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We're Facing a Potential Data Crisis in the Near Future

The big data revolution has resulted in some impressive numbers. In fact, data growth is accelerating even faster than many of the experts predicted just a few years ago. Although data scientists originally predicted a total data volume of 40 zettabytes by 2020, they've recently increased that number to 44ZB – and that's really just the beginning.

According to other estimates, modern computer systems will generate 1.7 megabytes of data per second for every human being on the face of the planet. With this number continuing to grow, the overall amount of data in the Information Age is quickly beginning to spiral out of control.

While there's no denying the benefits and luxuries of the Information Age, some see all of this data as an obstacle. Some experts believe that we are already on the verge of a data crisis – and the only solution is to re-examine and re-structure the way we handle data in the 21st century.

Does Big Data Cause More Problems than it Solves?

A basic example is seen in the science field. In November 2018, an in-depth examination of psychology papers revealed that only half of the studies are reproducible. According to experts, the biggest challenges revolve around the traditional scientific method and the new, updated methods used in the Information Age.

Similar problems are present in other disciplines, namely the fields of medicine and economics. Not only does it detract from the credibility of previous studies and scientists, but it makes it difficult for new professionals to gain any real momentum in their individual fields.

Another example is seen when applying machine learning and artificial intelligence to big data. While proponents of technology have come to rely on such platforms, a recent report in the {{|Harvard Business Review}} highlights some potential hazards of this trend – including the possibility of another financial crisis in the United States.

Is Blockchain Technology the Ideal Solution?

Some experts are pushing blockchain technology as the ideal solution to dealing with the massive influx of big data. It certainly has some benefits, including traceability, security, decentralization, and more, but there are still some significant challenges to overcome – including the lack of scalability.

To put it in perspective, Ethereum, the largest and most efficient blockchain platform in existence, is capable of handling 17 transactions per second. In contrast, Facebook processes 175,000 requests per second.

One company, Arweave, is offering a unique and innovative approach to this problem that stores data within the blockchain itself. It also uses a new system called Proof of Access – which varies from the Proof of Work model used in most blockchain frameworks.

A recent statement by Arweave reads: ''"What we've done is actually solved on-chain data storage, unlike other solutions with P2P file distribution network in the background and then settlement of payment on-chain, we have made a system of cryptoeconomic incentives that allow you to grow the size of the blockchain to massive sizes and then distribute the data across all computers."''

For more information on Arweave, please visit their official site at {{|}}.


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