Is Data the Currency of 2021

We live in a digital world, a century in which all companies are witnessing strong development. A new powerful form of currency has a radical definition of human business: DATA. The scope and frequency of Internet use have generated a lot of data, and companies have created various business models around this resource in the 21st century. The value of personal data will soon be open to the average user, but researchers and companies will also have better access.

Although it looks exactly as it looks, it’s a little early, the functionality and value of the data are different from a few years ago - events that most people can agree on are welcome. The advent of the internet and then our dependence on it meant that society’s activities are now all digital.

Data as the New Currency

Data is believed to be the engine of growth and change. This new data space economy has revolutionized digital commerce by rapidly analyzing the movement of disorganized data in real-time. Streams of photos, phone calls, videos, emails, messages on social media platforms, places we visit, products and applications we use, and information feeds from hundreds of websites that send and receive data; the list is almost endless.

Simply put, all types of devices become data sources. The flow of data is not limited to creating new infrastructure, new companies, or new managers, but has led to the development of a new currency. For clarity, we need to rethink what currency means. Though, gold, bonds, and stocks have been global currencies for centuries. Fundamentally, the currency is something that a group of people thinks has a certain value. As the data match this metaphor, we can conclude that it is the most valuable currency of our time.

Companies buy, and sell groups of pieces and bytes from them. As a result of the great expansion of the digital universe in recent years, the exchange of certain data with other data has become much broader. Adding new data to a database leads to a higher level of information, which increases the benefits for the company or organization. With the amount of data produced today, we could sit on a large pile of blue - sheep.

Connect with our experts to learn more about our data science training and courses.

Digging in the Data

For many people and organizations, data is an extremely valuable asset. They often buy it for a hefty sum. The idea is not new; companies have been buying data for years and using it to target potential consumers and focus their marketing efforts to get higher ROI. However, entire departments, and even the entire company, are committed to finding patterns in this data, be the demographic, geographic, or sociological approaches. Most of it comes from free apps and services like Facebook, Instagram, Twitter, and many others. By registering in these systems, we also waive the right to retain usage data for ourselves.

These are “terms” that new members who want to start posting so easily ignore. However, not only are the benefits that some people want to advance - the current situation, but also the security and well-being of others. For example, when you sign up for Gmail, you trust Google administrators and security engineers to protect your compromised data. Until the growing popularity of blockchains in recent years, the work of data revolutionaries was off for them, which required a change in this model.

Who Generates and Who Benefits?

So who creates all this data? Simple: these are both - consumers and companies - and the tools we all use, such as I-o-T. And, of course, that resource is processed by companies, managed, packaged, and sold, or used more to sell their products. That is companies - who manage the resource and the value that those resources occupy - and achieve great significance. All the same, Facebook and Alphabet are perhaps the most productive “data collectors” in the group, using the I-a-a-S business model to generate nearly 56.2 million dollars consequently with the help of the data that they produce on these platforms.

It does not mean that Apple, Microsoft, and Amazon will not benefit from consumer data either. They have earned $ 126 million in online sales in the past years. Although consumers typically generate this data, they have very little control over its use, let alone how the currency changes. But it starts to change, and customers become more and more motivated.

Given the changing landscape and usefulness of data, how can customers choose whether to use their data to create value? Increased consumer awareness and concern, along with regulations and credentials such as Big Data certification, are driving changes in the way businesses and consumers use and enjoy data. This changing landscape also presents new opportunities and prospects for new business models.

Blockchain - Bringing the Heat

The problem of uncertain and uncontrolled data is a problem with which the blockchain is unique. Security is revolutionary, as is the ability to remotely connect software. These and other features ensure that the inevitable mass dissemination of data also benefits outdated users and subscribers. However, blockchain does not have a centralized solution but instead uses encryption and algorithms to harness the power of its applications from user networks. Distributed data uses this technology to create a dispersed database that stores user data on the same network. Similar to hackers and under the supervision of parties that are not its owners, you can share this information as much as you want or less.

Data is the Currency of 2021

Data is already moving like money. Above all, directed between political parties a million times a second, and although it may not have had much value to many before, the blockchain counters the idea. More and more people are realizing how different the old ways were. As the first entrepreneurs in this company start making money from their networking habits, the data economy will grow in a different direction with the same opportunities as ever. The value of personal information will soon be open, but researchers and companies will also have better access.

Although it is too early to predict what this will look like, the data looks different than a few years ago, but developments that most people agree with are welcome. However, consumers are encouraged to subscribe to new services without spending hard - cash, instead of using the data as a “data currency” model. It’s a completely different all-around platform than the one Facebook works for today. However, as the landscape continues to evolve towards transparency, greater control (for consumers), and more common values ​​among stakeholders, these changes must also develop business models.

Start your 30-day free trial with DataScienceAcademy.io and begin your data science certification training journey today!