Welcome!

FinTech Journal Authors: Elizabeth White, James Carlini, Xenia von Wedel, XebiaLabs Blog, Liz McMillan

Related Topics: @CloudExpo, @DXWorldExpo, FinTech Journal, @ThingsExpo

@CloudExpo: Blog Feed Post

Is #Blockchain Enabler of Data Monetization? | @CloudExpo #BigData #FinTech

Creating marketplaces where companies, individuals & smart entities can share/sell/trade/barter their data & analytic insights?

Special thanks for the help on this blog to the coolest, most hip group of industry experts that I have ever met: the Pathfinders. The Pathfinders is an elite forces group of master system engineers inside of Dell EMC who tackle our customers’ most difficult and inspiring challenges. I am honored to be part of that club!

Suppose an autonomous vehicle learns of a more efficient route and wants sell this knowledge to other autonomous cars for a fee (using blockchain to handle machine to machine transaction). Suppose the autonomous vehicle could start to monetize itself; to self-fund its own operations and the acquisition of goods and services such as gas, repairs or vehicle upgrades (using blockchain to conduct commerce).  Now suppose the autonomous vehicle could couple real-time analytics of vehicle performance and maintenance with real-time bidding for maintenance servicing and replacement parts (blockchain inserted again). Lastly, think “intelligent” vehicle depreciation and salvage value optimization where the autonomous vehicle continuously scours used car and auto parts markets for vehicles in need of older chassis, transmission and electrical components (again leveraging blockchain).

Is blockchain the ultimate enabler of data and analytics monetization; creating marketplaces where companies, individuals and even smart entities (cars, trucks, building, airports, malls) can share/sell/trade/barter their data and analytic insights directly with others?

The impact that has on a company’s financials could be overwhelming, or devastating, depending upon what side of business model transformation you sit.

What Is Blockchain?
An extensive explanation of blockchain is beyond the scope of this blog, and way beyond the capabilities of this author, but in its simplest blockchain is a data structure that maintains a digital ledger of transactions among a distributed network of entities.  Think of a “distributed ledger” that uses cryptography to allow each participant in the transaction to add to the ledger in a secure way without the need for a central authority or central clearinghouse.  Figure 1 provides a nice visual of the workings of a blockchain.

Figure 1: Source: http://www.cmswire.com/information-management/how-to-use-blockchain-technology-to-retain-more-customers/

For example, imagine a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is smart enough to automatically update this spreadsheet any time someone makes a change to one of the versions of the spreadsheet.  Information held on a blockchain exists as a shared — and continually reconciled — database. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable and easily shared.

A shared, distributed ledger (blockchain) has the following Big Data ramifications:

  • Common access to the same data for all parties involved in the transaction. This should accelerate data acquisition, sharing, data quality, data governance and ultimately, data analytics.
  • Provides a detailed register of all transactions or engagements kept in a single “file” or blockchain. It provides a complete view of the entire transaction, from engagement start to engagement finish.  No need to integrate pieces of data from multiple systems in order to create a single view of the entire engagement or transaction history.
  • Provides the ability to manage and control one’s own personal data without the need for a third-party intermediary or centralized repository.

Blockchain provides the potential to truly democratize the sharing and monetization of data and analytics by removing the middleman from facilitating those transactions (potentially acing out those middlemen).

Blockchain and Big Data
BusinessWeek published an article titled “Wal-Mart Tackles Food Safety with Trial of Blockchain” that describes about how Wal-Mart is using blockchain to manage product recalls and the related safety and health issues (being a big fan of Chipotle, I understand fully the ramifications on recalls and safety!). The article states:

“Like most merchants, the world’s largest retailer struggles to identify and remove food that’s been recalled. When a customer becomes ill, it can take days to identify the product, shipment and vendor. With the blockchain, Wal-Mart will be able to obtain crucial data from a single receipt, including suppliers, details on how and where food was grown and who inspected it. The database extends information from the pallet to the individual package.”

And while Wal-Mart is concerned from pallet to the individual package, what if we could leverage the rapidly decreasing costs of sensors by placing low-cost sensors on individual product in order to extend that supply chain view all the way through to individual consumer’s product consumption and usage?  What if manufacturers and distributors could monitor consumer product usage patterns in order to better service the individual consumer by placing sensors on every product (tube of Crest, bottle of Tide, package of donuts)?  Having detailed insights into the consumer’s product consumption and usage holds untold business potential to manufacturers, distributors, retailers and consumers alike.

Now imagine how the individual consumer would control or manage who has access to that data through the use of blockchain.  This could put consumers in a position to negotiate with manufacturers and distributors (either individually or through consumer associations) pricing discounts in exchange for their personal consumption data.

The combination of blockchain and product-based sensors could enable Consumer Goods Manufacturers to develop detailed customer usage and consumption insights including:

  • How often does Jane Smith use the detergent?
  • Are there certain times and/or days of the week where Jane Smith is using the product?
  • How much does she use per load?
  • How much product does she have left?
  • When do you expect that she will need to refill or reorder?
  • Are there variations in how much she uses?

Summary
Blockchain holds the following ramifications for Big Data:

  • Access to granular, detailed transactional and consumption data around which to build detailed analytic (behavioral) profiles for individual suppliers, products and the sources of products and the product’s components (acreage, trees, plants, livestock, crops)
  • Integrating detailed transactional and usage data from source through consumption
  • Analytics that address supply chain and consumption chain including waste, shrinkage, safety, tampering, laundering, fraud, theft, obsolesce and optimization

Access to the detailed consumer product usage and consumption data would explode the potential of big data to optimize key business processes, reduce regulatory and compliance risks, uncover new monetization opportunities, and create a more compelling consumer experience.

Sources

The post Is Blockchain Ultimate Enabler of Data Monetization? appeared first on InFocus Blog | Dell EMC Services.

More Stories By William Schmarzo

Bill Schmarzo, author of “Big Data: Understanding How Data Powers Big Business”, is responsible for setting the strategy and defining the Big Data service line offerings and capabilities for the EMC Global Services organization. As part of Bill’s CTO charter, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He’s written several white papers, avid blogger and is a frequent speaker on the use of Big Data and advanced analytics to power organization’s key business initiatives. He also teaches the “Big Data MBA” at the University of San Francisco School of Management.

Bill has nearly three decades of experience in data warehousing, BI and analytics. Bill authored EMC’s Vision Workshop methodology that links an organization’s strategic business initiatives with their supporting data and analytic requirements, and co-authored with Ralph Kimball a series of articles on analytic applications. Bill has served on The Data Warehouse Institute’s faculty as the head of the analytic applications curriculum.

Previously, Bill was the Vice President of Advertiser Analytics at Yahoo and the Vice President of Analytic Applications at Business Objects.

@ThingsExpo Stories
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...