The mind-blowing growth and power of big data
The amount of digital data in the universe is growing at an exponential rate, doubling every two years, and changing how we live in the world.
"The rate at which we're generating data is rapidly outpacing our ability to analyze it," Professor Patrick Wolfe, Executive Director of the University College of London's Big Data Institute, tells Business Insider. "The trick here is to turn these massive data streams from a liability into a strength."
Just about 0.5% of all data is currently analyzed, and Wolfe says that percentage is shrinking as more data is collected.
At the same time, big data has almost limitless potential. Already, big data is doing everything from decoding DNA strands to predicting disease patterns, to suggesting what movies we might want to watch online.
Big data helps cut energy costs in buildings, potentially eliminating $200 billion in waste annually. New York City and Chicago are becoming smart cities using big data and sensors to not only save money but run as efficiently as possible.
"You have to start with a question and not with the data," says Andreas Weigend, former Chief Scientist of Amazon, now director of the Social Data Lab and lecturer at UC Berkeley.
"The fact that [the data] gets collected is a good thing," says Weigend. It's up to society, he says, to creatively ask the right questions.
- Mehmet Oz says he was 'exhausted' when he filmed viral 'Wegner's' gaffe, adding it's not a big deal because 'I've gotten my kids' names wrong as well'
- Life and times of Rakesh Jhunjhunwala — the man behind the trader
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- Shimla stipulated 75 ponds Amrit Sarovar for water conservation to mark Azadi Ka Amrit Mahotsav
- Mumbai breathes its cleanest air ever for the second time this monsoon
- Reliance Jio, Voda step up hiring as 5G related job postings up 65%
- Rupee gains 22 paise against the dollar as crude prices ease, FPIs come back
- Cabinet clears proposal to raise ECLGS corpus to Rs 5 lakh cr for tourism and hospitality sector