More than Just Data: The 4th Industrial Revolution
Prior to the US presidential election back in 2016, most of the election forecasts suggested that Hillary Clinton is favored to win the presidency based on their own algorithm and analysis. According to The Upshot, Clinton’s chance of losing was about the same as the probability that an N.F.L kicker misses a 37-yard field goal. Even CNN predicted her to win by 91%. However – as we all know – the race had shifted and this ‘unexpected’ result dramatically influenced the world’s stock market by at least a few percentages overnight.
Was this result really unpredictable? Maybe not for Google! According to Google Trends which analyzes search data, the number of searches before the election was surprisingly similar to the election result. This shows that if the data were well understood and utilized, the outcome of the presidential election would not have been ‘unexpected’ or ‘unpredictable’, but somewhat could have helped people to foresee and expect the not so expected result.
Data and The 4th Industrial Revolution
Data may play a very important role in the 4th industrial revolution – and it does sound very abstract and vague, but what if it’s all that brings AI, 5G, cloud, autonomous driving, and Big Data together? Let’s take a look at the technologies that are utilized for these developments.
AI can only work and react like humans when technology collects and implements high-quality data. 5G handles 100 times more capacity at 20 times faster speed than LTE – in other words, it transmits the data much quicker. The cloud allows users to store data in the cloud server which makes everything simpler and more convenient for those who need to receive, store, and utilize data more efficiently. Autonomous driving also requires AI technology to fully commercialize autonomous driving technology. Therefore, data is the key to the successful application of all these technologies.
Data seems to be at the center of these emerging technologies. Back in the 90s, it was all about processing sorted and structured data like Excel. Since then, processing unstructured data like images, videos, and social media became possible, and furthermore, it is allowing us to enjoy the benefits of fast analysis of data. For instance, stores analyze customer data and their movements to plan for the optimal product placement, or data-izing athletes’ movement paths and distances for conducting tactics and training methods.
Coverage and Risks
“By using and analyzing data, we were able to reduce the identification process of the patient’s movements from 24 hours to 10 minutes”
In South Korea, the government had developed an epidemiological investigation support system to prevent the virus. The Ministry of Land, Infrastructure, and Transport, the Ministry of Science and ICT, Korea Centers for Disease Control and Prevention, mobile service, and credit card services altogether established a data-based, fast, and accurate identification system. This system has helped in so many different areas such as visualizing the number of infections in real-time, the number of masks sold at pharmacies – and it also helped the general public which is key to preventing the spread of the virus.
However, concerns about personal information and data security have also increased dramatically. It’s important to build a desirable data ecosystem by responding to these risks appropriately. Let’s take a look at how each beneficiary needs to handle everyone’s sensitive data properly.
1) Data provider
Financial companies, fintech companies, credit rating agencies, and mobile communications companies fall in this category. They can be both providers and consumers, which is the reason why these providers need to actively utilize data pseudonymization, encryption, and de-identification of data for safer transmission and reception.
2) Platform operators
Platform operators mainly focus on data exchanges for specific projects. Since they need to build a practical data transaction system and store sensitive data, they must need authentication security systems such as MFA.
3) Data consumers
Companies that plan to purchase data and create new values by utilizing them will be the main consumers of this revolution. Data consumers will appear in various fields including medical, distribution, education, and energy. They also need to minimize risks through solutions such as data encryption and key management systems to securely transmit and receive data.
As the advantages and benefits of the 4th Industrial Revolution are becoming more and more relevant to our day to day lives, there certainly will be demands for safer methods and technologies that can keep our data safe and secure. Get to know more about Penta Security’s encryption and authentication solutions today.
Check out Penta Security’s product lines:
Web Application Firewall: WAPPLES
Web Application Firewall for Cloud: WAPPLES SA
Database Encryption: D’Amo
Smart Car Security: AutoCrypt