Data is everywhere. It’s in our phones, our browsing history, our cars, our cities, and even our refrigerators. The more our culture becomes connected via the internet, the more data is able to be tracked, collected, and utilized.
Imagine that logic, applied to other industries and business practices. Now imagine those new practices, all using and implementing the data autonomously, producing meaningful results from the constant stream of data we face. Buying and selling necessary data is happening in real time, when the data is needed, and it’s all paid for on a single platform that handles all of the transactions. You’ve now imagined Streamr.
Data Collection Is Growing
Data is valuable. Almost nothing has shown that more recently than Facebook advertising. The company earned over $10 billion worth of profit in 2016, largely due to their advertising platform. This is because Facebook collects data from its users, concerning their likes, interests, favorite foods, etc. Then it makes that information available to marketers for a price. Facebook is a marketer’s dream because the data collected provides the precise audience to target in order to receive the highest return on investment.
Generating data will never be an issue, but capturing the data that we already create is a little more challenging. That’s where IoT comes in. IoT stands for “Internet of Things”. It’s a network bringing anything that can produce and capture data together into a single location. Almost anything that has software, sensors or the capability of joining a network can be an object that joins IoT. The obvious examples are phones and computers.
But as technology grows, this list grows as well. Cars, refrigerators and even smart cities can be a part of the IoT network. The IoT is a helpful tool because it allows the connected devices to have remote control access via the network. Also it allows for the collection and storage of the data that is gathered on those devices.
Securing Data Through Blockchain
In the same way that Facebook ads benefit modern marketers, so the IoT has the possibilities for tremendous good. However equally as impactful is the damage this information can do when in the wrong hands. From old school train robberies, to identity theft, history has already shown us that putting a bunch of valuable commodities (including data) in a single location is a risky. And IoT is no exception.
Streamr is combining the relatively recent technological breakthrough called Blockchain to help with this problem. The driving technology behind popular cryptocurrencies like Bitcoin and Ethereum provides a decentralized platform that is able to handle massive amounts of traffic while providing a safe and secure hub for transactions. Blockchain is built on a peer-to-peer network and allows for decentralized apps (Dapps) to be built on top of it. Ironically, one of the most necessary components Dapps need to operate is data, precisely what IoT can accommodate.
Streamr is a platform that takes the power of blockchain and combines it with the data streams of the IoT. The data is provided from IoT devices, which is then used by Dapps in order to operate. The best part about it all; Streamr operates autonomously.
To return to our Facebook example, imagine if the data generated from your customers automatically synced into Facebook ads to better define your audience. Running your ads was automatically paid for with the money you made from your sales, and the cycle goes on.
This is similar to how the Streamr platform works. It takes that idea and implements it with blockchain functionality. Data is made available through Streamr and it is bought for and sold for with DATAtoken, the cryptocurrency Streamr coin.
Streamr operates by monetizing real time data in the form of a cryptocurrency token. The peer-to-peer network connects data subscribers with the data sources they need. Streamr works with Ethereum’s blockchain and smart contracts to help with the monetization, control and security. Decentralized networks are more secure because there isn’t a single hosting provider, but instead its users provide the power. This means that if part of the network goes down, it still has the entire community at large it can rely on to keep the network going.
The more data becomes captured and indexed, the more valuable it will become. Real time data is even more valuable, but more tricky to attain and utilize before that data becomes obsolete. Streamr is providing a platform that will help with the processing and utilization of mass data, bringing us one step closer to a more connected and efficient world.