DATA & ANALYTICS
Blockchain Explained
WATCH NOW
and comply with all applicable security legislation . The companies that succeed in the future will need to have a solid strategy in place that makes the most of their data while protecting partners and customers .”
“ Blockchain has only been around for a little over 10 years and in that time it has been widely adopted across the financial sector and beyond ,” explains Sahib . “ It offers better speed , accuracy , and security than was possible before its inception . Forbes has predicted a continued growth and evolution over the next 10 years . In 2021 , the market was worth US $ 4.9bn ; by 2026 , this is predicted to grow to US $ 67.4bn .
“ Growth like this has not been seen since the Dotcom boom in the 90s .”
“ AI and ML help automate a lot of timeconsuming manual processes ”
MO SAHIB CEO , BORDERLESS SECURITY AND FILESDNA
Securing IoT data As IoT growth accelerates , there will simply be too many devices and too much data for human intervention . According to research by IDC , the amount of data generated by IoT devices is expected to reach 73.1 ZB ( zettabytes ) by 2025 . And while big data technology is capable of processing and analysing large volumes of data , it does not provide security and trust .
“ That ’ s where blockchain comes in ,” comments Jonas Lundqvist , CEO at Haidrun . “ As a distributed database or ledger technology , blockchain stores and manages data in so-called blocks , encrypted and linked together to form a chain . Each block also contains an immutable record of exactly when it was created , which can ’ t
106 May 2023