Why Data Veracity Matters

Compared to the manual procedures of the past, businesses that leverage digital technologies don’t have time to go through the gritty details. They trust their systems to produce data that’s accurate and reliable in the first place.

But without a thorough data management system, nothing’s guaranteed.

With info and data now flowing in at overwhelming speeds to become every business’ virtual backbone — data veracity should be your biggest concern.

What is Data Veracity?

Data veracity = the accuracy, consistency and truthfulness of data.

As it stands among the 4 V’s of Big Data: volume, variety, velocity, and veracity — ensuring data veracity is still overlooked and poses huge challenges when it comes to big data.

Think of data veracity as the blood of your business.

Unverified data is a new type of vulnerability that businesses must address.

Inaccurate and manipulated information only threatens to hinder your business from functioning and growing.

Once there’s a breach of false data swarming your systems and assets, your reputation will turn sour, losing your customers’ trust and preventing new clients to take that same risk.

Data Veracity in the Era of Automation

In this data-driven age, we all want things to run smoothly — and accurately. We want to be able to trust the data to be reliable and consistent. It’s critical to begin taking preventative measures to manage your data and enhance cyber security.

Especially with the rise of autonomous devices and the Internet of Things (IoT), the data we provide needs to be of guaranteed quality. If we first expect these devices to provide us with great results without putting in the necessary effort and precautions, the joke will be on us.

Companies and organizations are putting down a lot of money towards predictive analysis towards machine learning algorithms, but everything is based on historical data sets — an area which currently lacks data veracity.

Even attempts to trace physical items via chips and sensors are not the solution. Accenture shares that “data captured by sensors or a 3rd party API is often trusted without question — leaving the door open for manipulation of cheap, unprotected and now pervasive tags and markers.”

A Modern Shift and Solution for Supply Chains

To address the lack of data veracity which threatens digital technologies and their assets worldwide, Veracity Protocol has taken it upon itself to build a decentralized infrastructure for the lifecycle of physical items (LoT) to secure end-to-end traceability, data veracity and resource efficiency in supply chain networks.

We want to ensure the accuracy and truthfulness of information in this new digital age while bridging together creativity, technologies and businesses to positively influence the lives of millions.

— Veracity Protocol

With this technology around the corner, we can expect Veracity Protocol to play a key role in the ongoing push of moving physical assets into the new decentralized economy and in developing the foundation for the Internet of Things (IoT).