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

Latest News

The Latest: Official IDs Canadian missing in China

Dec 13, 2018

TORONTO — The latest on the frictions between Canada and China over the arrest of a top Chinese tech executive (all times local): 9:10 p.m. An official familiar with the matter says the Canadian man missing in China and feared detained is entrepreneur Michael Spavor. Spavor is director of the Paektu Cultural Exchange and is one of the few Westerners to have ever met with North Korean leader Kim Jong Un. He helped arrange a visit to North Korea by former NBA player Dennis Rodman. The official spoke Wednesday night on condition of anonymity because he was not authorized to...

UK's May wins no-confidence vote by MPs unhappy over Brexit

Dec 13, 2018

LONDON — British Prime Minister Theresa May survived a political crisis over her Brexit deal Wednesday, winning a no-confidence vote by Conservative lawmakers that would have ended her leadership of party and country. But the margin of victory — 200 votes to 117 — leaves May a weakened leader who has lost the support of a big chunk of her party over her handling of Britain's exit from the European Union. It also came at a steep price as she promised not to run for re-election in 2022. Britain's Brexit problem, meanwhile, remains unsolved as May seeks changes to her...

The Latest: UK's May grateful for vote keeping her in office

Dec 13, 2018

LONDON — The Latest on political turmoil in Britain (all times local): 9:40 p.m. Prime Minister Theresa May says she is "grateful" for the support she received from Conservative Party lawmakers who voted to keep her as their leader. The prime minister acknowledged Wednesday after she survived a party confidence vote with a 200-117 tally that a substantial number of Conservatives voted against her. May says she will keep pursuing a deal on Britain's departure from the European Union. She said she will attend an EU summit on Thursday seeking more assurances and concessions from other European leaders. The goal...

Team Sky future in doubt after owner withdraws from cycling

Dec 13, 2018

LONDON — The future of the most successful cycling team of the last decade was put in doubt Wednesday when Sky announced its withdrawal from the sport following the European pay TV giant's takeover by American company Comcast. Team Sky, which had a rider win the Tour de France this year for the sixth time in seven races, will require new ownership if it is to continue competing — under a new name — from 2020. "We plan to be together in 2020 if at all possible," said Chris Froome, who has raced for Team Sky since its debut in...

US-China trade hopes help shore up global stock markets

Dec 13, 2018

LONDON — Global shares rose Wednesday amid hopes for progress in U.S.-China trade talks while U.K. markets took in stride the news that British Prime Minister Theresa May will face a no-confidence vote among her party's lawmakers later. KEEPING SCORE: In Europe, Germany's DAX was up 1.2 percent at 10,904 while the CAC 40 in France was 1.8 percent higher at 4,895. The FTSE 100 index of leading British shares rose 1.3 percent to 6,894. U.S. stocks were poised for a solid open too, with Dow futures and the broader S&P 500 futures up 1 percent. TRADE TALKS: Recent media...

Financial Markets

Market Sanctum is one of the world’s leading news sources for the currency trading community. Our analysts report on the latest changes in the current market, providing in-depth analysis.

Contact us: sales[at]marketsanctum.com