How Cryptocurrencies are Shaking Up the World of Big Data

Following the hubbub of Bitcoin reaching $10,000 (and shortly thereafter $11,000) per coin, the cryptocurrency world piqued my interest. After following a variety of subreddits regarding cryptocurrency, and doing a lot of reading around the subject I came across a really interesting new development – IOTA, the non-blockchain based cryptocurrency. What particularly interested me with the project was its attempt at monetising the data collected by the ever-expanding internet of things. It seems a new and potentially disruptive player in the world of big data has entered the world stage, with endorsements and partnerships from many bigger players in the industry like Microsoft and Fujitsu amongst others.

Utilising the ‘tangle’ as opposed to the traditional blockchain that most other cryptocurrencies use, the team behind IOTA have been able to create a system wherein there are no transaction fees and transactions are fast and get faster the more people utilise the network.

The Data Marketplace announced a few days ago feels like a stroke of genius and if it takes off is definitely going to be a massive game changer. The ability to easily and quickly purchase data from sensors around the world for small fees is in my opinion revolutionary and it’s incredibly exciting to think about the potential this idea has.

For more information (especially regarding the nitty gritty of the tangle) here are some links to look into:

https://blog.iota.org/

https://iota.org/IOTA_Whitepaper.pdf

All in all, this is an incredibly interesting development that I’m definitely going to be watching closely!

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