Sangeeta Devni

From Big Data to Little Data -Blockchain revolution

Blog Post created by Sangeeta Devni on Jul 20, 2017

Globalization 1.0 was when countries became Global, Countries started trading with other countries in the world. Travelers and explorers were driving the economy by discovering new routes to connect the world by building trade routes rail, road and sea routes connecting countries around the world.

 

Globalization 2.0 was when companies became Global. Inventions of the internet, optical fiber network connected the companies around the world which helped them to operate cost effectively, outsource, sell and buy products, hire talent from every corner of the world.

 

Globalization 3.0 is all about the individuals becoming Global. Currently, there are third party platforms connecting the individuals around the world to either connect, buy, sell or work. Companies like Facebook, Google help facilitates these but also benefit the most from all the user data generated on the platform. They control and use user data to build virtual profiles of the people to run targeting campaigns on them.

 

For Individuals to have the complete control and ownership of their data there needs to be a platform which does not belong to any company or government. Something which everybody uses and contribute to, but nobody owns. Imagine the world where you create your virtual identity and where you can build your credibility to sell your talent or get a loan and buy and sell do every online transaction without revealing everything about yourself. What if your driving license will just reveal that you can drive and nothing more. It is here that Blockchain can change the existing paradigms from big data to little data. You share just those details required for that particular transaction.

 

The recent increase in reported incidents of surveillance and security breaches compromising users’ privacy call into question the current model, in which third-parties collect and control massive amounts of personal data. Bitcoin has demonstrated in the financial space that trusted, auditable computing is possible using a decentralized network of peers accompanied by a public ledger. (-Via)

 

Blockchain can be built into many other use cases where it can be used as a tool to ensure users own and control their data and can create a system which does not require to trust in a third party.

 

While Bitcoin networks transactions are restricted to just financial transactions there are other networks like ethereum which is a platform for the creation of decentralized applications (dapps - Unlike Facebook, runs without a central authority facilitating the transactions.), using what are known as smart contracts. The use cases for the ethereum network are only limited by the imaginations of application developers. For example, people are developing apps for energy distributiondigital advertising, and a digital marketplace for unused computing power. Both ethereum and bitcoin are based on a blockchain and have their own currencies, and like bitcoin, ether (ethereum's currency) can be used as virtual money.(-Via)

 

Since the first Bitcoin released eight years ago, a number of other cryptocurrencies have come and gone. Today, Bitcoin and Ethereum are the two largest cryptocurrencies in the world by a large margin. Half the world is convinced that these blockchain-based currencies have the potential to change the world in different ways. We are in the 1990's of the internet revolution. Things are just started to take shape, many more meaning full systems are coming our way, brace yourself for the exciting ride ahead.

 

If you are building something in this space and would like to get any help, connect or just have a conversation, feel free to reach out to me at sdevni@nasscom.in

 

(Sangeeta Devni Manages the Pan India Virtual Program for NASSCOM 10000 Startups initiative. She is an entrepreneur, creative thinker with a passion for bettering people’s lives, especially women. Being one of the early members of NASSCOM's ambitious 10,000 Start-ups Initiative, she worked towards the launching, shaping, and execution of World’s biggest startup program, including creating platforms to evangelize tech entrepreneurship, building capabilities of tech entrepreneurs, driving investments in start-ups and assisting startups with business connects. )

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