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How Blockchain Technology Will Transform Future With Big Data, IoT And Artificial Intelligence

Many tech enthusiasts and developers are looking to integrate Big Data, Internet of Things (IoT) and Artificial Intelligence (AI) with Blockchain technology in order to transform the futuristic world. The blockchain is a distributed ledger technology used for transactions of Bitcoin and other cryptocurrencies. It doesn’t only keep a record of cryptocurrencies transactions but also anything of value. The increasing demand for blockchain applications has led to an increasing demand for blockchain developers. Upwork is one of global freelancing platforms who provides online freelance jobs in Blockchain. 

Big Data contains a large amount of structured, semi-structured and unstructured data. Data science is the study which uses scientific algorithms and methods in order to analyze, predict and extract knowledge and actionable insights from big data which can be mined and used in machine learning projects and other advanced analytics applications. If big data is the quantity, then Blockchain technology is the quality because it focuses on the data validating and recording and maintains the data integrity. Both technologies use algorithms in order to control and manage the working of various data segments. There are five blockchain uses cases in big data viz., Ensuring Trust (Data Integrity), Preventing Malicious Activities, Making Predictions (Predictive Analysis), Real-Time Data Analysis and Manage Data Sharing, reported on Smartereum. 

Although IoT-enabled devices are increasing day-by-day, most IoT-enabled businesses are unable to detect their breached devices. Blockchain technology is an immutable data ledger which can be integrated with cryptography in order to transfer data. It is stated that the combination of this technology and IoT can enhance security because the combined technologies can be used to identify sensitive data leakage and protect data against hackers. IoTex is one of the blockchain-based platforms in the field of IoT security and data privacy who uses ‘Blockchains in a Blockchain’ architecture in order to address IoT problems. In this architecture, different types of IoT devices connect to various subchains or hubs and depend upon the format and operating requirements of the main Blockchain. IoTeX’s network is open for heterogeneous devices, Forbes reported.

Asset management has already helped many people. Many richest people around the world have their backgrounds submitted in hedge funds and different types of smart asset management. Earlier, large mutual funds used to give average or poor performance and had the backing support of an institutionalized elite. The annual charging fees for the funds were 2-4 percent at that time. The demand for accessing the funds and various investments opportunities are increasing day-by-day. Likewise, the demand for better performances along with lower fees is also increasing. Most mutual funds companies now want to adopt new methods for asset management. Different companies and managers are looking to integrate Blockchain technology, Big Data and Artificial Intelligence (AI) in order to change the face of asset management. Big data is considered as a fuel for AI. The data provides descriptive market insights and recommend prescriptive actions to AI in order to generate a huge profit in the long run.

Blockchain technology reduces costs along with the simplification of administrative works in asset management. This technology provides innovative asset structures with the aim to generate more profits in the remote future. It also provides the tokenization of assets. Traditional investment assets tend to be tokenized on the blockchain in order to manage assets efficiently. It is stated that the future of asset management is the tokenization of assets due to its benefits. The blockchain is an immutable, independent and permanent ledger which enables asset managers to use innovative administrative protocols in order to manage more shareholders. Apis Capital Management is one of the asset management companies integrating blockchain technology with AI in order to implement this integrated solution in their services. IBM stated that the blockchain can improve asset management as it not only creates an asset and gives transparency to transactions but also provides an open collaboration, Forbes reported.

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