I’m sure, by now, you’ve been electronically slapped in the face by various non-fungible token (NFT) projects on your social media feeds. These NFTs vary from Crypto Baristas to Bored Apes, and can fetch obscene sums of money. As an example, Justin Bieber recently bought a Bored Ape for $1.29M, just the 5x more than the digital property was worth…
The technology behind NFTs are far more valuable than some JPEG animals. The cryptography behind these digital chits is incredibly clever, meaning there’s no need for a central authenticator. The buyer is able to verify that they own that exact piece of unique digital property.
Web3 is the idea for a new iteration of the World Wide Web based on the blockchain, which incorporates concepts including decentralisation and token-based economics. The crypto and web3 movements are gathering momentum at break-neck speeds. You’d be naive to ignore the fact a massive shift is coming, and the move to the Metaverse is a foregone conclusion.
But how exactly will Web3 impact big data?
Firstly, it’s important that we understand what ‘big data’ actually is. KLDiscovery define big data as ‘the collection, storage and analysis of very large datasets that can reveal patterns of information that would not be visible from smaller datasets or individual data points’.
Now, when looking at the impending Metaverse, a blockchain world where users will control their data and bounce around from social media, to emails, to shopping using a single account, it’s clear to see that all of an individual’s data will pool together in a central repository. The key piece here is that all of the individual’s movement in the crypto-environment would have a public record on the blockchain.
It’s worth understanding a bit more about what the blockchain is. A blockchain is a distributed database that is shared among the nodes of a computer network. Each block has a certain storage capacity and when filled, they are closed and linked to the previously filled block, forming a chain of data known as the blockchain. When a block is filled, it is set in stone and becomes part of this time line. As we move into Web3 and further, the blockchains are only going to lengthen. This means that the volume of data is ever increasing, and without effective management of this data, organisations will be missing out on the value of these timelines of data. These timelines will show how consumer behaviour is changing, and will allow for organisations to stay ahead of the curve.
How the Web3 environment will affect big data is unclear, as we are only at the very start of a huge paradigm shift in how organisations and consumers will be interacting. However, it can be inferred that because more interactions, more transactions and ultimately more people will be using their single account to manage their whole lives, the amount of data we are going to be writing to the blockchain is going to be unimaginable.
All of the data surrounding the individual’s life, from JPEG animals to business files, will be stored electronically and will be continually added to. This means that if an organisation is able to manage the publicly available data, it would allow them to have an holistic view on our lives, thoughts and future asperations.
It’s imperative that organisations realise this monumental shift in the playing field, and address the need to manage data in more effective ways now, rather than playing catch up when the move happens. Effective management of this data will mean increased visibility of it, allowing them to not only stay afloat in the ever-increasing sea levels of data, but to enhance offerings to meet the new needs of a crypto-focused market.