Welcome!

@ThingsExpo Authors: Automic Blog, Pat Romanski, Liz McMillan, William Schmarzo, Kevin Benedict

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
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 t...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis 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. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.
SYS-CON Events announced today that Google Cloud has been named “Keynote Sponsor” of 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. Companies come to Google Cloud to transform their businesses. Google Cloud’s comprehensive portfolio – from infrastructure to apps to devices – helps enterprises innovate faster, scale smarter, stay secure, and do more with data than ever before.
SYS-CON Events announced today that Vivint to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. As a leading smart home technology provider, Vivint offers home security, energy management, home automation, local cloud storage, and high-speed Internet solutions to more than one million customers throughout the United States and Canada. The end result is a smart home solution that sav...
SYS-CON Events announced today that Opsani 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. Opsani is the leading provider of deployment automation systems for running and scaling traditional enterprise applications on container infrastructure.