How will Blockchain & Predictive Learning AI help in Data Privacy & Analytics?
f you take Big Data, we are going to see a lot of changes, especially in the next 5 years. This is because we are getting a lot of data, more than any time since the formation of the earth. The gathering of data has been supported by the innovation and continuous growth of the Internet of Things (IoT). The generation of data from Laptops, smartphones, sensors on machines is enormous with the potential to analyze to understanding potential and loyal consumers of offerings.
However, the major challenges for the companies lie in the collection of the information along with the privacy of the data. The privacy was emphasized by the fact that the Cambridge Analytica & Facebook scandal that rocked governments around the world.
The fact that 7 out 10 companies fear that if they do not embrace the concept of Big Data and Data Analytics, they will become irrelevant and uncompetitive in the market. However, Big Data and Data Analytics need huge investments which the SMEs are struggling to find the funds to invest. The technology of Machine Learning, Deep Learning coupled with Predictive Artificial Intelligence is catching up to the technology of Blockchain.
According to Gartner Hype Cycle of 2017, blockchain will be adopted in all aspects in 5 to 10 years. However, Machine Learning, Predictive Artificial Intelligence are the technologies that will be adopted in the next 2 to 5 years.
The question arises, how do we use the security, safety, and scalability of Blockchain with the Intelligence of Machine Learning and Predictive Artificial Intelligence at an affordable cost making data analytics a level playing field for all the players?
Let’s start with Blockchain. The advantage of the blockchain technology is that the data is stored in a secure and more accessible way. The decentralization makes it impossible for a single person or company to control the data entry or the integrity. The sanctity of the data is verified by every computer in the network.
How is this going to influence Big Data?
The data is available on demand making the work of data collection much faster. According to CIO of UBS, the transactions processing time could be reduced from days to minutes. This allows companies to access every detail at present in an open transparent process in a safe and secure way with the use of blockchain. The security of blockchain technology will be useful in the healthcare segment where instances of hacking to access patient information are high due to the vulnerabilities in the system.
Now about AI and Machine Learning. It is imperative to use machines for Big Data with the ability to learn, evolve and improve especially with the size of these data are increasing with IoT. Big Data will help global diversification of Artificial Intelligence (AI) while AI will help in compelling multi-channel customer journeys. Predictive AI will help to identify hidden patterns in unstructured data sets and thus uncovering any concealed and unused information.
What will happen if Blockchain meets Predictive Learning Artificial Intelligence (AI)?
The result is DATAVLT. In the era of fast-changing trends, it is important to accurately foresee markets trends and changes. This will in turn help in catering to this ever-changing consumer and customer demands, thus, helping in a sustainable growth of the company. It is important for companies to track, analyze, integrate and correlate data, helping at an affordable cost for SMEs as well as the large corporates in a cutthroat economy. We at DATAVLT are working on a project by using the security, safety, scalability of Blockchain with the Intelligence of Predictive AI.