Should We Combine Blockchain, IoT and Big Data?by Emma W. Web Designer
In the era of exponential business expansion, global breakthroughs in communication, digitization of the financial world and the democratization of media, the volume of data has increased considerably. For the public sector which is burdened with tasks like citizen profiling, healthcare, subsidy distribution system, etc., the sheer amount of data that has to be evaluated is substantial.
For businesses, consumer analysis, risk assessment, financial evaluation, logistics, etc. are some of the activities that involve the need for Big Data management. Technology has contributed greatly to this increase in the volume, structure and complexity of data and technology itself offers many tools to simplify and assess it.
In simple words, Big Data refers to huge volumes of data that may be structured or unstructured that is gathered from multiple sources and is used for various purposes like establishing patterns, evaluating the quality of a certain type of data or to make predictions. Essentially, Big Data analysis has proved to be highly essential for the private sector to predict factors that would influence the health of their business, to look out for upcoming trends that might hurt their business as well as for keeping in touch with their consumer’s preferences.
The Internet of Things (IoT)
The Internet of things (IoT) refers to the process of creating an internet network across inanimate objects with the help of sensors. IoT enables objects, machines, computers or vehicles to interact with one another through an internet network. This technology has powered many industries to carry out certain day to day tasks with a decreased requirement of human interference. IoT is an essential cornerstone of executing artificial intelligence among our daily essentials.
Through this technology, objects can be ‘activated’ and be able to send as well as receive relevant information and react accordingly. For example, an automatic plant-watering system determines when the soil is dry (through sensors) and activates the drip-watering system. This is a classic example of the IoT receiving information and reacting as necessary. In terms of Industrial use of this technology, many sectors have reaped the benefits of automation of the machines that are used in their production process. With IoT, machines can relay relevant information through sensory devices and ensure that the entire process is carried out smoothly. IoT is becoming very popular across sectors- thanks to the fact that it makes artificial intelligence a practical reality with its core purpose being human convenience and efficiency. You can go through HokuApps review to know more.
The Blockchain was first brought onto the radar by the phenomenon of cryptocurrency and bitcoins. As the newly discovered (and short-lived) financial bubble burst and a few people made windfall gains, what caught the fascination of many in the technology sector was the efficient architectural network that had successfully kept all transactions in the bitcoin loop extremely secure. Blockchain technology was looked at as the glorious discovery of the cryptocurrency era. It was a complex distributed database system that was effectively invincible!
Blockchain involves storage of data in the form of ‘blocks’ or nodes that contain essential information like time-stamps and transaction details. As the transaction moves on, a new block, which is connected to the previous one is automatically created. Blockchain does not consist of a centralized authority that can manipulate the data at any point. That is why it is referred to as a distributed system. A new transaction has to undergo a set standard of approvals in order to be recorded in the blockchain. These rigid standards make the system hard to tamper with.
As a fairly recent technology, experts are still in the process of discovering and testing the complete benefits of the Blockchain. However, it is projected to be a massive game-changer for both IoT as well as Big Data management. This is mainly because the greatest challenge that both of these technologies have to grapple with at this stage is security. Data breaches and leaks are becoming rampant and industries are looking for a more foolproof solution to Big Data management.
By combining the mighty power of these three technologies, the private sector will be able to face the curveball of security concerns successfully. In what is being called the era of apps, security concerns are further heightened as applications demand a considerable amount of personal information. However, with service providers and partners like HokuApps, a company is assured that the most advanced tools would be integrated to ensure a hassle-free and secure experience. You can go through HokuApp review to know more.
Merging the benefits of the advanced tools brought about from Big Data and Blockchain would also possibly mean faster data analysis with decreased costs. It would create newer possibilities for digital companies that are attempting to expand. Most of all- it will lead to promising breakthroughs in the technology sector, the ripple effects of which would be evident in the world of business!
Created on Jan 21st 2019 02:26. Viewed 229 times.