SYS-CON MEDIA Authors: Stackify Blog, Zakia Bouachraoui, Elizabeth White, Pat Romanski, Liz McMillan

Related Topics: Wearables, @CloudExpo, @DXWorldExpo, FinTech Journal, @ThingsExpo

Wearables: Blog Post

Is #Blockchain Enabler of Data Monetization? | @CloudExpo @Schmarzo #BigData #FinTech #SmartCities

Creating marketplaces where companies, individuals & smart entities can share/sell/trade/barter their data & analytic insights?

Special thanks for the help on this blog to the coolest, most hip group of industry experts that I have ever met: the Pathfinders. The Pathfinders is an elite forces group of master system engineers inside of Dell EMC who tackle our customers’ most difficult and inspiring challenges. I am honored to be part of that club!

Suppose an autonomous vehicle learns of a more efficient route and wants sell this knowledge to other autonomous cars for a fee (using blockchain to handle machine to machine transaction). Suppose the autonomous vehicle could start to monetize itself; to self-fund its own operations and the acquisition of goods and services such as gas, repairs or vehicle upgrades (using blockchain to conduct commerce).  Now suppose the autonomous vehicle could couple real-time analytics of vehicle performance and maintenance with real-time bidding for maintenance servicing and replacement parts (blockchain inserted again). Lastly, think “intelligent” vehicle depreciation and salvage value optimization where the autonomous vehicle continuously scours used car and auto parts markets for vehicles in need of older chassis, transmission and electrical components (again leveraging blockchain).

Is blockchain the ultimate enabler of data and analytics monetization; creating marketplaces where companies, individuals and even smart entities (cars, trucks, building, airports, malls) can share/sell/trade/barter their data and analytic insights directly with others?

The impact that has on a company’s financials could be overwhelming, or devastating, depending upon what side of business model transformation you sit.

What Is Blockchain?
An extensive explanation of blockchain is beyond the scope of this blog, and way beyond the capabilities of this author, but in its simplest blockchain is a data structure that maintains a digital ledger of transactions among a distributed network of entities.  Think of a “distributed ledger” that uses cryptography to allow each participant in the transaction to add to the ledger in a secure way without the need for a central authority or central clearinghouse.  Figure 1 provides a nice visual of the workings of a blockchain.

Figure 1: Source: http://www.cmswire.com/information-management/how-to-use-blockchain-technology-to-retain-more-customers/

For example, imagine a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is smart enough to automatically update this spreadsheet any time someone makes a change to one of the versions of the spreadsheet.  Information held on a blockchain exists as a shared — and continually reconciled — database. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable and easily shared.

A shared, distributed ledger (blockchain) has the following Big Data ramifications:

  • Common access to the same data for all parties involved in the transaction. This should accelerate data acquisition, sharing, data quality, data governance and ultimately, data analytics.
  • Provides a detailed register of all transactions or engagements kept in a single “file” or blockchain. It provides a complete view of the entire transaction, from engagement start to engagement finish.  No need to integrate pieces of data from multiple systems in order to create a single view of the entire engagement or transaction history.
  • Provides the ability to manage and control one’s own personal data without the need for a third-party intermediary or centralized repository.

Blockchain provides the potential to truly democratize the sharing and monetization of data and analytics by removing the middleman from facilitating those transactions (potentially acing out those middlemen).

Blockchain and Big Data
BusinessWeek published an article titled “Wal-Mart Tackles Food Safety with Trial of Blockchain” that describes about how Wal-Mart is using blockchain to manage product recalls and the related safety and health issues (being a big fan of Chipotle, I understand fully the ramifications on recalls and safety!). The article states:

“Like most merchants, the world’s largest retailer struggles to identify and remove food that’s been recalled. When a customer becomes ill, it can take days to identify the product, shipment and vendor. With the blockchain, Wal-Mart will be able to obtain crucial data from a single receipt, including suppliers, details on how and where food was grown and who inspected it. The database extends information from the pallet to the individual package.”

And while Wal-Mart is concerned from pallet to the individual package, what if we could leverage the rapidly decreasing costs of sensors by placing low-cost sensors on individual product in order to extend that supply chain view all the way through to individual consumer’s product consumption and usage?  What if manufacturers and distributors could monitor consumer product usage patterns in order to better service the individual consumer by placing sensors on every product (tube of Crest, bottle of Tide, package of donuts)?  Having detailed insights into the consumer’s product consumption and usage holds untold business potential to manufacturers, distributors, retailers and consumers alike.

Now imagine how the individual consumer would control or manage who has access to that data through the use of blockchain.  This could put consumers in a position to negotiate with manufacturers and distributors (either individually or through consumer associations) pricing discounts in exchange for their personal consumption data.

The combination of blockchain and product-based sensors could enable Consumer Goods Manufacturers to develop detailed customer usage and consumption insights including:

  • How often does Jane Smith use the detergent?
  • Are there certain times and/or days of the week where Jane Smith is using the product?
  • How much does she use per load?
  • How much product does she have left?
  • When do you expect that she will need to refill or reorder?
  • Are there variations in how much she uses?

Summary
Blockchain holds the following ramifications for Big Data:

  • Access to granular, detailed transactional and consumption data around which to build detailed analytic (behavioral) profiles for individual suppliers, products and the sources of products and the product’s components (acreage, trees, plants, livestock, crops)
  • Integrating detailed transactional and usage data from source through consumption
  • Analytics that address supply chain and consumption chain including waste, shrinkage, safety, tampering, laundering, fraud, theft, obsolesce and optimization

Access to the detailed consumer product usage and consumption data would explode the potential of big data to optimize key business processes, reduce regulatory and compliance risks, uncover new monetization opportunities, and create a more compelling consumer experience.

Sources

The post Is Blockchain Ultimate Enabler of Data Monetization? appeared first on InFocus Blog | Dell EMC Services.

At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throughout enterprises of all sizes.

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CloudEXPO Has Been the M&A Capital For Cloud Companies

CloudEXPO has been the M&A capital for Cloud companies for more than a decade with memorable acquisition news stories which came out of CloudEXPO expo floor. DevOpsSUMMIT New York faculty member Greg Bledsoe shared his views on IBM's Red Hat acquisition live from NASDAQ floor. Acquisition news was announced during CloudEXPO New York which took place November 12-13, 2019 in New York City.

Our Silicon Valley 2019 schedule will showcase 200 keynotes, sessions, general sessions, power panels, and hands on tutorials presented by 150 rockstar speakers in 10 hottest conference tracks of 2019:

» CloudEXPO Enterprise Cloud
» DevOpsSUMMIT Enterprise DevOps
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» DXWorldEXPO - Digital Transformation
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FinTech Is Now Part of CloudEXPO Silicon Valley 2019 Program

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Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses. Accordingly, attendees at the upcoming 23rd CloudEXPO, June 24-26, 2019 at Santa Clara Convention Center in Santa Clara, CA will find fresh new content in full new FinTech & Enterprise Blockchain track.

DevOpsSUMMIT, Cloud-Native, and Serverless Computing Tracks at CloudEXPO Silicon Valley 2019

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Cloud-Native thinking and Serverless Computing are now the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, as well as the public sector.

The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.

DevOpsSUMMIT at CloudEXPO expands the DevOps community, enable a wide sharing of knowledge, and educate delegates and technology providers alike.

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Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation. DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy.

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For the past 10 years CloudEXPO® helped drive the migration to modern enterprise IT infrastructures, built upon the foundation of cloud computing. Today's hybrid, multiple cloud IT infrastructures integrate Big Data, analytics, blockchain, the IoT, mobile devices, and the latest in cryptography and enterprise-grade security.

Digital Transformation is the key issue driving the global enterprise IT business. DX is most prominent among Global 2000 enterprises and government institutions.

About DXWorldEXPO LLC

DXWorldEXPO LLC is a Lighthouse Point, Florida-based trade show company and the creator of DXWorldEXPO - Digital Transformation Conference & Expo. The company produces and presents the world's most influential technology events including CloudEXPO, DevOpsSUMMIT, and FinTechEXPO.

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More Stories By William Schmarzo

Bill Schmarzo, author of “Big Data: Understanding How Data Powers Big Business” and “Big Data MBA: Driving Business Strategies with Data Science”, is responsible for setting strategy and defining the Big Data service offerings for Hitachi Vantara as CTO, IoT and Analytics.

Previously, as a CTO within Dell EMC’s 2,000+ person consulting organization, he works with organizations to identify where and how to start their big data journeys. He’s written white papers, is an avid blogger and is a frequent speaker on the use of Big Data and data science to power an organization’s key business initiatives. He is a University of San Francisco School of Management (SOM) Executive Fellow where he teaches the “Big Data MBA” course. Bill also just completed a research paper on “Determining The Economic Value of Data”. Onalytica recently ranked Bill as #4 Big Data Influencer worldwide.

Bill has over three decades of experience in data warehousing, BI and analytics. Bill authored the Vision Workshop methodology that links an organization’s strategic business initiatives with their supporting data and analytic requirements. Bill serves on the City of San Jose’s Technology Innovation Board, and on the faculties of The Data Warehouse Institute and Strata.

Previously, Bill was vice president of Analytics at Yahoo where he was responsible for the development of Yahoo’s Advertiser and Website analytics products, including the delivery of “actionable insights” through a holistic user experience. Before that, Bill oversaw the Analytic Applications business unit at Business Objects, including the development, marketing and sales of their industry-defining analytic applications.

Bill holds a Masters Business Administration from University of Iowa and a Bachelor of Science degree in Mathematics, Computer Science and Business Administration from Coe College.

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