Big data is changing the world around us, 1 gigabyte at a time. As the name suggests, it references large amounts of data and the unique ways they are employed in existing and emerging technologies. It’s all about the “three Vs”—greater volume, greater velocity, and greater variety. Here are some of the ways that big data is changing our world and shaping our future.
Blockchain
Big data and the blockchain go hand-in-hand, with estimates suggesting that blockchain technologies will account for about a fifth of the big data market within the next few years. It’s not just about payment tokens and investment options. It’s being used to store and trade digital assets, support commodity trading, and even provide more secure options for the online casino sector. The blockchain itself is a massive collection of data, with all transactions being stored on a ledger. But big data solutions are also being used to support more advanced and secure systems and make predictions about trends. All of this data gives financial institutions and banks more confidence about using blockchain solutions and investing in popular tokens, with some predicting that governments and banks will constitute at least 10% of total crypto ownership.
The Internet of Things (IoT)
IoT is best understood as a type of global internet that promotes connectivity across the board. Everything interacts, everything feeds into the system, and that system is constantly collecting and using data. IoT is the driving force behind smart homes and smart cities. It’s how your fridge knows when you’re running low on milk and your thermostat knows when to turn on. By incorporating IoT into public services such as transport systems, authorities can make cities more energy efficient while allowing for easy integration of features such as congestion charges, parking, and license plate recognition. And that’s not all. Workplaces are also using IoT to make warehouse floors and factories safer and more efficient. These devices are already in use across major logistics firms, including Amazon. They track employee outputs, notify respective departments when machines need to be maintained, and expedite lead time.
Analytics
In-memory databases are essential for data analytics, and as analytical tools have more data to crunch than ever before, big data applications have become essential in recording, tracking, understanding, and predicting everything from online traffic to manufacturing processes and more. The course of every online journey can be tracked, and this helps to understand user behavior, predict trends, push targeted marketing materials, and more. It makes for a more personalized and intuitive experience for everyone.
Scientific Discoveries and Advancements
The process of discovering and researching new medicines is heavily reliant on data. When you think about the process of discovering new medications, you may think of experts in white coats checking new compounds discovered in the far reaches of the Amazon. However, pharmaceutical companies already have vast quantities of untested compounds; they just need to go through the extensive research, development, and testing phases required before these drugs make it to market. It takes millions of dollars and countless labor hours to reach that point, but with big data on their side, researchers are skipping these laborious processes and fast-track new and promising drugs. Big data, in combination with AI algorithms, can crunch huge datasets to determine which compounds are most likely to be effective. It’s a safer, shorter, and cheaper way of doing something that the future of humanity relies upon.
Light Detection and Ranging (LiDAR)
LiDAR stands for Light Detection and Ranging. It’s a laser-based technology that accurately measures distance and creates detailed 3D maps of environments that would otherwise be difficult to plot, including:
- Clouds
- The ocean floor
- Architectural dig sites
- Forests
- Quarries
- Construction sites
- Airport layouts
All of these maps and corresponding data are then added to the cloud, where they can guide countless operations, from designing and planning to creating rich 3D worlds.
Summary: Big Data is the Future
Big data is not just the future. It’s already here. But its impact is growing, and it’s leaving an indelible mark on the digital world and changing the way we communicate, work, conduct business, and interact.
