Blockchain Companies are Using Big Data Like Never Before: Here’s Why

Data is the new oil except for in one significant way. The value of oil is linked to the market laws of supply and demand. When the oil is scarce, prices go up. As opposed to data which is becoming less and less scarce every day.

In the last two years alone, 90% of existing data was generated. Social media, streaming media, the Internet of Things — as we become more connected, we create more data. Unlike oil, the biggest challenge in managing data is not maintaining a dwindling supply. Rather, it’s figuring out how to handle and harness the 2.5 quintillion bytes of new data generated each and every day.

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