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Data processing is indispensable everywhere and all the time in modern life. The daily services we use every day, such as face recognition, voice assistant, text recognition, automatic recommendation, automatic data analysis and so on, all have a large number of data processing requirements and service support.
In fact, data processing services are currently one of the fastest growing and most profitable sectors in the ICT industry. In its first forecast of the “whole cloud” opportunity, International Data Corporation (IDC) estimates that worldwide whole industry’s revenues will reach $554 billion in 2021, which represents more than double those of 2016. For the full 2018 year, AWS brought in $25.7 billion revenue to Amazon with a 47% jump on the 2017 year.
Huge Gap between the demand and the supply in near future
Exploding data and the demand for further processing brings severe challenges for the industry. Predicted by Cisco, that the “usable” data produced in 2021 (nearly 90% of the predicted data generated by 2021 will be ephemeral in nature and will be neither saved nor stored) is larger in size compared to the forecasted data center traffic generated per year by a factor of four. Meanwhile, there is a growing demand for computing power from industries and scientific communities to run large applications and process huge volumes of data.
A new form of decentralized cloud that can enable blockchain computing would be needed. We also need to rebuild the business model for lowing the cost of infrastructure usage and meet the enormously increasing demand of data processing.