Big data

Are Big Data and Artificial Intelligence Useful in the Crypto World?

Are Big Data and Artificial Intelligence Useful in the Crypto World?

A Triple Threat

Big data, Artificial Intelligence and Blockchain. These are not just buzzwords but hot areas that are currently attracting a lot of investment and hungry for skilled individuals. This is because all three areas have the potential to bring about a great improvement in almost all spheres of life. As a matter of fact, there is a lot of change already sweeping through various industries with the application of the technological innovation in these areas. There is one thing all three areas have in common. For the ordinary person, projects in this field are often very complex and difficult to understand. In this article, basic explanations of what Big data and Artificial Intelligence are as well as how they are useful in the cryptocurrency world are covered.

What Big Data and AI are about

The term Big data refers to huge and complex datasets. The large datasets are analyzed using special data processing applications with patterns generated and identified. Decisions are made by appropriate entities after meaning is drawn out of the data analyzed. Applications of Big data are yielding results in the fields of healthcare, marketing, and security.

Artificial intelligence, on the other hand, is about creating intelligent machines to perform complex tasks. Big data, as well as technologies like artificial neural networks, machine learning and deep learning, are employed in the creation of the Artificial Intelligence. The military, healthcare, advertising, video game, finance and automotive sectors have all seen applications of Artificial intelligence.

Where do Cryptocurrencies Come in?

Blockchain, the technology supporting most cryptocurrency projects, has some characteristics that make it useful in solving some of the challenges that are faced by the Big data and AI industries. Some of these challenges are centered on the storage of the large amounts of data. At the forefront are issues of securely keeping personal information as well as sensitive information. The cryptography used in blockchain systems helps fix this problem. This is because data stored on a truly decentralized blockchain would be encrypted. The data would also not be stored at a single point since a true blockchain is a distributed ledger. Using the blockchain technology means data can both be securely stored and transferred.

Even the process of creating the intelligent machines, especially the engines could be improved with the inclusion of blockchain technology. The manner in which the engines are fed with data worldwide could be organized over the blockchain. For instance, Graphpath’s knowledge marketplace combines, AI, Big data and the blockchain technology to make it possible to have knowledge/data to be traded on the blockchain. A step like theirs would incentivize the sharing of knowledge since value can be derived from doing so. This is expected to greatly expedite further developments in the space.

How Does The Crypto World Benefit?

One way the cryptocurrency space can benefit from the combined application of the three technologies is the creation of more employment opportunities. Professionals in the cryptocurrency space are already in high demand. On top of the list of the most sought-after professionals are programmers. The more the blockchain technology is applied in new fields, the more the job opportunities for crypto professionals spring up.

Also, the notion that the technology behind cryptocurrencies cannot be truly used for anything beyond the finance sector can be debunked. Most of the applications that are built on cryptocurrencies or using the blockchain technology are not as decentralized as they claim to be. In fact, some do not even need the blockchain for the functions they set out to perform. As stated earlier, there are challenges with Big data and Artificial Intelligence that require the blockchain technology as a solution. Such applications of the blockchain would move us closer to a time when truly needed use cases outside the finance sector would exist in their numbers. With this, the remaining critics of cryptocurrency technology who consider it useless should be silenced.

References:

Article on Blockchain, AI by Forbes

https://en.wikipedia.org/wiki/Big_data