Stop Press : Check out my latest article on Big Data as the new digital currency that has been published in the prestigous CIO magazine …
Big Data Gives Banking CIOs New Frontier For Innovation
Big Data has been with us for many, many years. Arguably, Big Data can trace its roots back to the 1880 US census.
This survey of 50 million people generated 2.5 gigabytes of data with results being calculated using punch cards in just six weeks.
The technology boom since 1880 has created the explosive growth of data within organisations.
IBM states that data growth is running at a torrent of 2.5 exabytes per day (where an exabyte is a billion gigabytes).
Of this 90 per cent of the information has only been created in the last two years.
Since 1880, technology has created a global economy where transactions have evolved from cash to credit cards through to electronic payments. The next evolution is a digital economy where data is the new currency.