Data Collection with Blockchain

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Dear Intrachain Community,

I have often talked about how I strongly believe in a decentralized world. Here is an other reason for that: I am of the beliefe that the Blockchain Technology is making Data Collection Auditable and Transparent.

Big data analytics is one of the greatest advancements in modern business and commerce. The ability to draw an unprecedented quality and quantity of insights from astronomical amounts of data and fine-tune business operations has proven to be a technological marvel in the modern economy. While big data is set to only get bigger, its pressing problems cannot be ignored.

Up to this point the data industry has major issues:

Data is now one of the most valuable resources for many companies across several leading industries. It has been called “the new oil” as data collection and analysis has revolutionized the way successful businesses create their profit models. However, having vast amounts of data is a double-edged sword, as bad data can be catastrophic to a data-driven business model. Why is that? Because, bad data can cost between 10–25% of a business’ revenue. The source of data and the way it is collected is essential to its quality. It has been said the way data is collected is as important as the data itself.

Let’s take a look at the effects bad data can have on businesses: (source: Integrate, Data Quality Index, 2015)

• 25% of the average database’s records are inaccurate
• 60% of those surveyed rate the overall health of their data as unreliable
• 80% of those surveyed say they have “risky” phone records
• A B2B quality index shows 40% of leads contain bad data
• Bad data costs the US alone, over $3 billion USD a year

How data is collected, sourced, and handled varies and is typically undocumented. To resolve this, it is very important that data governance meets two very important requirements:

1. it must take into consideration the way the data is sourced and collected, and it must address and document any changes or manipulations made to the data for analysis purposes.
2. There should be a data specific “chain of custody” that should be adhered to whenever someone analyzes, processes or collects data.

Blockchain startups are meeting the demand to provide this solution

Due to the way the data market is structured as of now, it is ripe for disruption and blockchain is a logical way forward. The market always meets demand and recent blockchain startups have begun to tackle the issue head-on.

Also, we from Intrachain aim to tackle data issues head-on. It is our aim with Intrachain to revolutionize accounting practices by making use of new tech- nological possibilities. We want to automate accounting practices such as reconciliation with the help of blockchain and smart contracts. This makes effort allocation more effcient, helps companies to save costs and provide them with the accurate data that are needed to make informed decisions.

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I will keep you posted on exciting angles of the Blockchain Industry. In the meantime, feel free to contact me on Telegram to chat with me and my Co-Founders.