The internet’s growth has led to an exponential increase in the release of new information.
Accelerating big data between machines.
In today’s era, communication isn’t limited to just humans. Machines are now connecting people to people and facilitating machine to machine communication.
IoT and AI
The development of IoT and AI has enabled machine to machine communication, allowing interconnected devices to exchange data and make faster, more informed decisions based on a larger volume of information than ever before.
For example, think of a smart vacuum cleaner that can intelligently operate throughout your house, even autonomously returning to the docking station for recharging.
Now, imagine this vacuum cleaner can also communicate with smart doors in your home, allowing access and locking them after cleaning each room, and even ordering a new brush head when needed.
All this has become possible through AI and IoT.
Now, with blockchain enhancing the security of these devices, we are set for a future driven by smart technology.
What Does This Mean for Big Data?
Smart devices are an important data source, and their widespread use will naturally result in the growth of big data.
As per IBM Big Data & Analytics Hub, the robust growth of IoT will lead to a significant surge in new data in the coming years. A study by software.org estimates that there will be over 50 billion interconnected devices within IoT by 2020.
Blockchain is beginning to merge with IoT.
What’s even more remarkable is the merger of blockchain with IoT, ensuring the security and accuracy of data from these devices. The immutable nature of blockchain technology prevents the manipulation or alteration of data from IoT devices.
This increasing reliability and usability of IoT as a data source will likely result in its widespread adoption, further boosting data growth.
Blockchain security will make IoT a self-driving data source, with benefits outweighing any drawbacks. The resulting acceleration in adoption and data generation is inevitable.
The potential of blockchain-based IoT in big data may seem futuristic, but solutions combining the two already exist.
Blockchain and IoT Combinations
One such solution is Steamr, a blockchain-based project by the Swiss-based Steamr Network AG that utilizes IoT for big data. Steamr aims to enable individuals to trade data from their IoT devices with each other and manufacturers.
Sharing information.
For instance, consider a smart car sharing traffic data with vehicles on alternate routes, notifying relevant authorities of accidents, and warning about road repairs. Additionally, the car can share durability data with manufacturers to aid in product development.
Through projects like Steamr, ecosystems can be developed for sharing such data and receiving rewards. For example, smart car owners can exchange data such as traffic updates and find the best pricing for charging points.
The IOTW project by AnApp Technology aims to create an ecosystem where IoT device data can be aggregated and sold to interested parties with user consent.
Rewarding your customers for their data.
By incentivizing consumers to share their data, companies can utilize it for various purposes, including smart city planning, appliance updates, and meeting customer needs more effectively. This data collection is beneficial for both consumers and industrial IoT companies, as well as manufacturers, wholesalers, and retailers.
As blockchain becomes more integrated with IoT, it is likely that the resulting big data will lead to more innovative IoT solutions, generating high-quality data for better decision-making in all aspects of life.
