Snowflake - more options to monetize your data
Thanks to the new Native Application Framework, Snowflake is to offer developers the ability to create and run applications on a common cloud-based data platform and earn money from them.
The Snowflake service, operating in the area of big data analytics and data warehouse, is entering a new level. At the annual Snowflake Summit, the company announced its Native Application Framework (it is currently in private preview – that is, in the testing phase, before the final release of the service), which will allow you to create and run applications on the Snowflake Data Cloud platform. The creators of the platform hope that for the data warehouse it will be what it was when Apple presented the first iPhone or Tesla presented the S model.
Data Marketplace – is a platform operating within Snowflake, thanks to which developers will be able to create applications and earn money on them. Users are to be able to install and run the application directly in the Snowflake environment.
“We’re sort of evolving from a data warehouse to a data platform to a data cloud. And now we want to evolve that from a data cloud to really an application cloud” – said Chris Child, senior director of product development at Snowflake.
About four years ago, with the growing demand for analytics and the evolution of analytics architecture – such as decoupling compute and storage – the company renewed its efforts to facilitate data collaboration across businesses. This prompted Snowflake to transform its data warehouse into a Data Cloud platform.
Continuous attempts to facilitate data sharing and cooperation resulted in the creation of the Data Marketplace project. The Marketplace will allow you to share data in organizations, and also give paid access to this data to other entities.
In March this year, the company launched two industry data clouds for the healthcare and retail sectors, with the intention of making it easier for companies in these areas to share and monetize their datasets.
Snowflake data monetization
Until now, moving data while creating and running applications was tedious and time-consuming. Now – thanks to the Native Application Framework – that is about to change.
Thanks to the Framework, the development of interactive customer interfaces as well as telemetry functions such as event monitoring and alerts will be simplified. Preparing the application and publishing it on the Snowflake Marketplace allows us to actually monetize the data we have and we already benefit from it for our own needs. This is definitely a revolutionary concept, where by sharing properly prepared data and applications in the future, we can obtain additional funds. There can be many scenarios and, of course, they depend on our business – just have a look at the Snowflake Marketplace today to see the different information offered by individual companies. From weather data to Covid-19 pandemic data, flight networks, demographics and job offers.
The combination of such data issued by other partners with your own data allows for richer analytics and greater possibilities of inference based on actual data, at the same time greatly reducing the time needed to obtain additional data – after “ordering” the set, it appears on our subscription immediately ready for use.
Marcin Kapuściński – Transition Technologies MS