[Infographic] Blockchain technology for the data economy

Jan 13, 2022

Futurists and technology entrepreneurs believe that automation and data will be our tools for a brighter future. Even the first female chancellor of Germany and leader of one of the world’s largest manufacturing economies, Angela Merkel, supports these technological developments. At a World Economic Forum event, she said, ‘Data will be the raw material of the 21st century’.

Discussions about artificial intelligence (AI), self-driving cars and virtual assistants have been around since the pre-Internet age. What is different now is that we’re already living in the envisioned future. Today, smart houses are common, and tech experts are consistently finding more ways to make them smarter.

The abundance of smart homes pushes cities to become smart, as well. World-class cities like Singapore, Zurich, Oslo, Taipei and Dusseldorf are designing and building high-tech infrastructure to attract investment and talent.

As the world continues to explore digital advances, there will undoubtedly be surprises along the way, whether they be pleasant or unpleasant. How can you prepare for what lies ahead? First, it’s best to zoom out from micro-developments and gain a broader perspective on larger trends. What do these technologies have in common? Data.

With the huge influx of data you encounter in your everyday life, there will come a time when all of it will be too much for conventional infrastructure to handle. One way to address this ‘extreme data’ is through the BSV blockchain. In the infographic and article below, we’ll take a look at what it takes to offer a blockchain for the data economy.

The Fourth Industrial Revolution: A data-based economy

The Fourth Industrial Revolution (4IR) marks a new era for economies. In this age, physical, digital and biological worlds merge. The public has started to utilise new technologies like the Internet of Things (IoT), AI, cloud computing, 3D printing and advanced wireless technologies. 

The building blocks of these advancements are data. Many components of our daily behavior have big data interactions, whether they’re human-to-human, human-to-machine or machine-to-machine exchanges. 

For instance, the smartwatch you wear can monitor your exercise routine and transmit the data to your smartphone. Then, the mobile app will connect with your smart scale to instruct you on your upcoming workout.

Presently, not every interaction is data-driven, but tech experts are working on it. In a full-fledged data economy, almost every element of your daily life will be connected to a smart sensor or IoT device. 

Soon enough, you’ll be able to measure the productivity of your remote employees across the globe, evaluate the levels of social stimulation your child receives at daycare, and even monitor the health and well-being of the cows that produce milk for your micro-dairy.

As we move forward to a more data-based economy, we continue to develop devices that will scale our data output from ‘big’ to ‘extreme.’ However, the problem is that Internet protocols and infrastructure have not yet evolved in tune with this advancement. 

If we want to harness this smart future sustainably and profitably, we will need infrastructure and a protocol that can provide the required speed, security, scalability and sophistication.

The BSV blockchain as the infrastructure for a data-based economy

The original framework of Bitcoin is designed with the data economy in mind. When Satoshi Nakamoto created the Bitcoin blockchain in 2009, he envisioned a global data management system that would scale to serve an unlimited number of data applications.

The BSV blockchain project follows Bitcoin’s original design, realising the qualities that a data-based economy demands and the 4IR requires:

  • Scalability

By 2030, Statista expects that the number of IoT-connected devices worldwide will reach 25.44 billion. These devices include streetlights, fridges, home cameras, fitness gadgets and thermostats, among many others.

The global supply chain will have to depend on billions of data interactions along the way to develop these devices. Under this extreme data environment, current data management systems won’t be able to hold it all together.

BSV: unbounded data limits and throughput capacity

The BSV blockchain is the perfect solution for a data-driven economy. It’s a global system that transmits billions of data points at breakneck speed, 5,124 transactions per second (at block height 686127), to be exact.

With its evolving data capacity, fast processing, high transaction volume and very low transaction fees (data transmission fees), BSV can be helpful for multinational businesses and entire supply chains.

  • Security

In the digital era, cybersecurity is the main concern. No matter how big the budget organisations put into cybersecurity, there’s always a chance to get infiltrated. 

In 2021, data breaches in the U.S. already exceeded 2020’s record. Cases rose by 17%, with 1,291 breaches, compared to 1,108 breaches in 2020.

According to Eva Velasquez, President and CEO of Identity Theft Resource Center (ITRC), “While the total number of data breaches dropped slightly in Q3, we are only 238 data breaches away from tying the record for data compromises in a single year.” 2017 holds the all-time high record of data breaches with 1,529 cases.

Prevention has always been the primary purpose of cybersecurity. However, shifting the goal to early detection may be more effective. The question is no longer if you get infiltrated; it’s a matter of when.

BSV: immutable logs, top-notch security and 100% uptime

One of the best qualities of the BSV blockchain is its immutability. Not a single bit of data has been lost from the Bitcoin ledger since its launch in 2009. 

If hackers attempt to tamper with the logs, they’ll immediately be detected and set off an alarm. And since the ledger is a distributed network of nodes, everyone has an identical copy of the network logs, catching any form of manipulation easier and faster. 

With the BSV blockchain, businesses, families and individuals can have peace of mind knowing that their sensitive data is under the most secure infrastructure.

  • Stability

BSV transactions provide endless new data application possibilities. Its innovative blockchain-based capabilities empower new digital experiences. It can perform similarly to the universally adopted Internet protocol (TCP/IP), maybe even better since it ensures the immutability of records. 

Developers can depend on BSV’s protocol as it is stable compared to competing platforms, ensuring interoperability now and in future. The BSV network is also flexible and boasts around 28 second-layer protocols. Application developers have used it to store identities, websites, images, social media posts and other data types, including tokens. You can use BSV’s second-layer protocols independently or in conjunction with one another. 

  • Sophistication

As per the World Economic Forum, data—specifically IoT data—has been a strategic asset since 2011. It means you can have it sold and exchanged. The BSV blockchain allows you to monetise the little bits of data generated within this new digital economy. It’s another feature that helps set it apart from other solutions like cloud systems. 

Businesses can create useful applications and improve their services with this opportunity. You can build a data market where people are incentivised whenever they contribute their information (with their discretion) and third parties can pay to gain access to the data they need.

BSV blockchain understands the value of data

No other infrastructure understands the future of data like the BSV blockchain. It’s built in a way that accommodates the greater potential and extensive demand of the data-based economy. By exploring the opportunities you can harness using BSV blockchain, you can take advantage of the data economy profitably and sustainably.

Download BSV Academy’s eBook to learn more about BSV blockchain and why it’s the infrastructure for the data economy. 

Lizette Louw

Technology Writer

What BSV blockchain is and why it is the infrastructure for the data economy

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