It has been clear time and time again that businesses – even if they are small – can enjoy high growth trends by adopting the modern digital technologies in comparison to the ones – even if they are big businesses – who resist modern digital technologies.
In the recent years, data has become the backbone of any business. It can unlock great achievements and growth margins for the businesses that use it wisely.
However, many businesses are limited to the information they can get and the source of that information. In order to get meaningful data, the companies have to procure lots of funds to pay third-party data distributors like Facebook.
With all the expenses including the marketing budget, bringing out a budget for data is not possible for all the businesses. And as for collecting the data themselves, well, you cannot match the accuracy and variety of data that you can get from Facebook or Amazon.
While you may need the data in only a single context (such as shopping trends), the accuracy problem still puts a big question mark on your analytics.
The revolutionary blockchain technology is striving to change this scenario, especially for the small businesses. The distributed ledger – with blockchain at its foundation – is designed to deliver transparency about data to buyers and sellers.
Both of the parties can know about the sources of data and know whether the data has been tampered with or not. Such a system means that internet tech giants are not the only ones who guaranty accurate and trustworthy data anymore.
Ultimately, this system will enable small businesses to stop taking leaps of faith and start relying on trustworthy data for their decisions. Such a system will enable businesses to get a great support – if not an equal power – in competing against their rival Giants.
The logic that applies to the distributed ledger can be defined in one simple sentence: tiny waterdrops form the massive ocean. Think of it this way, the only option to buy data today is to go to a huge supermarket where the owners control what they sell and at what price do they sell it.
The distributed ledger will allow you to get data from a huge open-air market; you can get a lot of little chunks of data from different small businesses who are willing to share the data that they cannot monetize currently.
Since the blockchain technology will assess the credibility of the data, you will know how much you can trust a particular chunk of data and can also find out credible sources for doing business with in the future.
A huge portion of businesses in the U.S. are small businesses, imagine the possibilities if even a small percentage of these small businesses agree to share their data.
This revolutionary sharing of trustworthy data between small businesses will not only enable small businesses to compete against their rivals but will also break the monopoly of internet data giants like Facebook and Amazon.