Topic: Blockchain technologies and use of cryptocurrencies (Read 131 times)

Nice article. This decentralization is transforming traditional industries as well as it is going to give many opportunities to build new services for smaller businesses and consumers that thrive on evolution and change.

Big Data exploitation affects any person with a smartphone, computer, e-mail, new car, credit card, Facebook account or simply uses the internet to find recipes or even check the weather. We have all been subsumed by the Big Data industry and are being goaded to increase our dependency on such systems while simultaneously paying for the system’s upkeep through increased consumer expenses. Today’s big data advertising revenue is more than $215 Billion annually and these costs need to be covered with an additional extra profit. Ultimately consumers need to pay the costs created by the collection of their own data, while their dependence on such data-collection platforms continues to be nurtured by the data corporation.

Thanks to the invention of Blockchain technologies and use of cryptocurrencies, a wave of decentralization is taking place in many industries. Big, centralized companies are effectively losing their monopoly over money and data. From banks, to data giants and governments, this decentralization is transforming traditional industries. While this new situation might be intimidating for centralized companies, it will give many opportunities to build new services for smaller businesses and consumers that thrive on evolution and change.

Blockchain smart contract benefits:

●   General data is available, while personal data is anonymous
●   Provides trust between two unknown parties, allowing decentralization
●   Blockchain has an immutable history of transactions
●   Data is safe and stored on decentralized servers
●   Cost effective payment solution for small transactions w/o any middleman