Database Solutions Can Be Created With Blockchain
3 min read
It’s probably time to decide on what you believe in – and shortly thereafter – make it real. Database tech is really important.
Data is the way. We make data in ways that most people don’t understand. But we do. Regardless of how we create data, we give it away for nothing.
Let the author tell you why this is an issue…
Data is an identity. We are data. Think about it. A name, an address, whatever…it is data. When it comes to online data, things get even more interesting.
Online data is the way in which massive companies – that are likely backed by state intelligence services – make money. But it is a lot bigger than economics.
We are talking about the idea of human rights – which stretches back to at least the time of the Magna Carta.
Databases Need to Be Open, Public, and Free
To be sure, blockchain is creating new ways to store data. The issues arise when we begin to talk about the nature of data, and who controls it.
We know that companies like Facebook, which controls an amazingly large database, uses the data to manipulate users – but we don’t really know what the data is worth.
This is one area where blockchain may be a great advance in technology. With total transparency, and a high level of oversight, blockchain is a near perfect technology for the next generation of database development.
An Already Valuable Market
Confluent was co-founded in 2014 by Jay Kreps, Jun Rao and Neha Narkhede. Before this foundation – and now their company is going public.
Its IPO issued 23 million shares at $36 a piece — across a price range of $29 to $33 — and the price jumped 25% on the first day of trading. The market capitalization reached about 11.5 billion USD.
Therefore, it promoted them to develop their own platform which is called Kafka. Kafka is an open source and received substantial acceptance at the beginning.
At present, Kafka has a developer community of more than 60,000 participants. Moreover, the software is used by more than 70% people in the Fortune 500 list.
An app like Uber or Lyft may seem very simple at first glance, but its technology is incredibly complex, as it needs to manage massive amounts of streaming data to connect customers.
Ashish Kakran, Principal at Thomvest Ventures, expressed that is the place where Confluent’s open source Kafka stands out as it turns into a flexible one.
It resolves problems by an streaming platform and a multiform set of APIs that developers can use to get effective results rapidly.
The opportunity for Confluent is still in its first stages and will grow further in a short time. Because the demand for real-time data is needed in many fields, it is estimated that the market price will be around $50 billion.
According to the co-founder Jay Kreps, this will be the foundation of the modern digital customer experience and the key to develop software to manage smart, efficient operations.
More to Come From Data-driven Life
People are just beginning to understand the value of the data they create, and platforms like Brave that reward people for openly dealing with the online data economy will probably have luck in the coming years.
Of course, data is only valuable when people understand who uses it, and how much it is worth to a company like Google.
Without awareness, and a healthy level of doubt, people are basically doomed to keep supporting a business model that abuses their trust, and data. The data, itself, doesn’t care. It is simply a byproduct of people using the internet.
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