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Blockchain Providing Opportunities for New Business Models

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Major developments in current technology are now unraveling the marketplace for secure data, providing a vast, untapped store of opportunity for both enterprises and individuals. New business models based on blockchain will enable us to take lead of the technological growths in transport.

One of the prime changes we are likely to see in the next era is a mammoth invasion in the amount of connected devices on which our lives will depend. The IOT space is gearing up for a colossal expansion and will most definitely touch numerous facets of our lives.

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We are probably going to see over 20 billion connected devices, from traffic lights to cash machine, self-serve kiosks in coffee shops and retail outlets, sensors and robots on production line floors. Also, as critical as the power and gas that at present powers our reality, will be the information that streams between these gadgets.

For instance, the field of Computer vision and sovereign driving has become reality only with the help of enormous datasets, conjoining millions of heaps of driving footage that comprises of images collected from several camera viewpoints, along with Light Detection and Ranging (LIDAR), GPS and other systems.

In the coming era it is not only the connected devices that will provide this data. Individuals themselves and the data we voluntarily provide are an emerging source of all types of intriguing information. For example, recently the Unites States (U.S) fast food chain reported an enormous dip in sales over a quarter. Ahead of the official results, one of the leading research organizations was able to predict this fall with astounding accuracy. They derived their data from the number of individuals checking in at the Fast food chain branches, or using their app with geo location switched on.

In Europe alone, several studies have valued the economic importance of open data at several tens of billions of Euros annually.

Imagine electric vehicles which could negotiate directly with toll roads to agree smart pricing at different times of the day and directly pay the road providers to use these routes, selecting the one that is cheapest without the driver having to make a conscious decision. Hence, the vehicles could even sell their own data back to the toll road companies to report back on traffic volume, weather conditions and other such information.

When it comes to data sharing, the biggest challenge is a lack of trust. Most organizations believe that information is a valuable commodity, and is one worth hoarding: the more you have of it, the more you can learn from it, and make changes that will drive business success.

Of course, it is no use having large amounts of raw data if you cannot trust the source or put it to use in any meaningful way.

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