Data is one of the most valuable resources in today’s digital economy. It drives the decision making for companies around the world, and the insights derived from big data determine everything from shopping trends to healthcare diagnosis.
People’s unbridled participation in the internet economy – where every view, like, click, and retweet is collected into a veritable treasure trove of articulable insights – has created an incredible data deluge that is causing tension in 2019.
Collectively, people are creating 2.5 quintillion bytes of data every day, big data is bigger than ever before, and this creates both risk and opportunity for the companies that possess it.
Indeed, cybercriminals and bad actors know the value of these data stores, and they are targeting companies with sophisticated combinations of malware, phishing attacks, and other methodologies to wrestle this information free.
This is expensive for companies, and it’s terrible for consumers. IBM’s 2019 Cost of a Data Breach Study found that companies can expect to shell out nearly $4 million for a data breach. At the same time, global privacy regulations are aiding with consumers, giving them more power and control over their information and charging companies to protect it.
AI and predictive analytics – two data-driven necessities in today’s globally competitive economy – grow in prominence, they are directly intersecting with these problems.
To ensure a best-of-both-worlds approach in which companies get the insights they need without compromising consumer privacy, something has to change, and that functionality is occurring through decentralization.
Decentralizing Big Data
Today’s data sets are already established, and companies are now scrambling to protect this information while still garnering the critical insights that it reveals. Consequently, the case for decentralization has never been more apparent.