Post-Recession Blockchain Data is New Oil
The market is full of altcoins that have zero use cases. Moreover, people are selling those coins to exit the industry. Moreover, they are not even keeping the use case that could bring them data that can later be sold to the market. Instead, the blockchain data is being treated like some trash and ignored as if the world does not care. It can give a solution to many problems and save future churning on a variety of issues where money is burned the wrong way.
When you look at the blockchains like Hive and a few other content-based blockchains, you would think, where does that go, and how it is being reused or processed after some time, how it can be meaningful over time. In this post, I want to discuss this particular use case where blockchain data can be a new oil for the world to use after the recession is reduced to everyday life.
So let us talk about where the blockchain data would be helpful shortly.
Blockchain Data Useful for Governance
I am sure many of you know how the DAO and other blockchain-based governance are rising. Moreover, the governance data that is released after the decision-making is also on the blockchain. Now, these blockchains can be public or private, but they can add some excellent value to using governance data. It can solve many interesting problems for the government and other places where data is necessary to make decisions.
I think if we can design the apps and the blockchains that take the meaningful data on its chain and later allow us to use it for our choice. That would be an exemplary process for us to check shortly. Though we cannot be sure how the governance out of such blockchain-based data would be for future problems, we get the idea of the governance and the choices based on data.
Data Useful for Immutable Value Storage
You have much data that we do not want to be changed. For example, if birth data, death data, and other data were changing, it would lead to a lot of clerical and other mistakes, which could hamper the value of the data. So blockchain being immutable makes it easy for us to store the data, which can be for such type of data that does not need changes of any type. When you decide how the storage would be for such historical data, we can rest assured that it is an untameable state.
A lot of such data will be in demand shortly. This type of data can be for animals, humans, and other things which we consider helpful for our data. In that context, I would say that when you are planning for value storage, you can choose the blockchains that are useful for such types. In that context, blockchain would be a good option for the nation's archival data.
Data Useful for Financial Archival
Each day something new happens in the financial world. You may notice that the financial world has data that can show various sets of records, which are helpful in terms of the context and can be useful for the future, like those spikes and the changes that happen with finance which can later be changed with the governance choices within the finance domain. Like those changes in society affecting the financial world, such relational data changes can be archived with the blockchain.
We can also archive some of the companies and their performance which is helpful to know how the companies behave in the recession. Moreover, how that data can be used to avoid future problems with the recession and other issues that happen in society shortly. In short, financial data, like any other data, can make much exciting progress if we use it correctly.
Predictable Data vs. Usable Data
Data has many use cases. Say you want to use data to decide whether specific actions can be used to do a particular action. Moreover, some of such specific actions can be used for the prediction and other actions that can make it easier for decision making. In that case, we have compelling use cases - predictable and usable data. Most of the predictable data have many use cases in health, finance, and other governance domains.
In case of the usable data, you can always keep the birth, death, education, medical and health data. Moreover, that data regularly can be used as well. How we choose to use the data makes the difference. However, you can see that both those data use cases can make much difference in our life if we choose to use the data the right way based on our future needs.
I feel Hive can also be of use in this space. Where we can store meaningful data which could be helpful for future generations and the governance of any nation. How we do it and how people choose to do it is the question that remains.
What do you think?
I feel that data has much value, especially the blockchain data that will get the value in upcoming times. I feel that blockchain-based data can be good for us if we choose to handle the data and use it for our specified use case. If we can put the Hive into such type of use case, that would also open up more value for the users.
What do you think? Is blockchain data a new oil?
Posted Using LeoFinance Beta
