Big Data and Bitcoins

Recently, Bitcoin has seen a recent spike in value, which has prompted many people to begin "mining" for more. This in turn has had a knock on effect with computer parts, sending the price of dedicated graphics cards far more expensive than before.

Big data can be used for both of these problems through methods such as google trends. For bitcoin, google trends can be tracked for how often people are giving attention and searching google for bitcoin or similar terms. Big data can also be used for tracking the current value of bitcoin and analyzing any patterns in the price changes to help predict whether the value will rise more or fall.

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7. Limitations of traditional data analysis

7. Limitations of traditional data analysis Security: Security is foremost aspect for every technology. Big data is prone to data breaches. The important information that is provided to some third party may get leaked to customers. Proper encryption must be made in order to protect the data. Large growth in data : data is growing faster than the processing power. Large volumes of data are being exploded in past years. We need some new machines to work; otherwise we will get over run by data. Large Data centres can solve this problem. Inconsistencies: Sometimes the tools we use to gather big data sets are imprecise. This will happen when the data is collecting for example, consider Google search Edinburgh College results of the search on one day will be different from other day, this is mainly due to inconsistency in data collection.

10. Big data in science

10. Big data in science Big data has recently become an integral part of working in science, with a good understanding of algorithms being an essential trait required of modern day biologists, physicists etc Not long ago, sequencing an entire genome (determining the order of all 3 billion pairs of DNA letters in the helix) took years. The Human Genome Project, the first completed sequence of an entire human genome, took around 13 years from conception to its completion in 2003, and cost more than £2 billion. Today, next-generation sequencing can do the same thing in 24 hours for not much more than a thousand pounds. This has completely changed how scientists work. It's not just that they get their hands dirty less often, nor simply that the required skills have changed. It's that the whole process of science – how you come by an idea and test it – has been upended. This has left a lot of senior scientists needing to understand and supervise techniques that didn...

Week 3

Week 3 Big and small data Small data is a way of keeping the size of data down. A file such as an image could take a lot of space depending on the size of the image, but by compressing it and losing some of the quality you can massivly reduce ths size. An example of small data could be Meteorological Aviation Report (METAR). The image below shows this off, each section of the code represents a different piece of information and saves entire data entries from being typed out and takes less time to process. https://www.futurelearn.com/courses/big-data-and-the-environment/3/steps/420387 Citizen Science Is the collection of data about the natural world that has been gathered by the general public, usually as part of a project with other data scientists. This can be used to gain vast amounts of information quickly since many people at once can gather the information as opposed to just one scientist or one sensor. One example is Thames 21, a charity which worked with Cit...

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