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

Japanese emperor tries to make amends for his father's war

Aug 15, 2018

TOKYO — For his last time, Japan's Emperor Akihito addressed a memorial service Wednesday marking the end of World War II. Once again, he expressed "deep remorse" for the war. It was in keeping with what by all appearances has become a mission for Akihito over his 30-year reign: to make amends for a war fought in the name of his father, Hirohito. The 84-year-old monarch is set to abdicate next spring. "Reflecting on our past and bearing in mind the feelings of deep remorse, I earnestly hope that the ravages of war will never be repeated," Akihito said in...

Global shares mixed as Turkey raises tariffs on US goods

Aug 15, 2018

BANGKOK — Shares were mixed Wednesday after Turkey announced it was increasing tariffs on imports of some U.S. products, escalating a feud with the United States that has helped trigger a currency crisis. KEEPING SCORE: Germany's DAX rose 0.3 percent to 12,392.13 and in France, the CAC 40 added 0.1 percent to 5,407.55. Britain's FTSE 100 was almost flat at 7,609.37. The futures contracts for the S&P 500 index and the Dow Jones industrial average were down 0.1 percent. ASIA'S DAY: Japan's Nikkei 225 index fell 0.7 percent to 22,204.22 and in Hong Kong, the Hang Seng dropped 1.6 percent...

Senior Chinese monk accused of sexual misconduct quits post

Aug 15, 2018

BEIJING — One of China's most high-profile Buddhist monks has resigned from a top national post following reports of sexual misconduct, a religious association said Wednesday. The Buddhist Association of China said its president Xuecheng (SHWEI'-chung) had passed his duties to a deputy. The case, which was covered widely in the Chinese press and discussed on social media, was seen as a sign of the #metoo movement's growing momentum in China. A small but increasing number of academics, civil society activists and one of China's best known television hosts have been called out for inappropriate behavior, although the movement has...

China files WTO challenge to US tariffs on solar panels

Aug 15, 2018

BEIJING — China says it is challenging a U.S. tariff hike on solar panels before the World Trade Organization, adding to its sprawling conflicts with President Donald Trump over trade and technology. The 30 percent tariffs announced in January improperly help U.S. producers in violation of WTO rules, the Commerce Ministry said. It said a formal complaint was filed Tuesday with the WTO in Geneva. The solar duties are separate from tariff hikes imposed by the Trump administration starting in July on Chinese imports in response to complaints Beijing steals or pressures companies to hand over technology. The duties also...

Judge may acquit women or call defense in Kim Jong Nam trial

Aug 15, 2018

KUALA LUMPUR, Malaysia — Two Southeast Asian women on trial in Malaysia for the brazen assassination of the North Korean leader's half-brother could be acquitted Thursday or called to enter their defense in a case that has gripped the world. Indonesia's Siti Aisyah, 25, and Vietnam's Doan Thi Huong, 29, are accused of smearing VX nerve agent on Kim Jong Nam's face in a crowded airport terminal in Kuala Lumpur on Feb. 13, 2017. The women have said they thought they were taking part in a prank for a hidden-camera show. They are the only two suspects in custody and...