Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy

Life without the Internet could be unimaginable for those who grew up dependent on its existence. It is by far the the most successful attempt to connect the world. It has undoubtedly made information accessible and trades feasible in ways people before this era thought impossible. It made businesses grow in an even faster rate, enabling them to scale worldwide, reaching an audience far from the sight of their own shore. It is very good indeed, but not good enough.

With its feat, we can exaggeratedly say that it is an achievement off the chart. Borrowing from the idea of Nassim Nicholas Taleb's Black Swan, we can categorically include this invention as such. The Internet is a Black Swan. It's birth was a rare event no ordinary man could have ever predicted, and yet today, it being alive, everyone could just easily find simplistic explanations for its occurrence.

Natural with any technology, it moves on to be a foundational sandbox for more development and progress on the area of computing and data sciences. Unfortunately, it has its own weaknesses and inefficiencies that other technical knowledge must resolved, connect and build upon.

The Big Data

As the Internet grew from LAN (Local Area Network) to a globally interconnected network, the demand ushered by this growth had extended from a simple network requirements to a full pledged Data Centers that consumes the resources of a more complex computing systems, larger storage capacities, and faster data transmission rates. Here, the likes of Google, Amazon, Microsoft, Facebook and many more tech giants were born to service what we as a user also clamors.

Every single bit that we do online constitute a data, this includes but not limited to activities such as browsing, posting, video blogging and streaming, email, chat, shopping, voice call, and a lot more - pretty much everything. Multiply this with the number of users and the ever growing needs of other machines constituting what we call the Internet of Things (IoT), and you will end up with a volume unthinkable in size - so huge that you may drown in a sea of data. Hence, the concept of Big Data.

Today, Google dominates this field. Like it or not, they have already enriched themselves with it. The volume of data they own is jus immeasurable. For how long will they dominate this field is a question the next Black Swan will surprisingly answer.

The main idea to look forward to is that Data on its own is useless. In a sea of Data, the information can either be true or false, hence the separation of the noise with the real information is somewhat difficult to ascertain. Leaving a gap exploitable by a companies' interest in exchange for monetary gain, exposing the rampant manipulation of data to skew the results to favor one over the other - advertising pays. Adding insult to injury is the proliferation of privacy invading applications and software developers, whom by definition of law is illegal without the owner's consent.

Security and Financial Integration

Inherent to the explosion of Big Data is the issue of Security and Financial Integration.

Security is not part of the specification of the Internet, it focuses on data transmission. The explosion of applications and big data had made this worst. How many times should we maintain different usernames and passwords for all the applications we use and web resources that we access? That requirement to maintain a central repository of these credentials made hacking of corporate databases a profitable business for the dark web. Hackers are not idiots. They posses a highly logical, realistically practical and advance mindset to attack. Security professionals defending your data can be classified as second rate, they are just coping up. The offenders are always a step ahead. The news of reported hacks are the witness of this all. How about the unreported ones? These evidences are all buried in a cemetery that Corporate Businesses who suffered from those unreported hacks hoped you wont find to unbury them. It is detrimental to their image and reputation, that will most likely kill their business.

Financial Integration was also not part of the specification of the Internet. The enablement of online commerce had made this worst. How many times should we tap a third party payment provider just to complete a financial transaction? We have to create accounts with Mastercard, Visa, Paypal, WeChat and a lot more. Again, the issue of security is inherently present here. Your credit card numbers and accounts are not always safe with Merchants. An additional annoyance is the exorbitant transaction fee that these greedy payment providers charge. This is their business that they will die to defend.

Blockchain to the Rescue

The world will never be contented with the prevailing issues outlined above. Somewhere, someone genius enough will find a way to fix things up. And that is again another Black Swan. It strikes rarely and unexpectedly. Fortunately, Satoshi Nakamoto had invented Bitcoin (SV). Introduced as a protocol to the new Metanet, Bitcoin (SV) is set to solve the issue of Security and Financial Integration - in fact, it already did.

In Metanet, gone are the days of central username and password repositories. Every individual will now keep their own keys for authentication, and with the other inventions of Dr. Craig S. Wright related to key management, hacking a server containing keys is now useless, as the keys can now be broken down into pieces and be distributed to the users and service providers, making hacking an economically expensive and unattractively cumbersome to do, as an attacker needs to steal both keys to be successful. Imagine how many users does he need to hack at once?

In Metanet, gone are the roles of the third party payment providers. They will then be limited to function as a currency exchange point in the early stage. Why? Because Bitcoin (SV) is natively residing in the network. Every individual is automatically enabled to pay and be paid in Bitcoin (SV) at a fraction of the cost compared to what a third party payment processor will charge. Merchants will no longer keep a record of your payment credentials too.

For the Big Data, blockchain in the form of Bitcoin (SV), will reduce if not totally eliminate noises, spams, trolls and other unwanted information in the network. Likewise, it returns the control back to the true owners of data - you. And How? This is achieved by the introduction of cost. Data is not free, it needs to be valued. In Metanet, every movement of Data corresponds to a cost, creating an environment where people pays for the data they use and sell the data they own directly without the middleman.

A new realm of economically designed network will flourish - Metanet that is, where the business of Big Data will forever change. Internet will still be around, sitting as a sidechain to the Metanet. All free spams, noises, trolls and perhaps unwanted information will still reside in Internet, while the Metanet will thrive as the new Internet of Value.

Read: Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy by George Gilder

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Author Vicar Calsado
Published Apr 17, 2019
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