How does Blockchain Technology help Organizations when sharing data?When it comes to data sharing, how does Blockchain Technology assist organisations?
Let’s say we’re an organization trying to meet productivity goals. They happen to be fairly simple, so we’re looking for an easy-to-use and cost-effective tool to help us become more efficient.
Here are a few ways blockchain technology could help.
Advantage: Exchange the value of data
Some organizations have a wide range of information stored on digital products, including mobile apps, websites, internet services, and distribution channels. For instance, an online grocery delivery business that harvests data to provide a personalized customer experience might use blockchain data to give customers greater value for their food purchases.
The way the service is designed will depend on what companies wish to exchange, but what they are discussing should be what you would expect to buy when buying products that are being consumed in general—if a company provides a smartphone, social network, mail portal, I’d expect the owner to sell location-based data related to the way their products are being delivered.
While all of us might have varying opinions on the data being collected from others, that information might have value to us or a group of people. Something like the networking function for a general computer might know that as time goes on, it will have data sent from itself or perhaps even other computers or web resources. However, if the information is being collected from a member of an organization or group, such information would represent value to individuals, which could be valuable to the organization.
By itself, the data that needs to be sold doesn’t have any value. However, if an organization decides to buy the data from someone to help them be efficient with their business, that group of individuals could then receive an extra financial return for their work as well.
Monetary value transfer
By removing the middleman from the transaction, groups of individuals or groups could benefit from money transfer from a business to someone else. If an individual gets paid in cash or some other payment, the money could be used to fund a specific purchase. In effect, instead of requiring a business to spend a certain amount on each transaction, the vendor would send the cash directly to the beneficiary to get the new product or service. While it might seem like a simple mechanism, the number of transactions transferred by the sale could be rather complex. For instance, the number of transactions involving food products is likely to be much higher than that of companies simply moving money.
Data agnostic
If the company is willing to digitize its products, then it will likely have a database of data. As time goes on, the more likely you are to raise questions about government oversight and privacy implications. If you don’t have any data stored in a database, then the blockchain-enabled service is not only effectively data agnostic, but also unbiased toward the business being done. In other words, the greater data, the greater the service.
Frictionless data transfer
It’s becoming more and more important to consumers about how organizations are using their data. Consumers are choosing a ton of different digital products from different companies. Some of those applications are also mining data from others to be effective. Data mining allows organizations to purchase that data from other companies so that they can use that information to improve their business and enhance the customer experience.
However, if your users can directly interact with an organization and receive no payment for the data transfer, it will reduce the level of trust that users will have with the organization.
The current use case can allow you to record information such as an individual’s contact list, photos, email addresses, billing account data, and loyalty programs. The use case that I highlighted above is a great example of how blockchain could accelerate the transfer of data. And not only is this faster than getting all of the information stored on a database, but it’s also much more frictionless. Simply put, after we scan our grocery products, they are now free from having to be moved around while a transaction is processed.
