What is the place of cryptocurrency and blockchain technology in the digital space… really? Let’s take a quick peep into the world of big data, artificial intelligence (AI) and the internet of things (IoT) –the near future being shaped by these discoveries.
BIG DATA
First, big data is partially responsible for a more secure blockchain technology utilized by most cryptocurrencies. The very essence of big data is for organizations to make smarter choices and be up-to-date on market trends. In making use of the blockchain technology, organizations are able to uncover vital information about every transaction that takes place. Now, this will change the way decisions are made and business is done for both startups and already established organizations. Big data, data science and analytics are emerging disciplines… and so is the blockchain technology.
Blockchain mirrors a wallet that also serves as a banking service for everyone. A bridge between the haves and have-nots. This means we will not be having smarter cities with the same societal strata –remove cryptocurrency, leave big data, AI and IoT and that’s what we will have –the same inequality. Blockchain technology creates an opportunity for all.
Also, Individuals can now have control over their encrypted DNA data and sell it to third party research companies using blockchain-based marketplaces. These marketplaces will be responsible for buying and selling of DNA data based on cryptocurrency tokens. These tokens can be cashed out or used to purchase other services available on these marketplaces. All transactions are properly tracked on the blockchain safely. Big data is very much needed in understanding the large statistics involved in genomic data gathering as well.
A Lithuanian company, Lympo is connecting people in the sports and wellness industry to promote healthy lifestyle. Now, Lympo is creating a marketplace where individuals can participate in different exercises and keep a healthy lifestyle, which is good enough, but earn money for doing that! Healthy living will be naturally encouraged across board.
ARTIFICIAL INTELLIGENCE AND INTERNET OF THINGS
In relation to AI, it is important to note two major trends: decentralized AI markets that involve combination of blockchain, on-device AI and edge computing and the Internet of Things (IoT).
First what is AI doing now? In the University of Curtin, Australia, an autonomous vehicle is fully functional on campus. In the Netherlands, The Netherlands’ Land Registry (Kadaster) already started the implementation of blockchain technology and Artificial Intelligence (AI) in the national real estate market.
AI functionality is quite expensive to run, but with blockchain technology and ‘crypto-agents’, the functionality now is experiencing some growth. www.cryptomorrow.com explains the role of cryptocurrency as “AI can be applied in hedge funds and cryptocurrency trading which requires predictions and crypto mining. It can help reduce energy consumption in mining, improve blockchain scalability problems, improve security and privacy, and improve network efficiency and help open many "data gates" such as data trading avenues. On the other hand, blockchain can help AI redefine itself, lower market entry barrier, increase artificial trust, reduce risks.” (Cryptocurrencies and projects involving AI)