Pura Cryptocurrency on Blockchain-Big Data Fusion for Success

Blockchain is virtually immune to hacking and guarantees the security of the information stored in the ledger.

Detroit, MI - April 16, 2018 /MarketersMedia/ —

The term Blockchain refers to the technological revolution of digital ledgers safely, securely, and transparently monitoring transactions online. What big data and Blockchain together means for the financial industry is the potential to break into the digital world that until now is largely untouched on a large scale. Although DLT was initially explored within the context of cryptocurrencies, it quickly became obvious that the technology has implications far beyond these confines. With two such remarkable phenomena co-existing in the past decade, it was inevitable that researchers, corporations, and market participants would turn their attention to investigating the combined potential of Big Data and blockchain, and the initial signs point to a truly extraordinary mixture, according to the experts of the Pura Cryptocurrency project.

The simplest definition of blockchain is perhaps the one provided by IBM, which explains it as “a shared immutable ledger for recording the history of transactions.” On the other hand, we have artificial intelligence (AI) – the key technology employed in Big Data analytics. As complexity scientist and data strategist Francesco Corea puts it, “Blockchain and AI are the two extreme sides of the technology spectrum: one fostering centralized intelligence on close data platforms, the other promoting decentralized applications in an open-data environment.” Nevertheless, Corea is among those who believe that the two technologies can work together, each amplifying the strengths of the other. AI can help blockchain overcome some of its limitations by providing support in areas such as energy consumption management, scalability, layer and application security, and efficiency, among others. Conversely, DLT can augment AI by increasing effectiveness and trustworthiness, lowering market entry barriers, and reducing catastrophic risks scenarios.

While blockchain is virtually immune to hacking and guarantees the security of the information stored in the ledger, it is not designed to handle the analytics aspect, which is the reason Big Data carries so much weight, Pura Cryptocurrency panel notes. According to Trent McConaghy, chief technology officer of BigChainDB, the intersection of DLT and AI will provide companies with far more than data integrity, as critical as that is. In a world where the two technologies complement each other, there will be more information gathered, which will in turn improve modeling capabilities. Furthermore, “when data from silos is merged, you don’t just get a better dataset, you get a qualitatively new dataset. Which leads to a qualitatively new model, from which you can glean new insights and have new business applications,” McConaghy wrote. Another executive who believes in the tremendous potential of this alliance is Nikunj Thakkar, CEO of DataOne Innovation Labs. According to him, the marriage of blockchain and Big Data will enhance the accuracy and security of the data shared, refine decision-making in machine learning, provide real-time detection of illegal activities, and ensure complete automation, among others. “There is no doubt that the future of business, transport and government is poised to undergo a radical transformation when the coming together of Big Data and blockchain becomes reality in the next decade,” Thakkar concludes.

Pura Cryptocurrency was created with a vision to democratize transactions, making them affordable for everyone by eliminating intermediaries such as banks and payment processing companies. This international cryptocurrency allows people to send money in an instant, directly and anonymously. Run by a team of 20+ experts, Pura is also the world’s first socially and environmentally conscious digital currency project: it is implementing a protocol that will divert 10% of its mining rewards to initiatives benefiting the planet and the public.

Pura Cryptocurrency - The World’s First Socially & Environmentally Conscious Cryptocurrency: http://puracryptocurrencynews.com

PURA (@PuraSocial) - Twitter: https://twitter.com/purasocial

PURA - Home - Facebook: https://www.facebook.com/officialpura

Contact Info:
Name: PCN
Email: contact@puracryptocurrencynews.com
Organization: PuraCryptocurrencyNews.com

Source URL: https://marketersmedia.com/pura-cryptocurrency-on-blockchain-big-data-fusion-for-success/331554

For more information, please visit http://puracryptocurrencynews.com

Source: MarketersMedia

Release ID: 331554

More News From Asean Coverage

Filipino Muslims vote on autonomy after long peace effort

Jan 22, 2019

MARAWI, Philippines — Muslims in the southern Philippines voted Monday in a referendum on a new autonomous region that seeks to end nearly half a century of unrest, in what their leaders are touting as the best alternative to a new wave of Islamic State group-inspired militants. The vote caps a tumultuous peace effort by the government in Manila and the Moro Islamic Liberation Front, the main rebel group, to seal a deal that was signed in 2014 but languished in the Philippine Congress until it was finally approved last year. Bloodshed including the siege of Marawi city by IS-linked...

Stocks subdued as Chinese growth falls to weakest since '90

Jan 22, 2019

BANGKOK — World stocks were subdued Monday after China reported its slowest economic expansion in 30 years and the International Monetary Fund cut its forecasts for global growth this year. KEEPING SCORE: Germany's DAX fell 0.6 percent to close at 11,136.20 while the CAC 40 in France slipped 0.2 percent to 4,867.78. Britain's FTSE 100 added less than 0.1 percent to 6,970.59. Wall Street remained closed for Martin Luther King Jr Day. THE DAY IN ASIA: The Shanghai Composite Index added 0.6 percent to 2,610.51 and Hong Kong's Hang Seng index climbed 0.3 percent to 27,196.54. Japan's Nikkei 225 index...

China grants Ivanka Trump 5 trademarks amid trade talks

Jan 22, 2019

SHANGHAI — The Chinese government has granted Ivanka Trump's company preliminary approval for another five trademarks this month, as her father's administration pushes ahead on trade negotiations with China. Four trademarks, including child care centers, sunglasses and wedding dresses, were approved on Sunday. A fifth, covering brokerage, charitable fundraising and art valuation services, was approved on Jan.6, according to online trademark office records. The applications were filed in 2016 and 2017. If no one objects, they will be finalized after 90 days. Ivanka Trump's expanding intellectual property holdings have long raised ethical concerns, particularly in China, where the courts and...

China says doctor behind gene-edited babies acted on his own

Jan 22, 2019

BEIJING — Chinese investigators have determined that the doctor behind the reported birth of two babies whose genes had been edited in hopes of making them resistant to the AIDS virus acted on his own and will be punished for any violations of the law, a state media report said Monday. Investigators in the southern province of Guangdong determined Dr. He Jiankui organized and handled funding for the experiment without outside assistance in violation of national guidelines, the Xinhua News Agency said. Along with the birth of the twins, another embryo yet to be born reportedly resulted from He's experiment....

Thailand commits to policy of not detaining migrant children

Jan 22, 2019

BANGKOK — Advocates for the protection of refugees and asylum seekers lauded a commitment by Thailand on Monday to release children held in its immigration detention centers. The U.N. refugee agency, UNHCR, said Thai government ministries involved with the issue signed a memorandum of understanding providing a framework to meet a 2016 pledge by Prime Minister Prayuth Chan-ocha to end the practice of detaining migrant children. The document is an agreement in principle and does not ensure how such children will be taken care of. The UNHCR and international and Thai advocacy groups are urging Thailand to take the commitment...