‘Data will be the raw material of the 21st century’.
Angela Merkel at a World Economic Forum event
Discussions about artificial intelligence (AI), self-driving cars and virtual assistants have been around since the pre-Internet age. What has changed is that the data economy is already affecting most aspects of our daily lives and business ventures. From smart houses to business intelligence generated via IoT devices, data-based applications are all around us.
As the world continues to explore digital advances, there will undoubtedly be surprises along the way, whether they be pleasant or unpleasant. How can you prepare for what lies ahead?
With the huge influx of data you encounter in your everyday life, there will come a time when all of it will be too much for conventional infrastructure to handle. One way to address this ‘extreme data’ is through the BSV blockchain. In the infographic and article below, we’ll take a look at what it takes to offer a blockchain for the data economy.
The Fourth Industrial Revolution: A data-based economy
The Fourth Industrial Revolution (4IR) marks a new era for economies. In this age, physical, digital and biological worlds merge. The public has started to utilise new technologies like the Internet of Things (IoT), AI, cloud computing, 3D printing and advanced wireless technologies.
The building blocks of these advancements are data. Many components of our daily behavior have big data interactions, whether they’re human-to-human, human-to-machine or machine-to-machine exchanges.
And soon enough, you’ll be able to measure the productivity of your remote employees across the globe, evaluate the levels of social stimulation your child receives at daycare, and even monitor the health and well-being of the cows that produce milk for your micro-dairy.
As we move forward to a more data-based economy, we continue to develop devices that will scale our data output from ‘big’ to ‘extreme.’ However, the problem is that Internet protocols and infrastructure have not yet evolved in tune with this advancement.
If we want to harness this smart future sustainably and profitably, we will need infrastructure and a protocol that can provide the required speed, security, scalability and sophistication.
The BSV blockchain as the infrastructure for a data-based economy
The BSV blockchain possesses the qualities that a data-based economy demands and the 4IR requires:
By 2030, Statista expects that the number of IoT-connected devices worldwide will reach 25.44 billion. These devices include streetlights, fridges, home cameras, fitness gadgets and thermostats, among many others.
The global supply chain will have to depend on billions of data interactions to develop these devices. Under this extreme data environment, current data management systems won’t be able to hold it all together.
BSV: unbounded data limits and throughput capacity
The BSV blockchain is the perfect solution for a data-driven economy. It’s a global system that transmits billions of data points at breakneck speed, 5,124 transactions per second (at block height 686127), to be exact.
With its evolving data capacity, fast processing, high transaction volume and very low transaction fees (data transmission fees), BSV can be helpful for multinational businesses and entire supply chains.
In the digital era, cybersecurity is the main concern. No matter how big a budget organisations allocate to cybersecurity, there’s always a chance of infiltration.
In 2021, data breaches in the U.S. already exceeded 2020’s record. Cases rose by 17% to 1,291 breaches, compared with 1,108 breaches in 2020.
According to Eva Velasquez, President and CEO of Identity Theft Resource Center (ITRC), “While the total number of data breaches dropped slightly in Q3, we are only 238 data breaches away from tying the record for data compromises in a single year.” 2017 holds the all-time high record of data breaches with 1,529 cases.
BSV: immutable logs, top-notch security and 100% uptime
One of the best qualities of the BSV blockchain is its immutability. Not a single bit of data has been lost from the ledger since its launch.
Developers can rely on BSV’s protocol as it is stable compared with competing platforms, ensuring interoperability now and in the future. The BSV network is also flexible and boasts around 28 second-layer protocols. Application developers have used it to store identities, websites, images, social media posts and other data types, including tokens. You can use BSV’s second-layer protocols independently or in conjunction with one another.
Businesses can create useful applications and improve their services with this opportunity. You can build a data market where people are incentivised whenever they contribute their information (at their own discretion) and third parties can pay to gain access to the data they need.
BSV blockchain understands the value of data
No other infrastructure understands the future of data like the BSV blockchain. It’s built in a way that accommodates the greater potential and extensive demand of the data-based economy. By exploring the opportunities you can harness using BSV blockchain, you can take advantage of the data economy profitably and sustainably.