Although advancements in technology like computers and the Internet have made information record-keeping and sharing easier, long-term data problems still remain. Blockchain technology provides lasting solutions to these data problems. This is what Bitcoin Association Founding President Jimmy Nguyen discussed in his keynote presentation at the 13th Global Family Office Investment Summit in Dubai hosted by Sir Anthony Ritossa.
Current Data Problems
- Data transfer passes through various intermediaries at a cost. This causes inefficiencies and additional expenditures for businesses worldwide.
- Digitizing data allows for a more efficient record-keeping system. However, it has created data silos that separate information from other information, which can even happen within a single organization. There is no comprehensive view of all data in real time.
- Data is private. The public cannot easily access and verify data. It usually takes a court order for a citizen to gain access to a company’s private data.
- The Internet has provided a way to transmit data across platforms; but it does not have a native way to transmit payment.
- Consumers simply do not own their data and that is why they cannot monetize it.
How Blockchain Technology Solves These Problems
- By storing information on the Bitcoin SV blockchain, which is a global and public ledger, companies get real-time access to data without needing to go to each of the intermediaries on the supply chain. Unisot has tested this method and has cut down on intermediaries in tracking Halibut from the supplier to the restaurant.
- Blockchain technology breaks down data silos by providing access to the same data updated in real time. EHR Data, Inc. has started putting billions worth of healthcare data on the Bitcoin SV blockchain to combat the opioid crisis.
- Because blockchain technology records large-scale data in an immutable and chronological fashion, data is easily verifiable. Veridat and Juvatech are currently using Bitcoin SV to restore trust in clinical research data.
- Because the Bitcoin SV blockchain has a coin, which is BSV, it allows for a native way to transmit payment. Transmira is using Bitcoin SV to allow people in their smart cities to interact with them in a money perspective.
- One of Bitcoin SV’s goals is to give back ownership of data to consumers. Twetch is a social media application that allows for users to own and monetize their data.
Because the Bitcoin SV blockchain solves these current data problems with its capacity to handle large-scale data and a stable protocol, its potential for use is limitless. And this is why it is a worthwhile investment for global businesses.
After Dubai, Bitcoin SV heads to Zurich, Switzerland for its first conference of 2021.
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