Decentralizing Data Storage on the Blockchain: An Exclusive Interview With Vincent Irlweck

To say that data is the most important asset of the modern world would be an understatement.  The global big data industry was valued at 198.8 billion dollars in 2020 and is only expected to grow. It is through collecting, processing, and analyzing huge chunks of data that we’ve built most of our modern-day businesses. However, the legacy systems of database management have become outdated. The increasing number of cyber-attacks and data thefts have only added to this concern and raised the question of whether or not user data is protected after all. 

Today we have with us Mr. Vincent Irlweck, Chief Marketing Officer at Inery Blockchain to discuss this issue and give us an insight into how Inery is solving the problem. 

1. Hi Vincent! Thank you for joining us today. Could you tell a little about yourself and how you ventured into the blockchain space?

Hi! Thank you for inviting me. Well, I have to say I have a pretty unconventional career path. I started off my professional career as a soldier in the German army. After my stint in the army, I got fascinated with the world of trading and finance. The emerging decentralized finance industry really caught my attention and I ventured into cryptocurrency trading back in 2017. Soon enough, I was able to build a community of freelance crypto traders and I also gained experience in wealth management working with businesses and private individuals. 

While doing all this, Inery’s vision to decentralize the data industry caught my attention and I joined on board as the business development manager. So here we are.  

2. It is popularly said that data is the new oil. Do you agree? How do you think data is shaping the world around us?

Yes! I do agree. Data is the very backbone of the modern world. It is absolutely essential for today’s innovations, developments, research, and studies. Almost all internet-based businesses are data-driven and would not have been remotely successful without collecting and processing tons of user data. 

Data allows us to study and analyze customer behaviors and patterns and, in turn, aids in the creation of products and services that suit them best. Even future technologies like AI, Machine Learning, AR, VR, and IoT are heavily dependent on data. Long story short, user data is extremely important for modern-day developments and we cannot do away with it. 

3. With users being exploited for their data by tech giants, concerns about data security and privacy have been voiced across the globe. What do you think of the current state and ethics of the data industry? 

Well, we’ve just spoken about the importance of data so it is no surprise that tech giants went out of their way to collect and process as much data as possible. The underwhelming aspect of this whole ordeal is that users lost their privacy and control over their own data. User data has been collected and stored without their consent for decades now.  Moreover, the centralized data storages solutions used by these companies are quite vulnerable to cyber-attacks. 

There have been numerous instances of data thefts and scams that left private user data exposed. So the growing concerns about data security are justified and the data industry is ripe for a paradigm shift. 

4. Inery envisions democratizing the data industry. How do you achieve this and what impact could it have on the industry as a whole?

Inery is the world’s first-ever fully decentralized database that is designed to eliminate centralized authority and single-point failures in the data industry. We’ve combined blockchain technology and distributed database properties to enable a way for data owners and companies to store, access and exchange data in a decentralized manner. The Inery database provides a rich set of query options allowing even for complex searches. Developers can easily integrate their traditional stack into Inery’s database and benefit from its decentralized nature. 

I believe the first implication of a database like this is that users gain back full control over their data. Then, the scope of data thefts and cyber attacks is significantly reduced because data is distributed over a network of nodes and there is no “single point” that hackers can exploit. The use of blockchain technology further ensures data safety by securing it cryptographically on-chain. 

Moreover, the Inery database enables the conversion of data into a readable form for the use of developers and enterprises. 

5. Okay! A fully decentralized database is quite intriguing. So, what possible use-cases do you see for the database in the near. 

The possibilities with the Inery database like are virtually endless and can cater to the needs of various industries. For almost all industries, Inery provides a trusted architecture that they can use for storing sensitive information, especially for the financial ecosystem, Inery could serve as a secure database for asset issuance, tracking, and trading. 

Inery could also prove to be extremely beneficial for CRM applications, surveillance systems, healthcare division, and virtual reality/GameFi industries. It can seamlessly be integrated into existing applications and developers can also create futuristic dApps by directly incorporating the Inery framework.  

6. How do you see blockchain technology being used in the near future? What excites you most about its various possibilities. 

Blockchain technology is already making a huge impact on some major industries in the world like finance, art, and supply chains. Almost all major industries are poised to benefit from blockchain’s inherent qualities of immutability, trustlessness, and transparency. Industries like farming, education, energy, communications, and pharmaceuticals have already begun implementing this technology in one way or the other. I recently read a study that states blockchain could be the foundational technology for 30% of the global consumer base by 2030. 

Of course, we ourselves are using this technology to democratize data storage and right now this is what excites me the most. I am excited to see how blockchain-based decentralized data storage transforms the dynamics in the data industry.

The interviewee, Mr. Vincent Irlweck, is no longer associated with Inery Blockchain as of October 2022.