For a company, the data is a gold mine.
If properly managed, this provides clarification and insights; in addition to an essential tool to hold everybody responsible, it also leads to better decision-making power.
In terms of scalability and privacy, Blockchain 3.0 is sure to bring the industry to a whole new level. Most companies, on the other hand, are stranded in Data 1.0, Which means they’re using data to provide a manual and responsive service only. Some have also moved to Data 2.0, which is automated to enhance team efficiency. The sophistication of crypto-data contributed to the modern horizon of Data 3.0, where value generation can be scaled up using artificial intelligence and automation. That’s our Data 3.0 road
The sophistication of crypto-data contributed to the modern horizon of Data 3.0, where value generation can be scaled up using artificial intelligence and automation
The cryptocurrency industry is rising, despite the recent global financial crisis, paired with the Covid-19 virus pandemic. Developers all over the world are building on a blockchain, and this trend isn’t going to dump soon as developers adopting the continuously emerging technology. Blockchain, like modern IT solutions, goes through many stages of growth. Apart from cryptocurrency, this helped us demonstrate and extend the various possibilities that blockchain can bring to the business world. Currently, we are in the third stage, blockchain 3.0.
Bitcoin, the digital currency that challenged the fundamental aspect of monetary centralization, defined the first generation of distributed ledgers, blockchain 1.0. Since then, the industry has grown at an exponential pace as BTC has revived the digital gold narrative, with enthusiasts hailing it as the most decentralized version of a digital asset class.
Coinbase isn’t a financial firm or a software business, and It’s a cryptocurrency company. This distinction has huge repercussions for how we use data. However, we deal with three main types of data as a crypto company(instead of the standard one or two data types). Each one is unique and complex:
- Blockchain: Decentralized and available to the public.
- Product: Comprehensive and real-time.
- Financial: high-precision and subject to many financial/legal/compliance regulations.
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Blockchain
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On-chain transactions
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Block/Address/Wallet
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Chain specific (staking, note, etc.)
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Entity tagging and clustering
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Product
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Market data
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User profiles
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User activities
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Events: Frontend Backend
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Financial
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Payments methods
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Transactions • Balances (Fiat & Crypto)
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Accounting & Tax
Our primary focus is on how to build value by collaborating on these various details, by removing data silos, solving challenges before they start, and generating Coinbase opportunities; otherwise, it would not survive.
I’ve seen growth from Data 1.0 to Data 3.0 for the first time since my work in technology companies like LinkedIn, eBay, and the finance sector like Capital One. Data is utilized as a proactive feature of Data 1.0, providing ad hoc manual services or emergency response in crises.
So in short, Blockchain 3.0 emerged as a set of attempts to address the existing industry’s issues with anonymity, scalability, and interoperability.