HOW BIG IS BIG DATA?

Well, one single energy meter generates 1 million data points per day. This means that about 20 energy meters would generate as much data as 20,000 Walmart stores.  

Let’s start by discussing how big is Big Data.  For example, Walmart customer transactions generate about 1 million data points per hour. Big, isn’t it?

WHAT DO WE NEED ALL THIS DATA FOR?

Basically, IoT Big Data can enable you to do two things:

  • To discover something that we do not expect  
  • To respond to something that we do expect  

You just need to treat the same data differently to achieve these different goals. 

In order to discover unknown data patterns and correlations you need past data, or data sets, while to provide instant responsiveness you need live data, or data streams.

Actually, data sets are the result of live IoT data streams serialisation. So it’s important to be able to use the same data streams for different purposes – which means using it as ‘open data’ for different applications. 

As an example, live driving data coming from telematics can be used by an insurance as data sets to bill you based on your mileage and your driving style; but traffic management bodies in a city would need to use real time data streams to be able to respond timely to roads congestion, and emergency services to help you in case of an accident.

SHARE THE SAME DATA STREAMS WITH MULTIPLE APPLICATIONS

Whether you are a City or a corporation, you need to deploy IT architectures based on platforms capable of distributing live data streams to multiple applications and stakeholdersThese platforms are called ‘data brokers’ and they are a mainstream technology, used by most IT companies.

The ability to share the same data stream with multiple stakeholders and applications will multiply the value of data.

DATA STREAMS ARE OUR MOST VALUABLE ASSET

With the advent of personal IoT devices, e.g. mobile phones, home sensors, car telematics – every day we generate an astonishing amount of data about ourselves. 

And we actually do share this data, but we do not monetize it; in fact, when we accept a privacy agreement with any of the application we use daily we give them the right to share our data with third parties – and to monetize it.  That means that these platforms generate revenues from us, but we neither share these revenues, nor have control over who exactly will access our data.

SHARING DATA WITHOUT GIVING UP CONTROL OVER IT : ECOSTEER DATA OWNERSHIP PLATFORM

Ecosteer Data Ownership Platform addresses these issues: It is a data sharing governance layer based on blockchain smart contracts that not only allows data monetization, but most importantly, gives data owners full control over who accesses their data, from any data brokering platform; data owners personally grant and revoke the consent to use their data, thus automating the GDPR consent management.

For more information on our Data Ownership Platform, visit our page or contact us at info@ecosteer.com