IoT (Internet Of Things)
What is it?
The basic idea of the “Internet of things” is to connect any and every electronic device to the internet, embed sensors and some sort of intelligence in them, and /or allow them to talk to one another.
More importantly, the IoT concept sees this kind of intelligence and connectivity being built into machine components
In 2018 a study shows that in average 56,000 GB of data(from tweets, photos, videos, emails, documents, attachments, sensor readings…) traffic is generated every day. Using traditional methods such as relational database and data warehouses are simply unable to handle the volume or the speed at which it’s generated.
Therefore “Big Data” not only adds the volume to hold data but also how that data is processed. This requires the use of “AI (Artifical Intelligence)” and “Machine Learning”
It is the backend technology that makes s the cryptocurrencies work.
It provides a way of transacting, without the use of a middle-men because it acts as a guarantor. This would cut both the cost and the time.
The “Block” or the new transaction is recorded in the “Chain” or a series of transaction records, once it’s approved by the network. And this new record is saved using a hash function called SHA to make sure that there is no modification made to it.
AI and Machine Learning
This is the idea that computers can learn and improve from experiences without a human feeding the machine a new code.
It uses a clever algorithm that outlines a set of rules to be followed when calculating results. And it can recognize patterns in that data and flag up an interesting correlation. This pattern recognition allows the computer to make predictions about the future based on reality presented by the data it had been processing