recycled the heat produced by cryptocurrency mining rigs to grow crops, which he referred to as “cryptomatoes.” And some entrepreneurs in Siberia decided to use the heat from their mining rigs to keep their cottage warm to reduce their energy bill.
Maximizing profit by using something otherwise dismissed as waste is becoming a trend — and a good one too!
Imagine being able to do the same with your data; if people could monetize something they continuously produce without even thinking about it, then it would benefit not only the data generator but also those who need that data for research and insights.
Attributing data rights — and compensation, to their rightful owners.
Selling user data, or in the case of Facebook, the aggregate results of collected user data, has been known to be an activity internet giants participate in. However, many people do not know that they’ve agreed to have their data collected; nobody reads the terms and conditions of websites and apps. But what if users themselves could directly profit from the data they generate?
Fortunately, we are shifting towards web 3.0 (a decentralized internet); an internet where users will have control and power over whether they want to have their data collected or sold.
DACONOMY is looking to be a leader in building this decentralized internet; the internet where users can choose to surrender their data — and get paid for it. However, this time around, those who generate the data are the ones who will be compensated — as it should have been from the very beginning.
So why is this happening only now?
Before DACONOMY, it was impractical for data to be traded in small increments; this would require the manual sorting of fragments of information for all of the data submitted. With the amount of data the world generates, to say that this task is impossible would be an understatement. In 2016, Cisco estimated that the world’s data traffic would exceed one zettabyte — or 1 billion terabytes.
What DACONOMY is doing to enable this comes at the intersection of two of modern society’s most significant disrupters; blockchain and artificial intelligence. There are numerous reasons why the two make perfect allies in correcting the data trade and building the new data economy. But to keep it short, blockchain and AI make it possible to (1) automate data analysis, data cataloging, and data appraisal; and (2) use an entire network of machines to supply the computing power needed to make it happen.
The new equal economy: decentralized, democratic, automated.
Blockchain technology is enabling massive, widespread inclusion across industries. Apart from financial inclusion, where it helps provide individuals access to financial services for the unbanked, a blockchain also allows anyone to transact with anybody anywhere in the world. Global trade will no longer be exclusive to those who have a tremendous amount of capital. Now, the micro-economy can thrive too; this means small merchants will not be left behind.
In the same manner, blockchain technology can be used to create entirely new industries and economies. The data economy is one of these emerging markets. Data trading will now be decentralized and democratized. It will no longer be exclusive to industry giants like Facebook, Google, and other big data firms. Now, everyone from small start-ups to individuals can participate and compete equally while maintaining their rights as data owners.
Considering the predicted market growth, individuals and small firms could do very well if they got a piece of the data-economy pie; open source knowledge sharing community Wikibon estimated that in 2017, big data revenues were going to hit close to $50 billion — at the time, the global data volume was estimated at 2.7 zettabytes.
By 2020, data analysis firm IDC estimates that the world would generate 6.6 zettabytes of data. By 2025, they predict this will shoot up to 163 zettabytes — imagine the opportunities in the data economy that come with this growth.
