Connect with us

News

What is Big data in simple words? Application and perspectives of big data

Published

on

After 10 years, the world will move into a new era – the era of big data. Instead of a weather widget on the smartphone screen, he himself will tell you what is best to wear. At breakfast, the phone will show the road along which you will quickly get to work and when you need to leave.

Under the influence of Big Data, everything that a person does not touch will change. We will figure out what it is, and also consider the real application and prospects of the technology.

What is Big data?

Big data is an information processing technology that surpasses hundreds of terabytes and grows exponentially over time.

Such data is so large and complex that none of the traditional data management tools can store or efficiently process it. A person is not able to analyze this volume. For this, special algorithms have been developed that, after analyzing big data, give a person understandable results.

Big Data includes petabytes (1024 terabytes) or exabytes (1024 petabytes) of information that make up billions or trillions of records of millions of people and all from different sources (Internet, sales, contact center, social networks, mobile devices). As a rule, information is poorly structured and often incomplete and inaccessible.

How does Big-Data technology work?

Users of the social network Facebook upload photos, videos and perform actions every day for hundreds of terabytes. No matter how many people participate in the development, they will not cope with the constant flow of information. In order to further develop the service and make sites more comfortable – introduce smart content recommendations, display ads relevant to the user, hundreds of thousands of terabytes are passed through the algorithm and receive structured and understandable information.

Comparing a huge amount of information, it finds the relationship. These relationships are likely to predict the future. To find and analyze a person helps artificial intelligence.

The neural network scans thousands of photos, videos, comments – the very hundreds of terabytes of big data and gives the result: how many satisfied customers leave the store, whether there will be a traffic jam in the coming hours, what discussions are popular on the social network and much more.

Methods of working with big data:

  • Machine learning
  • Mood analysis
  • Social network analysis
  • Learning Rules Association
  • Classification Tree Analysis
  • Genetic Algorithms
  • Regression analysis

Machine learning

You look at the news feed, like Instagram posts, and the algorithm examines your content and recommends similar ones. Artificial intelligence learns without explicit programming and focuses on forecasting based on well-known properties extracted from sets of “training data”.

Machine learning helps :

  • Distinguish between spam and non-spam email
  • Explore user preferences and give recommendations
  • Identify the best content to attract potential customers.
  • Determine the probability of winning a case and set legal fees

Mood analysis

Mood analysis helps :

  • Improve hotel chain service by analyzing guest comments
  • Customize incentives and services to meet customer needs
  • Determine from opinions on the social network what customers are thinking.

Social Network Analysis

Social network analysis was first used in the telecommunications industry. The method is used by sociologists to analyze relationships between people in many fields and commercial activities.

This analysis is used to :

  • See how people from different population groups form relationships with outsiders
  • Find out the importance and influence of a specific person in a group
  • Find the minimum number of direct connections to connect two people
  • Understand the social structure of the customer base

Learning Association Rules

People who don’t buy alcohol take juices more often than lovers of strong drinks?

Studying association rules is a method for discovering interesting relationships between variables in large databases. For the first time, it was used by large supermarket chains to discover interesting relationships between products using information from supermarket outlet systems (POS).

Using association rules :

  • Place products closer to each other to increase sales
  • Extract website visitor information from web server logs
  • Analyze biological data
  • Track system logs to detect intruders
  • Determine if tea shoppers take sodas more often

Classification Tree Analysis

Statistical classification defines the categories to which the new observation belongs.

Statistical classification is used for :

  • Automatic assignment of documents to categories
  • Classification of organisms into groups
  • Developing profiles of students taking online courses

Genetic Algorithms

Genetic algorithms are inspired by how evolution works, that is, through mechanisms such as inheritance, mutation, and natural selection.

Genetic algorithms are used for :

  • Scheduling doctors for emergency departments in hospitals
  • Calculation of optimal materials for the development of fuel-efficient cars
  • Creating “artificially creative” content such as puns and jokes

Regression analysis

How does a person’s age affect the type of car he buys?

At a basic level, regression analysis involves manipulating some independent variable (like background music) to see how it affects the dependent variable (time spent in the store).

Regression analysis is used to determine:

  • Customer satisfaction levels
  • How the weather forecast for the previous day affects the number of calls to support
  • How the area and size of houses affect the price of housing

Data Mining – how Big Date is collected and processed

Uploading big data to a traditional relational database for analysis takes a lot of time and money. For this reason, special approaches have appeared for the collection and analysis of information. To obtain and then retrieve the information, combine and place it in a “data lake”. From there, artificial intelligence programs using complex algorithms look for repeating patterns.

Storage and processing takes place with the following tools:

  • Apache HADOOP is a packet-oriented data processing system. The system stores and tracks information on several machines and scales to several thousand servers.
  • HPPC is an open source platform developed by LexisNexis Risk Solutions. HPPC is known as the Data Analytics Supercomputer (DAS), which supports data processing both in batch mode and in real time. The system uses supercomputers and clusters from conventional computers.
  • Storm – processes information in real time. Uses the open source Eclipse Public License.

The real application of Big Data

The fastest growth in spending on big data technology occurs in the banking, healthcare, insurance, securities and investment services, as well as in telecommunications. Three of these industries are in the financial sector, which has many useful options for Big Data analysis: fraud detection, risk management, and customer service optimization.

Banks and credit card companies use big data to identify patterns that indicate criminal activity. Because of this, some analysts believe that big data can benefit cryptocurrency . Algorithms will be able to detect fraud and illegal activities in the crypto industry.

Thanks to cryptocurrencies such as Bitcoin and Ethereum, the blockchain can actually support any type of digitized information. It can be used in the Big Data field, especially to improve the security or quality of information.

For example, a hospital can use it to ensure the safety, relevance of patient data and to fully preserve their quality. By placing health databases on the blockchain, the hospital provides all its employees with access to a single, unchanging source of information.

Just as people associate cryptocurrency with volatility, they often associate big data with the ability to sift through large amounts of information. Big Data helps track trends. A lot of factors influence the price and big data algorithms will take this into account and then provide a solution.

Prospects for Using Big Date

Blockchain and Big Data are two evolving and complementary technologies. Since 2016, blockchain is often discussed in the media. This is a cryptographically secure distributed database technology for storing and transmitting information. Protecting private and confidential information is an urgent and future big data problem that the blockchain can solve.

Almost every industry has begun investing in Big Data analytics, but some are investing more than others. According to IDC, they spend more on banking, discrete manufacturing, process manufacturing and professional services. According to Wikibon research, revenue from sales of programs and services on the world market in 2018 amounted to $ 42 billion, and in 2027 it will overcome the mark of $ 100 billion.

Neimeth estimates that the blockchain will account for up to 20% of the total big data market by 2030, generating up to $ 100 billion in annual revenue. This exceeds the profit of PayPal, Visa and Mastercard combined.

Big Data analytics will be important for tracking transactions and will allow companies using the blockchain to identify hidden schemes and find out who they interact with on the blockchain.

Big data market in Russia

The whole world, including Russia, uses Big Data technology in banking, communications and retail. Experts believe that in the future technology will be used by the transport industry, the oil and gas and food industries, as well as energy.

IDC analysts have recognized Russia as the largest regional BDA market. According to estimates this year, revenue will approach $ 1.4 billion and will account for 40% of total investment in the big data sector and business intelligence applications.

Publication date 08/22/2019
Share this material on social networks and leave your opinion in the comments below.


News

Wells Fargo Banking Holding creates stablecoin pegged to US dollar

Published

on

U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading

News

North Korea plans to launch its own cryptocurrency

Published

on

North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

Continue Reading

News

The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

Published

on

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

Subscribe to BlockchainJournal news on Telegram: BlockchainJournal Feed – the entire news feed, BlockchainJournal – the most important news and polls.

<< aside id = "unisender_subscribe_form-10" class = "widget unisender_form">

BlockchainJournal.news

BlockchainJournal.news

Continue Reading
Advertisement

Name Price24H (%)
Bitcoin (BTC)
$10,245.85
0.73%
Ethereum (ETH)
$220.84
4.52%
XRP (XRP)
$0.301512
-3.85%
Bitcoin Cash (BCH)
$321.93
-1.02%
EOS (EOS)
$3.95
-3.37%
Stellar (XLM)
$0.081750
0.79%
Litecoin (LTC)
$76.81
-1.83%
Cardano (ADA)
$0.052480
-1.52%
Tether (USDT)
$1.00
0.27%
Monero (XMR)
$75.83
-3.75%
Advertisement

Trending

Copyright © 2018 blockchainjournal.news