Data is a valuable asset to businesses today! However, when data isn’t stored correctly and is left to sit idly eventually it loses most of its value. This data, called stagnant repositories, remains the root cause of challenges businesses face when trying to develop a dynamic business intelligence platform. According to The American Management Association, 83 percent of CEOs admit that the presence of data silos can have a negative impact.

A data silo is an individual data resource that is out-of-the-way of other data. Businesses use data to make important business decisions. As businesses grow, different departments manage data in linked workbooks, spreadsheets, production database systems or access files to use as the need arises.

Picture the way grains are stored; the tiny grains are kept in stand-alone strong towers called silos. Contact between the silos remains minimal to avoid breeding infection or spreading known or unknown problems from one silo to another. Organizations store their “grain” (read information) in silos; this could be different departments, regional offices, many channels or management levels within the business.

Without proper amalgamation to the related source data or tactical curation of data held in these silos, you end up making decisions that give a narrow view of your company’s bigger picture which in most cases is untrustworthy. Data silos handcuff attempts to genuinely analyze business performance making it difficult to make important decisions. The gaps in data warehouses lead to expensive mistakes, inefficiencies, and redundancies. Unlocking data silos and creating a centralized data curation and reporting process creates better interdepartmental reporting and decision making providing an important oversight into visualizing organizational data.

The ideal business has transparent data silos that allow interoperability and permeability so information can flow in and out of different departments. Companies need guidelines, processes, and technologies that enable teams, departments, and branches to share data and work effectively. Unlocking data silos promote consistent controls relating to data throughout its lifecycle (from entry to when it’s retired or archived) or else your business will fall into malaise since no one knows of a better way.

Imagine a situation where all your data states with certainty and accuracy the correct position; where you can track every iota of data from its origin, who updated it when it was last authenticated and all uncertainties flagged so it can be certified and combined with relevant information to make important decisions. Unfortunately, organizations are structured to create data silos that become barriers to realizing the company’s vision. These silos cannot just be penetrated and broken down in the foreseeable future unless organizations discover the missing link!

What if there was a trustworthy mechanism outside your organizational structure to unlock the power of the data your company holds? What if you could view and certify each fact captured by your organization? What if you could check and verify that the data you use is up-to-date? What if you could do all this and keep complete control from private to public?

What if you could extend your data to all stakeholders so they can learn how your organization has progressed from inception? There is a need for a mechanism that can provide an indisputable record showing the authenticity of documents, artifacts, properties, commodities, intellectual properties and persons.

This Mechanism Exists! The blockchain is the Key

The blockchain, best identified with its first manifestation — cryptocurrency, was federated as a wholly decentralized means for running a currency. The fundamental principles of Bitcoin, the leading cryptocurrency, are cryptographic mathematics that depends on a distributed community of people who provide computing power to the system and get rewarded in return.

The dynamic data landscape has meant that data collection, organization and preparation accounts for a big budget in successful businesses. The work of data scientists is a herculean task, thanks to data silos or isolated data islands that make it problematic to extract relevant information. Worse still, some vendors lock businesses inside “airtight” cloud systems making any insights inapplicable in the wider perspective.

By harnessing the power of Blockchain’s distributed ledger architecture, Scidex MarketSpace is a frictionless and decentralized blockchain-based platform that enables, simplifies and standardizes the exchange of scientific data. Scidex addresses the gap in the scientific data economy where businesses could not share data held in silos; decision makers can now create and share data.

In this lucrative but inefficient market where businesses lose because of mediocre insights resulting from blind algorithms and decision makers being shut out of lucrative B2B bases, Scidex MarketSpace brings a decentralized application that enables the creation of a B2B data-sharing portal and an efficient transparent space for sharing text data and AI applications. In a data market filled with serious supply and demand inefficiencies, joining Scidex MarketSpace, which has developed the pioneer platform where businesses can share or trade a huge database of isolated data, puts you ahead of the competition.