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.

Comments

3. Growth of Big Data

3. Growth of Big Data Kryder's law - The idea that data storage will double almost every year (13 months), as the storage capacity increases, storage will decrease in price. https://searchstorage.techtarget.com/definition/Kryders-Law growth of data - Data is increasing at an exponential rate, more data has been made in the past two years than ever before combined. It is estimated that by the year 2020, 1.7MB of new data will be made every second for every human on earth. Within 5 years there will be 50 billion smart connected devices on earth. also by 2020, at least 1/3 of all the world's data will pass through the cloud. The image below contains more examples of data growth as well as a graph for visual representation https://dvmobile.io/dvmobile-blog/feeling-overwhelmed-by-a-deluge-of-iot-data-iot-data-analytics-dashboards-can-help

Big Data and Bitcoins

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.

6. Traditional statistics

6. Traditional statistics Traditional Statistics is simply the act of gathering data and searching for trends among it. It is widely used in many different ways in our society. Medical uses could be for vaccines, as doctors can recover results information from different types of vaccine for a disease to insure safety when administering it to large amounts of people Communication companies also use statistics to help identify faults within the network so that they can be fixed faster which in term ensures that customers will be able to regain full functionality in a shorter time Government agencies around the world rely on statistics for a clear understanding of their countries, their businesses and their people.

Big Data EC1702991

Search This Blog