CAN BLOCKCHAIN BE UTILIZED IN A COMPETITIVE OPEN MARKET?
Technology From a Data Perspective
Andrew Ma, a guest writer for Entrepreneur Magazine, wrote an opinion column about how blockchain technology will level the playing field for both small and large businesses when it comes to data use. As one that is currently investing in cryptocurrencies and working with online trading platforms, I am seeing firsthand the effects of blockchain transactions. Andrew makes some very good points in his article. In this reading, I will attempt to summarize some of the key points of his article. I will also offer some feedback on Andrew’s article.
The Big Fish Versus the Small Fish
Andrew attempts to explain how companies that embrace modern technology have benefited from blockchain from a data sense. His basic summary could fit the slogan: “Information is Power”. Companies that have more data and information will benefit more than companies that do not embrace a changing digital world. It is like comparing the advent of email as opposed to relying on the U.S Postal Service.
The New Data Player in the Game: Blockchain
Andrew moves further to explain blockchain and how it can make information and data transparent to anyone who wants to view it. By adopting blockchain technology, no information is hidden which benefits all businesses. It is sort of like a decentralized melting pot of information. Blockchain is currently the backbone of the cryptocurrency market.
Blockchain Principals Will Make the World More Transparent
Andrew coins the phrase “direct data commerce” which basically means that anyone should be able to see data available to use in a competitive economy. Businesses will have access to get the information they want and anyone else can find out what information other companies have asked for. This is similar to the existing cryptocurrency market which is a decentralized economy relying on blockchain technology. Blockchain, at its basic core, is a public ledger of information stored digitally and recorded chronologically. Currently, anyone who performs a cryptocurrency transaction makes it available to anyone in the world. Of course, there is anonymity in personal and private information, but transactions are hashed and available for all to see.
Will Blockchain Technology Really Work in the Data World?
I would like to offer some feedback on the general principal of Andrew’s article. To be brutally honest, I am uncertain as to what level of data should be considered safe for businesses and the general public. In my opinion, you cannot compare the use of blockchain technology that is being used within the cryptocurrency market now with how blockchain could be implemented with data use. In order to operate in a competitive open economy, some data has to be privileged so if one company is financially better off than another, they should reap some of the benefits of having more information. Making data available to everyone could work out in the long run, but it will take some careful thought on how to actually implement it.