We do not know it since yesterday: “Data is the oil of the 21st century” Big Data is commonly understood to mean both the data itself and its properties and all the technologies for analysis. Basically, the term is nothing more than the systematic promotion of the new “raw material” using state of the art technology.
The challenge is that IT systems not only correctly handle missing, incorrect or ambiguous data, but also have to provide a reliable basis for making business decisions or adding value to services and applications through analysis — and preferably in real time. Future applications will help you to extract valuable information from data that will only be available to other applications.
In addition, they help decision makers to better understand their customers and to adapt products and services faster and more targeted. And this is where IOTA comes into play.
IOTA can do data transfer in “real time”
As we all know, IOTA has optimal properties for data transfer in “real time” and another advantage resonates with it. It is the possibility to transport data without transaction fees. But that’s just one side. Data has a value and in the future they will be increasingly available for a fee. Incidentally, this also corresponds to the idea of the IOTA data marketplace. In the future, this will create a system in which many billions or trillions of data are purchased and transported daily with IOTA.
The quality, plausibility and informative value of the data are becoming increasingly important. This is also the reason why the combination of different data sets in “real time” is becoming increasingly important. With these automatic links of paid data and the transport of these over the Tangle, an increase in value of the data is generated. This will be a refinement of IOTA or the data in Tangle. So in the future large companies will act, but the system is also applicable in small.
Refinement of IOTA or the data in Tangle
If there is a system that uses IOTA (Tangle) to buy, transport, and refine data, revenue can be generated. Anyone who wants to retrieve specific data needs IOTA. What happens to the price of IOTA in a system that uses billions of Dollars, Euros or whatever every day, with IOTA to buy, transport and exchange data?
public IOTA is currently working with others on a project where IOTA owners can generate revenue from their MIOTA through the data enhancement service. It is a longer term project but we will keep you up to date.