Can cryptocurrencies merge – Cryptocurrencies, Blockchain and Big Data are emerging topics today. In addition, they have been the focus of developers, investors and researchers in recent years. Cryptocurrencies, Blockchain and Big Data are emerging issues today. In addition, they have been the focus of developers, investors and researchers in recent years. Although the market shows significant volatility, the total value of the market has reached hundreds of billions of dollars. Some experts suggest it will get a valuation of $1 trillion in the short term.
In addition, new cryptocurrencies are added to the market regularly, as well as trading platforms, developers, and banking and institutional partners. Today, this nearly trillion-dollar market undoubtedly influences how you invest and trade.
Thus, the digitization and technological progression of the modern world have fueled the collection, analysis, and application of Big Data analytics, which have been incorporated into all aspects of daily life and are progressing rapidly. The Internet of Things (IoT) is altering the infrastructure of networks and communications. Cloud computing is changing the way data is calculated and stored.
All this while the techniques of Data Mining, Machine Learning and Artificial Intelligence are taking giant steps towards extracting knowledge, problem-solving, decision making and optimization of operations.
Cryptocurrencies, Blockchain and Big Data are the epicentre of advanced research.
These Big Data Analytics technologies are not only a trend in their research and implementation. If not, possible solutions and strategies for all aspects of human life. Like the prediction of diseases, adequate medical care, among others.
For example, the MapReduce programming framework is a fusion of cryptocurrency, Blockchain and Big Data analytical processes. They have provided a powerful framework for industry, finance and commerce as well as academia.
Likewise, cryptocurrencies work in a system that cannot be materialized, and the well-structured complete records of global networks satisfy the characteristics of the so-called “5 V” of Big Data: volume, variety, speed, integrity and value.
Therefore, it serves as a good resource for Big Data Analytics, while this analysis also holds the keys to the evolution and development of cryptocurrencies. An example is the global scale of digitization and the popularization of the Internet of Things (IoT). They are driving the adoption of new technologies in general. Which makes cryptocurrencies a much more promising option shortly.
Investments and development can be accelerated and consolidated.
In the same way, Big Data Analytics can also help investors and developers to make better decisions. As well as to overcome infrastructure limitations. On the other hand, the technologies underlying cryptocurrencies have proven their practical application in a wide range of fields, this has further accelerated digitization and widened the Big Data analytics network.
In this exact order of ideas, there are mutual benefits for exploiting cryptocurrencies and Blockchain when considering their interactions with Big Data. Furthermore, the potential benefits are still countless.
Rise of cryptocurrencies, Blockchain and Big Data
First, the first cryptocurrency, Bitcoin, was invented by Satoshi Nakamoto (a pseudonym) in 2008 and has been in circulation since 2009. Since then, it has become the most famous cryptocurrency and the representative term. Of cryptocurrencies ever since.
In recent years, the market price of Bitcoin has been around $20,000. At the end of 2017 and today, it maintains an average of about 30 thousand dollars. Technically, cryptocurrency mining means reinforcing the computing powers to participate in cryptocurrency networks and approve transactions. A minimal amount will be paid in said cryptocurrencies.
Bitcoin is complicated to mine right now, as its vast potential and market value have attracted more miners and developers to become part of this growing market. Thus, the total supply of Bitcoin has shown an exponential growth trend since it was first introduced.
Unlike banknotes, cryptocurrencies encrypted digital currencies that cannot physically created—taking into account the rapid development of payment methods and transactions in the last 10 years. It is not safe to say that these assets will be the future currency. But do not underestimate its significance and its possible influence.
The influence of Blockchain and Artificial Intelligence
When discussing merging cryptocurrencies, Blockchain and Big Data with Artificial Intelligence (AI). Cryptocurrencies are only a tiny part of the rapid technological advances of recent years.
To begin with, the term “artificial intelligence” coined by Professor John McCarthy in 1956 and defined as “the science and engineering to manufacture and develop intelligent machines, brilliant computer programs.”
Since then, Artificial Intelligence has evolved rapidly in different fields. Which serve as support to various disciplines such as Big Data, Blockchain, and Data Mining, among others.
Similarly, artificial intelligence uses advanced computing to analyze and make sense of complex data. So the machines trained to react intelligently in reasoning and problem-solving. Both artificial intelligence and cryptocurrencies were the main topics of one of the biggest technology conferences in Japan some time ago.
Likewise, cryptocurrency platforms and investors implement artificial intelligence technologies for product optimization and organizational decision-making.
Thus, the limitations of Blockchain technology can find solution with the help of artificial intelligence technology. For example, making the Blockchain more energy efficient, customizing the adoption process, and improving security.
In addition, the publicly accessible data that Blockchain can offer is a good resource for artificial intelligence processing. Something that can also help improve fake confidence.
Union of cryptocurrencies with Big Data
The Big Data era has brought with it complex challenges, along with unlimited opportunities all over the world simultaneously. Thus, Big Data Analytics has driven innovations and progress on a wide range of topics. To give you an example, crime, causality analysis, energy, forecasting, and banking are some tests of these disciplines.
Equally, there is evidence that Big Data Analytics is helping the banking industry improve security, risk management, customer relationship management and marketing in general, which has significantly optimized its efficiency and profits.
As a fast-growing industry in recent years, cryptocurrencies linked to Big Data in multiple ways. The convergence between cryptocurrencies and Big Data occurs mutually. The nature of the cryptocurrency network has determined its importance as a valuable Big Data Analytics resource.
A fundamental Blockchain architecture, for example, a decentralized system which contains all the transaction records of each participant and the data well structured and accurate—making it an intensive data environment and an ideal resource for applying Big Data Analytics.
Blockchain technology plays a key role.
They are taking into account its great value as an alternative currency and the Blockchain technology behind it with a wide range of application options. The interest of developers and investors popularized the technology related to cryptocurrencies, the growing size of cryptocurrencies and their participants who decided to embrace this era of technology and digitization. Furthermore, they further drive the data resource to build the Big Data.
Cryptocurrencies can offer high-quality and well-structured data for Big Data Analytics; it is also crucial to investigate the values that Big Data can bring to the cryptocurrency industry. Some deals are improved security, privacy, deep analytics, and predictions.
First, the technology related to cryptocurrencies works as a secure network to store and share a large amount of data among a network of gigantic participants.
In addition, Big Data analytics techniques can also improve the security of the already stable architecture through analysing the Big Data provided by such a network. An example of this is identifying cybercriminal entities, and hackers and detecting the attacks that can cause the most significant impact.
Cryptocurrencies, Blockchain and Big Data improve security and privacy.
In this sense, the cryptocurrency market currently contains more than 2 thousand different cryptocurrencies, and the market valued at more than one trillion. Its digital and decentralized characteristics make it a vulnerable and profitable demand for malicious hackers. According to experts, most cryptocurrency research focuses on cryptocurrencies’ privacy and security perspectives.
This trend remains unchanged when researchers encounter Big Data and its associated technologies. In addition, numerous investigations have carried out on the submission of Blockchain technology in the management of Big Data and the control of its access itself. Such a way researchers have developed this technology to achieve decentralized data management. All this while maintaining privacy and security.
For example, to provide patients with an immutable record and full access to their medical history across providers and treatment centres. Data management system solutions being investigated for this sensitive and private information.
Likewise, they have proposed a system called Med Rec, which integrated patients, medical information providers and other interested parties in the medical field to participate in said system. All this is is based on Blockchain, at the same time, it served as Big Data to enhance the researchers’ data. In this way, they developed a set of secure platforms to allow third parties to process patient data without violating their privacy.
The merger of cryptocurrencies, Blockchain and Big Data will help medical research.
In the same way, thanks to the combination of cryptocurrencies, Blockchain and Big Data, medical data exchange systems developed, all focused on the user. That being said, medical data from personal wearable devices collected by a mobile application using the Blockchain in a decentralized and pre-permission manner.
In the same way, it should renowned that a data processing method based on a process tree adopted. All this is for the correct processing of Big Data associated with personal medical care.
Even improvements have made to the system; these improvements based on smart contracts—all this to safely monitor the patient in real-time and medical interventions. Similarly, the Internet of Things (IoT) has widely incorporated into today’s technological lifestyle, and its relationships with cryptocurrency technologies inevitable.
Cryptocurrencies, Blockchain and Big Data combine to provide multiple advantages.
Everything related to cryptocurrencies and the key Blockchain technology that supports it has extensively developed. As well as, a systematic review of the research indicating the close interactions between cryptocurrencies, Blockchain, and Big Data can made.
It a fact that it has proven that the rapid growth of interest and focus on an emerging and valuable market such as cryptocurrencies is accompanied by criticism and mistrust. Critics aside, these technologies offer an efficient, decentralized, and peer-to-peer transaction system globally. All this while maintaining anonymity, privacy and security.
However, its digitization and anonymity features make it an easy target for hackers and digital criminals. So it’s less easy to adopt for most people who aren’t average tech-savvy.
In addition, the Blockchain technology behind cryptocurrencies has expanded its capabilities. It has implemented in various fields, such as smart contracts, data commerce and management, governance and digital property, among others.
Researchers have been working on solutions to overcome its limitations and further improve this technology. Thus, relatively new advances such as Tangle and Hash graph technologies have found, which can substantially improve efficiency and reduce administrative costs.
Similarly, the convergence with artificial intelligence has attracted much attention. Big Data and cryptocurrencies are topics and technologies that today remain in trend. For this reason, with the Master’s in Big Data and Business Analytics, you will be able to obtain all the knowledge to apply these technologies and methods to your organization.