By 2025, Blockchain, IoT, Machine Learning Will Converge in Healthcare – HealthIT Analytics

Blockchain, machine learning, and the Internet of Things are on a collision course, which could be the best thing to happen to healthcare.

Within the next five to ten years, healthcare organizations are likely to have access to integrated health IT platforms based on an emerging set of information management technologies including blockchain, the Internet of Things (IoT), and machine learning, predicts Frost & Sullivan.

The convergence of these big data analytics and access methodologies will accelerate the growing trend of data decentralization and consumer access to personal health information by making it easier for all members of a patient’s care team to stay securely informed, involved, and interoperable with one another.

“A blockchain-based system will enable unprecedented collaboration, bolstering innovation in medical research and the execution of larger healthcare concepts such as precision medicine and population health management,” explained Transformational Health Industry Analyst Kamaljit Behera.

Blockchain leverages a distributed ledger system, in which every member of the community holds identical records of all transactions conducted between them.

Every entity that holds a copy of a ledger must approve any and all changes to the dataset before it can be conducted, providing a more secure way to ensure that access and edits are authorized.

More at: By 2025, Blockchain, IoT, Machine Learning Will Converge in Healthcare – HealthIT Analytics

What can be uncovered when big data meets the blockchain – InfoWorld

As blockchain technology continues to be explode in popularity and be adopted by organizations around the world, new types of data are becoming available for analysis by the most recent big data technologies

As defined by the World Economic Forum (WEF), “Blockchain technology allows parties to transfer assets to each other in a secure way without intermediaries. It enables transparency, immutable records, and autonomous execution of business rules.”

Investments in the blockchain are on the rise. Banks, private businesses, and even governments are investing in the technology. The WEF predicts that smart contracts alone on the blockchain could equal 10 percent of the global GDP by 2027. As with any new technology, it’s important to note the value of the data that comes with it. And arguably the most valuable data involved with blockchain technology is that of virtual currency use.

Over the past few years, and with the development of bitcoin, the use of virtual currencies is gaining momentum around the world. However, the currencies remain unpredictable and only partially understood, even by experts. To create clarity, organizations interested in the blockchain, and more specifically bitcoin, are beginning to use big data to provide insights into the virtual currency’s future performance. The IDC recently reported that global IT spending is in the trillions and big data revenues will grow to more than $203 billion by 2020. By 2027, the value of big data as a service is predicted to be between $500 billion and $1 trillion, and managing virtual currency on the blockchain could account for a significant portion of that revenue.

Many of the best ways to realize the full potential of the virtual currency, and alleviate some of the risks involved, may be by harnessing its big data. As the blockchain is essentially a ledger that every bitcoin transaction must pass through for verification by the millions of other peer-to-peer users, the insights to be collected from that ledger are potentially endless. And even though there is no identifying information in a transaction on the blockchain itself (the blockchain only knows the two wallets that exchanged the currency and the amount), all transactions are public and each user’s activities are visible to everyone on the blockchain.

Organizations are beginning to perform data analysis on virtual currency activities to uncover powerful insights into trends and events surrounding currencies like bitcoin. So what type of trends can be revealed? Here’s a brief overview of what data enthusiasts are beginning to unmask in the world of the blockchain and cryptocurrencies with a big data mindset and the right data analytics tools.

More at: What can be uncovered when big data meets the blockchain – InfoWorld