Automating Data Monetization with Blockchain and Big data
FREMONT, CA: Data-driven business models have grown in the fourth industrial revolution. The organization, which use modern technology like Big Data and IoT, collect large volumes of data from each department. Every company has understood that data is an asset and uses critical data in several applications. Numerous Start-ups and small businesses do not, however, access essential data collection and analysis infrastructure and resources. For established organizations to deal with this problem, data monetization can be carried out to sell relevant data to future companies. Data vendors can generate new income streams for the company with this approach.
Big data can process large amounts of data at high speed to produce precise results. Throughout various industries such as healthcare, retail, finance, production, and much more, big data can, therefore, be used. In retail companies can collect customer details and feedback on social media to generate customized marketing campaigns for specific customer population information. Big data allows organizations to evaluate large sets of data from various sources to create complex data models. Industry leaders can predict and formulate strategies to adapt to these trends using these data models.
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Besides Big Data, IoT data can be used by organizations for better results. The analysis of these data allows companies to assess and understand different business processes. Installation of IoT sensors in shelves can be done to inform the shop owner of the exhaustion of products. The sensors collect information that can help the shop owner understand which product is in high demand, when the shelves are empty, and when customers purchase most products. The owner can take key decisions regarding inventory management, product orders, and discounts using such insights.
Blockchain is capable of democratizing and sharing of data. Looking at this potential, several companies have set up blockchain companies specializing in data monetization. Business leaders need to determine what data they can supply. Business leaders need to investigate different companies, their types of data, their services, and their cost in selecting the most suitable blockchain-based data-monetization company. Business leaders can determine which business to do with, based on their budget, after finding the most appropriate blockchain-based data monetization companies.
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Data monetization will be available to consumers soon with the assistance of blockchain. Consumers may monetize and negotiate the value of their data utilizing blockchain-based data monetization. Organizations may also use smart contracts to verify their purchasers' credentials and documents, receive payments, and share relevant information automatically. In this way, companies can carry out an autonomous process of data monetization.