UICI Group promotes the complementary technology of blockchain and big data
USA International Covenant Inc (UICI Group, company number: 20091457685), is an innovative investment management institution established in San Francisco, USA. Currently, it has operations centers in many countries and regions around the world. A few days ago, Mr. Tyler Adams, the president of UICI Group, is planning to focus on the complementary technology of blockchain and big data.
According to Tyler Adams, both blockchain and big data are the new generation of information technology, but completely different in terms of concept and application areas. Regardless of blockchain or big data, they are developing at a high speed, complementing and improving each other.
Now is the era of information technology. Data has penetrated every industry and business, and it has become an indispensable production factor. While blockchain can liberate more data as it has high security, high credibility, and immutability function.
Deniel Soibim estimates that by 2030, blockchain is expected to account for 20% of the big data market, and its annual revenue will reach 100 billion US dollars.
Based on his investment experience, Tyler believes that if blockchain and data technology are combined, there will be five main impacts:
1. Expand big data
Blockchain has an immutability technology and a distributed database technology with a full history. With the rapid application of blockchain technology, the scale of data will also be increased. Blockchain will further expand in different scenarios and integrate with the big data. Therefore, the big data will be further enriched.
2. Release more data
The high credibility, high security, and immutability performance of blockchain will allow more data to be released, and the data will grow massively.
3. Improve data credibility
Blockchain has traceable performance, which enables the data to be collected, traded, or circulated. Every step of calculation and analysis will be recorded. Thus, the quality and credibility of data will be unprecedentedly improved. The accuracy of data analysis results and the effect of data mining will be guaranteed.
4. Globalize the data transaction
Blockchain can promote the standardization of data use, the scope of authorization of fine data, and the globalization of data transaction scenarios.
5. Enhance the value of blockchain data
The data statistical analysis of the blockchain is relatively weak. While the massive data storage of big data, as well as its efficiency and flexibility in analyzing the technology, can make up the shortcomings of blockchain. Thus, the data value and usage space of the blockchain could be maximized and enhanced.
Hence, combine blockchain with the big data technology, or further promote the development of blockchain will truly promote all projects of UICI Group in the global stage.
