BLOCKCHAIN, BITCOIN, BIG DATA, IoT... OH MY!!

Posted by Ashley Victoria Cannon on January 4, 2018
Ashley Victoria Cannon

 

Bitcoin_Blockchain.jpg

As we start a new year, we look ahead to what's on tech's horizon - 2018's first issue of Technology Today, sorts through the good, the bad and the techy tidbits of Blockchain, Bitcoin, Big Data and IoT

Lets dive into Blockchain and how this infrastructure is changing  the world as we know it and disrupting entire industries! 

According to Dictionary.com, Blockchain is a digital ledger in which transactions made in bitcoin or other cryptocurrencies are recorded chronologically and publicly - removing third parties in the banking/finance, art, government, insurance, diamond and music industries - ultimately, saving time and money. As this coding breakthrough allows you to make transactions digitally, across an entire network of computers, it completely eliminates the need for centralized authority. Transactions can't be tampered with - they go through a plethora of computers - all computers would need to be hacked in order for there to be manipulation. Not only is it 'hack-proof' and immutable, it's empowering millions, all over the world . People are now able to authenticate and transact instantaneously, without intermediaries! This is a big step forward in eliminating antiquated systems and saving society millions upon millions. 

The fact that Blockchain is a distributed database system, is enticing other industries, aside from banking to get on board, such as, Internet of Things (IoT)!

You may be scratching your head, thinking that the internet made its breakthrough and took over our lives back in the 90's - think again - it is about to be taken to the next level.

IoT is an entire network of objects, connected to the internet, all while collecting data via embedded sensors. These objects are controlled remotely. IoT is taking off right now, due to the internet's increasing accessibility and affordability; alongside the boom of devices housing WiFi hot spots and sensors. These factors are driving the cost of tech down - making it hospitable for IoT to flourish. People being reliant on their smartphones and having the desire for them to control nearly everything, is the cherry on top! 

In the future, anything that has the ability to connect to the internet, will be connected. This may sound creepy or overwhelming, but the reality is, it will make home and work life more productive and efficient. Forbes.com highlighted several key situations, in which IoT would not only save time, but worry.

  • What if you were driving to a meeting and your car could access your calendar, taking you the fastest way possible? If traffic is heavy on all routes, your car will send a text or email to the other party, notifying them of an estimated ETA, based on current conditions. What if your alarm clock not only woke you up, but also started brewing your coffee? What if when your office equipment was running low on supplies, it automatically re-ordered? What if a wearable device you use in the workplace could tell you when and where you were most active and productive - then shared that data with other devices that you used while working? Thus compiling Big Data. Can you imagine how streamlined our lives would become?! Sign me up! 

What is Big Data? We'll break it down for you, plain and simple - it's a massive compilation of data sets. The benefit? It can shed light on patterns and trends. It's an ongoing discovery and analysis that will further benefit an end goal(s), by simplifying and perfecting processes.

The framework of Big Data is composed of the 6 V's

  • Velocity - The speed in which info is generated and flows back to an enterprise. 
  • Volume - Amount of data. 
  • Variety - What kind of data is available. 
  • Veracity - Is the biases or abnormalities within the data. 
  • Value -   How the data can help it's associated enterprise. 
  • Volatility - How long data is valid and it's shelf life

Big Data is and will continue to change how companies better improve upon themselves; as well as how the government runs departments, executes and spends tax dollars. 

You thought we were done with Blockchain - nope - it's origin started when created for Bitcoin.  Why? It manages and records every single transaction, as well as the ownership of each Bitcoin in circulation. Cryptocurrencies, especially Bitcoin are on the forefront of tech talk today! Bitcoin is a global currency system that allows people to send money to one another and make purchases, via the internet, sans fees!The mathematical practice of cryptography is the foundation of Bitcoin's security.  It removes the need for third party companies such as Western Union or PayPal and takes away the necessity for the current traditional banking system, all together.

What does this mean for the future? We  will most likely see a more efficient banking model with less red tape and secure transactions, that will allow us, the people, to become our own banking structure. 

This will definitely be a topic that we revisit in the future - be sure to stay tuned!!

Until next time, Techies! 

Make sure to visit us every week for NEW #TechTopics!

 

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TECHNOLOGY TODAY 

Technology Today is Circulent's weekly tech blog 

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