In recent years data has become a hot topic in the tech space, large corporations have fallen underneath the hammer of governments worldwide for not handling user data correctly. Amidst the enquiries, one thing became very apparent, data plays a key role in the success of businesses in the information age.
Marketing analytics data has become very lucrative over the past 10 years, and the data that can be pulled has become even more granular. Granular data along with developments in AI and data analysis have made it possible to draw out an accurate analysis of sentiment regarding any topic, company or organisation.
Sentiment analysis allows businesses to have a clearer picture of who their target audiences are, what their interests are, how they communicate and most importantly, how they feel about particular industries and companies. These kind of insights are of course, incredibly valuable to any business, however, the methods required to get hold of this kind of data are usually quite expensive and not as accessible to small to medium size businesses. This is where blockchain technology steps in.
Recent advances in blockchain technology have levelled the playing field when it comes to “Big data”. Smaller businesses can now access useful data at lower costs all while remaining GDPR compliant. There are currently several mechanisms native to blockchain tech that help this to be possible. GDPR compliance is vital for both businesses and users; data encryption, hashing and cutting edge cryptography are all at the foundations of blockchain technology and all play a part in helping keep user data secure. All this along with the distributed nature of blockchains contribute to the argument that blockchain technology might actually be the answer to big data regulation.
One issue that could be encountered by some blockchain protocols is the issue that comes along with the immutability of blockchains and “right to be forgotten” laws. Blockchain immutability has its advantages but when it comes to data protection it poses a massive problem. There is, however, a solution to this problem, and it’s being provided by projects like ours at CUDOS! CUDOS provides a bridge between the blockchain world and the outside world to enable blockchains to consume outside data and APIs. This bridge is an absolute necessity for blockchain to reach mass-adoption, not only are we solving the issue of immutability when it comes to data, we are also addressing an issue faced by most blockchains that are completely disconnected from the outside world, by becoming the bridge between on & off-chain data solutions.