In our digital world, data is now just as valuable as gold or oil. In order to be successful, companies must adapt to treating their data largely like a commodity, by trading and making profits from it. Data is especially valuable when it comes to artificial intelligence and machine learning algorithms due to its ability to provide value that enables new AI use cases.
In order for the market to be successful, it is essential to consider scalability, quality and price of data. This is where blockchain technology comes in, as you will be able to provide markets with low infrastructure costs. Data is valuable, and blockchain is able to provide the infrastructure that allows transactions to be economical while enhancing privacy, which has become one of the most important aspects of data sale and use.
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Blockchain will transform data markets
Last September, Snowflake became its largest software IPO to date, while Salesforce, which has been around for the longest, has been public since 2004. Since Salesforce has been around for decades, its entry into the blockchain is almost straightforward – the company must adapt With technology developments taking its place at the top. Salesforce currently uses blockchain as a low-code platform that allows organizations to share validated distributed data sets across a trusted network of partners and third parties. By adopting blockchain technology, Salesforce and Snowflake enable companies to create blockchain networks, workflows, and applications that deliver new customer experiences.
Technology is always evolving and moving forward, and never lagging behind, so these companies will need to continue to stay aware of trends and innovations in the blockchain ecosystem in order to remain competitive. Gartner predicts that “by 2021, 90% of existing enterprise blockchain platform applications will require replacement within 18 months” to remain relevant. It is important to understand this because the world is producing more data than ever before due to the adoption of the Internet of Things, artificial intelligence and the digitization of everyday life.
The data collected through our smartphones, laptops and watches is of course more complex and specific than ever before, which will help companies make informed decisions and increase efficiency and profitability. It stands to reason that in the future, technology will advance rapidly and frequently need alternatives.
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How AI and Blockchain Technology Will Change Data Markets
For further advancements in technology through blockchain and AI, there are companies that offer independent economic agents to help facilitate company decisions. These agents are able to work independently on the client’s behalf and conduct economic transactions to make decisions easier. Not only do customers buy and share value sets, but they can also use these data sets to train their own AI.
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These AI prediction models are able to aggregate anonymous and relevant data. When a company buys and obtains data, it is able to effectively train its model, which it can then use to make more accurate predictions, which can be used in any industry, providing tremendous value that would not have been possible without AI.
Blockchain that enables data to be monetized
Although data monetization has been around for a long time and is clearly on its way to continuing innovation and putting money in its pockets, it has also suffered from poor interoperability, problems with data pricing, and privacy concerns with a lack of control over ownership. The answer to these barriers is simply the widespread adoption of blockchain technology.
By standardizing blockchain and artificial intelligence, the ability to build AI models on top of data without risking privacy will be available not only to organizations and companies but also to individuals. According to MarketsandMarkets, the consumer data monetization market is expected to grow to more than $ 6 billion by 2025. This fast-growing market touches countless industries and plays a huge role in the growth and future of technology.
Using the power of the blockchain to unleash the value of data in a decentralized environment will bypass the data market industry, providing security and transparency for transactions and facilitating the experience of both the consumer and the company. While data is now just as valuable as gold or oil, privacy is a valuable new digital commodity as well, which means that the future of our world may not lie in tangible offerings.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should do their own research when making a decision.
Opinions, ideas and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Humayun Sheikh He is the CEO and co-founder of Fetch.ai. A sheikh entrepreneur and founding investor at DeepMind, who is now changing the way we do business and travel using artificial intelligence.