Companies are coming up with advanced blockchain and AI-based solutions to manage and process data. These companies claim that their solutions provide automated AI predictions and can process encrypted data without ever decrypting it. Furthermore, data science expertise is not required for this solution and businesses can ask predictive questions and get automated, accurate predictions.
Blockchain platform Ethereum network accommodates immense amounts of Big Data which was not leveraged up until now. Big organizations are working on a single problem which requires continual maintenance and refinement. This process involves data scientists, and they are costly. Additionally, there is a shortage of data scientists by hundreds and thousands. This makes the entire process very slow and expensive.
Analyzing data with today’s technologies requires complete access to the data. If an employee has to make predictions, he/she must have full access to the data. The employee needs to know what the data represents and means. The technologies of today were developed to handle problems that are very specific such as text recognition, face recognition, and voice recognition. However, predicting human behavior is entirely different because it is very dynamic and influenced by continually changing patterns and interactions.
Companies have developed “Social Physics” that can build a mathematical model of human behavior or crowd behavior. This means that the data generating from human behavior can be analyzed automatically. Furthermore, the data will be protected because of encryption. Social Physics allows the owner of the data to ask questions about their data automatically and accurately without disclosing anything about the data or the questions. These companies only manage the data and do not even see it. Even banks are using this service to predict customers who are going to take a loan. Based on the data and predictions provided by such companies, banks make phone calls to their customers to sell loans.