The world is wasting more than 80% of its transactional data
Over 80% of the world’s transactional data is unstructured, uncaptured, and unverifiable – in other words, completely wasted. The problem is that in today’s endless pursuit for rapid, data-driven decision-making, we really can’t afford to throw away this much useful data.
All this transactional data goes wasted because they are untrusted. Informal transactional data from machines are untrusted because they can be easily tampered with, with no guarantees on the data’s source or integrity. Informal agreements between people are not credible because they’re floating around in disconnected communication mediums, such as texts, chats, or emails, embedded inside informal conversations, oftentimes leading to confusion and disputes around “who said what when.”
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Value exchange is the main use case of the Ethereum blockchain today, often via the blockchain’s native token, ether. But many of the developers are working on the cryptocurrency because of its long-term potential and the ambitious vision of its developers to use Ethereum to give users more control of their finances and online data.
This ambitious idea – which sometimes leads to Ethereum being referred to as “world computer” – has been met with its share of critics who say it probably won’t work. But if this experiment rolls out as planned, it would spawn apps very different from Facebook and Google, which users knowingly or unknowingly trust with their data.
COINDESK: Ethereum 101
Blockchain technology is often described as the backbone for a transaction layer for the internet, the foundation of the Internet of Value. Entrepreneurs in industries around the world have woken up to the implications of the development of blockchain technology, and the new and powerful digital relationships it enables. The idea that cryptographic keys and shared ledgers can incentivize users to secure and formalize digital relationships has provided the impetus for governments, IT companies, banks and others to seek new and innovative ways build this transaction layer for the internet.
COINDESK: Blockchain 101