by Umar Farouk Kabir | Mar 15, 2022 | Tech & Innovation
As far as technology goes, we live in the best times in the history of mankind. We live in a time where things we see on TV are increasingly becoming real. Some of our favorite sci-fi concepts have found their way from the TV screens to the real world. One of our favourite fictional ideas is virtual reality. Well the enthusiast, virtual reality is no longer a thing of fiction. A lot of top tech companies have been toying with virtual reality technology for a while now.
This article is meant for virtual reality fans and those that do not know what it’s all about. Read on to the very end, you are guaranteed to learn a lot about what virtual reality is.
What Is Virtual Reality?
So, what is virtual reality, and what is it all about?
Virtual Reality (VR) is a computer-generated environment with scenes and objects that appear to be real, making the user feel they are immersed in their surroundings. Instead of viewing a screen in front of them, users are immersed and able to interact with 3D worlds. By simulating as many senses as possible, such as vision, hearing, touch, even smell, the computer is transformed into a gatekeeper to this artificial world. The only limits to near-real VR experiences are the availability of content and cheap computing power.
Is There a Difference Between Virtual Reality and Augmented Reality?
While both these concepts are built around simulation, there is indeed a difference between the two. Think of augmented reality as an inverted virtual reality. Are you still having trouble picturing it? Let’s take it a step further.
Augmented reality involves the simulation of virtual objects in the real world, your physical environment while virtual reality simulates an environment for you to inhabit.
In Augmented Reality, the computer uses sensors and algorithms to determine the position and orientation of a camera. AR technology then renders the 3D graphics as they would appear from the viewpoint of the camera, superimposing the computer-generated images over a user’s view of the real world.
In Virtual Reality, the computer uses similar sensors and math. However, rather than locating a real camera within a physical environment, the position of the user’s eyes is located within the simulated environment. If the user’s head turns, the graphics react accordingly. Rather than compositing virtual objects and a real scene, VR technology creates a convincing, interactive world for the user.
What Are Some of the Ways Virtual Reality Is Applied?
1. Virtual Reality in Sports
Professional sports teams, in particular, are investing in virtual reality to obtain a competitive advantage. Coaches in the NFL and collegiate football are introducing virtual reality technology into their workouts to prepare for games. Virtual reality is being used by NASCAR drivers and soccer teams to retrace their steps and learn from their mistakes.
When it comes to fans, virtual reality is all about new experiences. Users can view highlights from the perspective of a player in the NBA.
2. Virtual Reality in Retail
Online purchasing is convenient, but it frequently requires us to buy first and then try. However, virtual reality allows you to preview furnishings in your own home and test on makeup on your actual skin. Customers will have a better experience as a result of this, and returns will be reduced.
Retailers can deepen engagement with current and potential customers by bringing VR to the next level. They can collect data to sell and customize each user’s buying experience.
3. Virtual Reality in Automotive
In the automotive industry, virtual reality encourages experimentation over a pricey prototype. Ford is utilizing virtual reality technology to bypass the 2D drawing step and go into a 3D model. When creating and redesigning external and interior components, saves time.
Audi and Tesla, for example, are taking this a step further with their virtual showrooms. Users can use their headsets to explore new features and adjustments while driving.
4. Virtual Reality in Healthcare
Virtual reality technology has been widely adopted in the healthcare industry. It aids in the training and preparation of their specialists for real-world scenarios, such as surgery. Complex operations can be planned out by groups. They can even diagnose and cure patients created by computers.
Virtual reality is also being utilized to investigate mental health therapy options. It’s been used to cure a variety of conditions, including alcoholism, claustrophobia, depression, and more. Because headsets may be used in the comfort of one’s own home, they can be a safer and more cost-effective solution for many clients.
5. Virtual Reality in Education/Training
Students were compelled to learn online due to the pandemic. While technologies such as Zoom can help with collaboration, they frequently fall short. Virtual reality can be beneficial. It has the potential to increase student involvement and attentiveness.
But virtual reality isn’t just for academics. Retailers, IT firms, and even the military are utilizing tools to assist in the training of their employees.
What companies are heavily involved with the production of virtual reality technology?
Seeing as virtual reality is one piece of technology that is definitely here to stay, a number of heavyweight tech companies have invested a fortune in its development and production. Here is a compiled list of the top 10 companies heavily involved with VR:
- iTechArt
- Oculus VR
- HTC
- Samsung
- Microsoft
- Unity
- VironIT
- Alphabet/Google
- Next/Now
- CemtrexLabs
Conclusion
Virtual reality is one of the technologies with the most promising future growth prospects. According to IDC Research (2018), investment in virtual reality and augmented reality will increase 21-fold over the next four years, reaching 15.5 billion euros by 2022. Furthermore, these technologies will be critical to businesses’ digital transformation efforts, with spending in this area expected to surpass that of the consumer sector by 2019. By 2020, it is estimated that more than half of the larger European enterprises will have implemented a VR and RA strategy.
This is one concept millions of people are truly excited about; we know we are, but let us know what you think down in the comment section. Also, be sure to check out Northpad Nigeria and read exciting tech articles!
FAQs
What is virtual reality?
Virtual Reality (VR) is a computer-generated environment with scenes and objects that appear to be real, making the user feel they are immersed in their surroundings.
What is the difference between virtual reality and augmented reality?
Augmented reality is the simulation of virtual objects in the real world while virtual reality involves the creation of a virtual environment to be inhabited.
What is virtual reality used for?
Virtual reality is used for a lot of things. To name a few, it is prominently used in gaming, healthcare, education, aviation, and the military.
Do you need any special qualifications to use VR technology?
No. you do not need any special qualifications to use. A lot of VR technology is mass being mass-produced for household use.
How much does a VR headset cost?
There are a lot of affordable VR headsets out there. It’ll cost you anywhere between $299 and $1000; Of Course, it goes even higher than that.
What is the difference between stand-alone VR and PC VR?
Standalone VR is any VR headset that works completely by itself. In contrast, PC VR is any headset that requires a constant connection to a nearby PC
What is Mixed reality?
Mixed reality (MR) is the merging of real and virtual worlds to produce new environments and visualizations, where physical and digital objects co-exist and interact in real time.
by Umar Farouk Kabir | Mar 15, 2022 | Tech & Innovation
Have you ever looked at a digital photo and felt like bringing it to life? A lot of us have. What if I told you this idea is no longer fantasy, and that it is in fact now a reality? That’s right; you can turn two-dimensional images into 3D, all with the help of 3D printing.
So what exactly is 3D printing?
3D printing is the process of making 3D objects from digital files, this is also known as additive manufacturing. It is called additive manufacturing because it employs additive processing to create the 3D objects. It involves layering materials, like plastics, composites, or bio-materials to create objects that range in shape, size, rigidity, and color. Of course, all of this is done by using a 3D printer. It’s amazing that the world has gone from printing papers and magazines to printing 3D objects.
What is a 3D Printer?
3D printers are part of the additive manufacturing family and use similar methods to a traditional inkjet printer- albeit in 3D. It takes a combination of top-of-the-line software, powder-like materials, and precision tools to create a three-dimensional object from scratch.
These printers have extreme flexibility in what can be printed. They can use plastics to print rigid materials, like sunglasses. They can also create flexible objects, like phone cases or bike handles, using a hybrid rubber/plastic powder. Some 3D printers even have the ability to print with carbon fiber and metallic powders for extremely strong industrial products.
What is 3D Printing Used For?
So we know what 3D printing is and what it is used for, now we move to the uses of 3D printing. This glorious piece of technology is slowly reshaping a lot of heavy-weight industries around. It is clear that this tech is here to stay and will only get bigger and better with time. Here are some of the top uses of 3D printing:
1. Rapid Manufacturing and Prototyping
One major use of 3D printing is rapid manufacturing and prototyping. A lot of industries use it to create prototypes at little to no cost whatsoever. The process of creating prototypes in a very short amount of time is called rapid prototyping.
3D printing provides companies with a low-risk, low-cost and fast method of producing prototypes that allows them to test a new product’s efficiency and increase development without the need for expensive models or proprietary tools.
2. Aviation
Another use of 3D printing can be found in the aviation sector. The aviation sector is also part of the heavy sectors that have used 3D printing technology to increase efficiency and cut costs. GE Aviation has 3D-printed 30,000 Cobalt-chrome fuel nozzles for its LEAP aircraft engines. They achieved that milestone in October of 2018 and considering that they produce 600 per week on forty 3D printers. By 3D printing fuel nozzles, GE Aviation saves a whopping $3million per aircraft.
3. Construction
I know what you might be thinking; “is it even possible to 3D print a whole building?” the answer is a resounding yes! This is already being employed by a number of construction companies. Some companies 3D print parts prefabrication while some do it right there on site.
The first fully completed residential building was constructed in Yaroslavl, Russia in 2017. 600 elements of the walls were printed in a shop and assembled on-site, followed by completion of the roof structure and interior decoration for a total area of 298.5 sq meters (3213 sq ft). The project represents the first time in the world the entire technological cycle had passed building requirements, from design, building permit, registration, to connection of all engineering systems. The building was not built just for presentation, today a real, normal family lives in it.
4. Medicine
The healthcare center is probably the sector that has been the most affected by 3D printing. 3D printed prosthetics exemplify 3D printing’s versatility. It is difficult and expensive to produce prosthetics that fit a patient. With 3D printing, measured prosthetics can be modeled and printed at a significantly lower cost. Children in need of a prosthetic formerly had to wait to get one to be sure they would not outgrow it. Now, a new prosthetic can be 3D printed for them every few months. In some third-world countries, prosthetics are not even an option, they can now take advantage of 3D printed ones.
5. Education
You know a piece of technology has groundbreaking positive effects if it makes its way into the educational sector. Educators and students have long been using 3D printers in the classroom. 3D printing enables students to materialize their ideas in a fast and affordable way.
3D printers are now commonly found in classrooms and public libraries. Universities have 3D printers available for students to use in classes and projects. Companies such as MakerBot offer certification courses in 3D printing applications for both educators and students.
Graphic design students can easily construct models with complex working parts. Students in the sciences can create and study cross-sections of organs in the human body as well as other biological specimens. Chemistry students can make 3D models of molecules and chemical compounds.
Types of 3D Printing
There are several types of additive manufacturing, although The American Society for Testing and Materials (ASTM), developed a set of standards that classify additive manufacturing processes into 7 categories.
Types of 3D Printing Technologies and Processes
The American Society for Testing and Materials (ASTM), developed a set of standards that classify additive manufacturing processes into 7 categories. These are:
- Vat Photopolymerisation
- Stereolithography (SLA)
- Digital Light Processing (DLP)
- Continuous Liquid Interface Production (CLIP)
- Material Jetting
- Binder Jetting
- Material Extrusion
- Fused Deposition Modeling (FDM)
- Fused Filament Fabrication (FFF)
- Powder Bed Fusion
- Multi Jet Fusion (MJF)
- Selective Laser Sintering (SLS)
- Direct Metal Laser Sintering (DMLS)
- Sheet Lamination
- Directed Energy Deposition
Conclusion
3D printing is definitely a game-changer in the tech world. It is revolutionizing manufacturing on a global scale, safe to say that it is a brilliant piece of technology. Its versatility makes it a very useful tech. its application is only limited to the manufacturer’s imagination and ingenuity. What is even more mind-blowing about it is that it hasn’t reached its full potential yet, it is still undergoing upgrades. Who knows what 3D printers will be used for in the future? An exciting prospect isn’t it?
Leave a comment down below and let us know what you think about 3D printers.
If you liked this write-up, then check out Northpad Nigeria for more amazing tech-related articles guaranteed to drop your jaws!
FAQs
What is 3D-printing and how does it work?
3D printing is the process of making 3D objects from digital files. It involves layering materials, like plastics, composites, or bio-materials to create objects that range in shape, size, rigidity, and color. Of course, all of this is done by using a 3D printer.
What is 3D-printing used for?
3D printing is used for a lot of things and I wise range of sectors. It’s used in construction for building scale models and actual building structures. Also, it is used in medicine to make prosthetics and so on. Its application has a wide range.
Why is 3D printing not so popular?
There are primarily two reasons why most people don’t own a 3D printer in their houses; It requires design talent, and most people aren’t designers. One needs to learn design software. The 3D printers are quite expensive, and the affordable ones aren’t as sophisticated as the industrial models.
Is it illegal to 3D print a 3D printer?
Having a patent on an invention or innovation means no one else can create, use, or sell a product without the patent holder’s permission. Therefore, 3D printing of a patented object is illegal, and the patent holder could sue for patent infringement.
How much does it cost to start 3D printing Business?
The average cost of Starting a 3D printing business is between $1000 to $10,000, depending on the scale of the business.
Is 3D printing expensive?
3D printing isn’t as expensive as people make it out to be. It is actually quite affordable.
Can you 3D print anything?
No, 3D printers can’t print anything in terms of materials and shapes. 3D printers require specific properties in materials to 3D print such as thermoplastics like PLA that soften when heated rather than burn.
by Umar Farouk Kabir | Mar 8, 2022 | Business & Finance
What are the best Halal investing apps? Times have changed drastically, and when great changes occur, it affects a lot of facets of life. One such facet is religion. Not every change is a welcomed one when put under several filters such as religion. Religion is a way of life, one’s belief, one’s creed. To be asked to change such things as beliefs and creeds are asking for too much.
In Islam, investment is indeed allowed, but – and it is a big ‘but’, some things have to be taken into consideration so as not to go against the shariah law and commandments.
Searching for the right investment app is sometimes arduous, and when you factor in an investment app that is halal, you are left with quite the task. In this article, we have gathered the best halal investment apps that will save you a lot of time when looking for halal investing apps. Read on to find which apps to use in order to make some serious cash—the halal way, of course!
What is The Shariah Law?
Shariah law is a set of Islamic laws that govern the principles, spiritual, mental, and physical conduct of Muslims. Regarded as God’s command for Muslims, shariah law is essentially Islam’s legal system.
There are four primary sources of shariah law:
- The Quran
- The Hadith
- The Ijma (opinions of Islamic scholars)
- Qiyas (Qiyas is the process of comparing difficult questions of doctrine with similar cases settled by the authority of the Holy Book and Sunnah).
With the shariah set in place as means of guidance, it is only natural for there to be rules set out regarding investment.
What is Halal Investment?
Halal investing apps in recent times have become a hot topic in the global Muslim community. Halal investment refers to the several types of investments that are allowed, and sanctioned by the shariah law; this makes them 100% lawful.
As a Muslim, you are advised to always carry out extensive research before investing in any business venture, not just because of the obvious risk, but to find out if it is allowed in Islam, in other words, halal.
What Constitutes a Haram Investment?
The answer here is quite simple direct; and investment opportunity that is involved in prohibited businesses such as gambling, alcohol, cigarettes, and the likes are considered haram, i.e. they are prohibited.
With all this being said, there are a number of applications that offer halal investment opportunities. Here we will list the 7 best halal investing apps.
7 Halal Investing Apps
1. Sukuk Investment
First up in our list of the 7 best halal investing apps is the Sukuk Investment. Sukuk bonds are like your typical long-term loan bond, but they will not issue you a certificate indicating periodic payments with interest.
This is because, in Islam, lending money with a view to receiving interest is haram. Rather, you will own a part of the asset and gain from whatever the asset gains.
2. M1 Finance
M1 Finance is a halal investing app that provides an intriguing blend of automated investing coupled with a wide array of portfolio customization to go alongside borrowing and spending features. You can select from expansive pre-built portfolios called “pies” (a reference to portfolio pie charts) or build your own strategy.
You will easily find the M1 Finance app a good halal investing app for obvious reasons. For one, its interface is quite simple; nothing spells ease like a user-friendly interface. Also, Opening an account is simple and you can start investing with an amount of as little as $100.
The clients can trade without any fees or commissions. The brokerage has introduced an innovative way when it comes to portfolio creation.
3. Fundrise
Next up on our list of the 7 best halal investing apps is Fundrise. Fundrise is an online real estate firm that offers investment opportunities in the private real estate sector. What makes this app so great is that it offers low minimum investment fees and it is also open to all investors. With just one investment entry, you can create a broad portfolio.
The portfolio may include a great number of real estate assets. You can also avail the assistance of a team of experienced real estate professionals.
Fundrise deals mostly in real estate investment trusts which generally invest in income-producing real estate through the purchase and management of buildings or by holding mortgages. Fundrise also offers eFunds, in which investors’ money is used to buy land, develop housing and then sell it.
Also, Fundrise offers what it calls an Interval Fund, which offers high liquidity and diversification.
4. Robinhood
Robinhood has made our list of best halal investment apps for reasons you will soon find out. One of its earlier glaring advantages is that it offers no charging commissions for cryptocurrency and stocks, although that is no longer the case seeing as a number of its competitors adopted the same strategy. The broker recently added cash management services and a recurring investment feature in an effort to attract new customers and deepen the financial relationship with existing customers.
While investing in the ETF, you can diversify your holdings. For this purpose, you must try to buy a wide range of stocks in just one investment. After that, you can execute more sophisticated strategies and secure bigger positions.
5. Amana Funds
Next up in our list of the best halal investing apps is Amana Funds. For many who don’t know, Amana is an Arabic word meaning fidelity, honesty or sincerity. This goes well in showing its users that this is an investment app where Muslims can rest easy knowing their funds are in safe hands. Nothing beats earning some cash in halal ways!
Amana Funds is a non-profit investment company with its base in North America. For the sake of transparency, Amana Funds allows its clients to keep tabs on the business activities so they can aware of the sources through which the company generates its revenues.
6. Wahed Invest
Another halal investing app that offers its clients the opportunity to invest money ethically without having to worry about going against the divine rules of Islam is Wahed Invest. Wahed is Arabic word meaning unique, or one.
Wahed invest the new wave in the world of shariah-compliant investment apps. In addition, Wahed invest is the largest Islamic Robo Adviser based on the number of clients counted is the United States after just one of its releases.
Just like M1 Finance, Waheed allows users to open an account with a minimum of $100 and invest in a portfolio of ethically responsible stocks, Islamic bonds, and gold. The company utilizes the services of a full-time Ethical Review Board to ensure all returns are following Islamic principles.
7. ShariaPortfolio
Last, but certainly not the least is ShariaPortfolio. This app focuses solely on ethical and halal investment options.
According to experts, ShariaPortfolio offers the best halal investment strategies. It utilizes three key points to help clients to make the right investment moves. The key points include:
- Client preferences
- Financial aspirations
- Risk tolerance
When these three key points are taken into consideration before making a move, they are bound to improve the chances to reap huge rewards.
Conclusion
When inclusion is done the right way, it is beautiful and admirable. It is a good thing to see that financial apps are making room for halal investments, thereby catering to the needs of Muslim clients worldwide.
As promised, we have delivered the best halal investing apps currently on the market. You no longer have to do the arduous task of combing the internet looking for the right app; we have narrowed down the list for you considerably.
Stay tuned and be sure to check out Northpad for more eye-opening financial write-ups. What halal investing app is your favorite? Let me know in the comments!
FAQs on Best Halal Investing Apps
What is the best halal investment?
In terms of investment, gold is seen as a secure, conventional, and Sharia-compliant option. Gold is easy to get and invest in, and it is not considered to be in violation of any Islamic finance laws.
Is investments haram in Islam?
No. as matter of fact, investment is not haram in Islam. What is haram is investing in business ventures that are not in line with the sharia laws; such as gambling, alcohol, and tobacco.
How can I invest halal?
Investing in enterprises, often known as equities or stocks, and fixed income assets, such as Sukuks (Islamic bonds) or real estate, are the two main categories of halal investing. Both forms of investments must adhere to Islamic rules in order to be considered Halal.
Are investment companies halal?
Some investment companies are halal as they follow the rules laid down in the sharia; this makes them halal. Other companies aren’t because the sharia law is used as a means of guidance.
Which investment is halal in Islam?
The major types of halal investments are Sukuk Bonds, Jarrah, and Murabaha.
Is Fundrise Halal?
Yes, Fundrise is a halal investing app that is compatible with the Shari’ah
by Umar Farouk Kabir | Feb 1, 2022 | Tech & Innovation
Have you heard of fintech? I bet you have, but if you haven’t, this is the perfect place to get yourself properly acquainted. So, what is fintech?
Fintech is simply a fancy word that stands for financial technology. Financial technology, or fintech for short, describes the technology that seeks to upgrade and automate the use of financial services.
Fintech describes any firm or organization that provides automated financial services through software or other pieces of technology. This includes mobile payment apps and cryptocurrency.
Many fintech services are designed to link users’ finances with any technology that creates ease of use in any financial transaction. Fintech is now a global phenomenon seeing as how it has entirely changed the way customers access and use their finances. People are now able to pay tuition fees, pay bills, invest, and buy properties all online from the comfort of their homes using nothing but a laptop or mobile device with an internet connection.
Understanding Fintech
It is used to help organizations, business owners, and consumers to manage their financial operations better by employing software and algorithms that are used on computers and smartphones.
Fintech came into light in the early 21st century; the term was at the time, applied to the back-end systems of banking institutions. The paradigm has shifted since then. Now what you see is a more customer-oriented service. To name a few, the technology now includes various sectors like academia, retail banking, crowdfunding, and investment management.
Fintech also supports cryptocurrencies such as bitcoin.
Generally, financial technology can apply to any innovation in how people transact business. An example is the advent of digital money and mobile banking apps.
Fintech Users
There are generally four major categories of users for fintech:
- B2B for banks
- B2B and Business clients
- B2C for small business establishments
- Consumers
Mobile banking trends, increased information, data, more accurate analytics, and decentralization of access will create opportunities for all four groups to interact in heretofore unprecedented ways.
Does Age Have a Role to Play in Fintech?
The answer is yes! Customer-oriented fintech is mostly targeted toward millennials given a huge size and rising earning potential margins of that segment. The younger you are, the more likely it will be that you are conversant with what fintech is, and probably its inner workings.
Most Popular Ways Finetech is Being Used
Below are some of the most popular ways fintech is being used:
Companies like GoFundMe, Patreon, and others showcase the range of fintech outside of traditional banking.
Crowdfunding platforms allow internet connection and app users to send or receive money to one another on the platform and have allowed individuals or businesses to accumulate funding from a variety of sources all in the same place.
Look at it this way; nowadays, instead of going to banks to seek out loans and other financial support, some people go to investors for such support. They present their projects and get the necessary backing. The rapid increase in crowdfunding platforms is a testament to its success.
2. Blockchain and Cryptocurrency
Cryptocurrency is a unique type of fintech with the potential to change the financial sector globally. Cryptocurrencies provide a more liquid, fast, secure, and seamless medium of exchange. With the fast pace rise of fintech, it will be a thing of wonder to see how digital currencies and their blockchain technology further evolve in the following years.
3. Mobile Payments
It is not farfetched to say that nearly everyone in today’s world owns a smartphone. With the increased sophistication of smartphones, fintech is able to take advantage of this more smoothly.
Did you know that according to statista data, the global mobile payment market has surpassed the $1 trillion mark set back in 2019?
There are very popular online mobile payment services these days such as Venmo and Apple Pay.
4. Insurance
Yes, Fintech has managed to make inroads in the world of insurance! In fact, it is now being called insuretech, cheeky right? Insuretech covers everything from car insurance to home and data protection.
5. B2B (Business to Business)
Before the introduction of customer-oriented fintech, businesses sought out loans and other financing aids through banks directly. But now, businesses can easily go get loans or other financial services through mobile technology.
Furthermore, cloud-based platforms and customer-relationship management services like salesforce provide B2B services that allow companies to utilize financial data to help improve their services.
6. B2C (Business to Client)
It only makes sense that fintech has many business-to-client or ‘B2C’ applications. Applications that allow clients or users to transfer money via the internet or mobile technology such as PayPal, Venmo, and Apple Pay are widely used and trusted around the world. Then you have finance budgeting apps like Mint which allows customers to manage their finances and expenses.
Regulation of Fintech
Financial services are one of the most heavily regulated sectors globally. It is not a shock that regulation has arisen as the primary concern among governments as fintech companies slowly take over.
As technology is being integrated into financial services processes, regulatory issues for such companies have increased in number. In some cases, the problems are a result of the technology itself. In others, they are a reflection of the tech industry’s impatience to disrupt finance.
For instance, automation of processes and digitization of data makes fintech vulnerable to cyberattacks. Recent instances of hacks at credit card companies showcase the ease with which bad cybercriminals can gain access to systems and cause irreparable damage. The most important questions to ask for consumers in such cases will pertain to the responsibility for such attacks as well as misuse of personal information and important financial data.
Check out how you can protect your devices from cybercriminals.
Conclusion
Now that you’ve learned what fintech is all about, I am sure you now realize that it isn’t so difficult to grasp. Basically, it’s something that you and I have been using for quite some time now, and it provides so much comfort and efficiency. As technology advances, so will fintech. In the not-so-distant future, we are indeed bound to witness fintech blossom in its diversity and practical uses.
Fintech is indeed the future of finance, and the future is here!
Be sure to leave a comment down below to tell us what your thoughts are on fintech.
If you like this article, you will also like the 10 Best Expense Tracker Apps In 2022!
by Umar Farouk Kabir | Jan 31, 2022 | Tech & Innovation
Big data is a field that treats ways to analyze, systematically extract information from, or otherwise, deal with data sets that are too large or complex to be dealt with by traditional data-processing application software. Sounds too techie and complicated, does it not? Worry not, in this article we shall break down what Big Data is in simpler, easier terms that could be easily understood for none-techies.
First off, you have to understand what data is. It might sound a bit weird seeing as you use that word so many times in the space of 24 hours, but you’ll be surprised. Also, if you defined data as information, guess what! You got it wrong.
Data and information are in fact not the same as there is a fine line between the two.
What Is Data?
Data is an individual unit that contains raw materials which do not carry any logical meaning. The symbol ‘!’ Is an example of data, but you see on its own, it carries no meaning.
Information is a group of data that collectively carries a logical meaning. What’s more? Data doesn’t depend on information, but information depends on data.
Remember, we’ll break it down into very simple terms and leave out the overly complex parts.
So, data is unorganized and unrefined facts. Information comprises processed, organized data presented in a meaningful and logical context. So it’s safe to say that without data, there will be no information, but without information we can still have data, which is the raw material.
Think about it like raw material and finished products.
Let’s take Wood and Paper for instance. Wood from trees is the raw material (data) and paper gotten from the processed wood is the finished product (information). You see, the paper (information) depends heavily on the raw material, wood (data) in order to exist. Basically, that’s the relationship between data and information.
What Is Big Data?
Big data is simply a collection of data that is too huge and yet continues to grow with time. It is data that is so large and complex that none of the typical data management tools can store it or process it properly.
Do not be confused, Big data is also data but with huge size.
Why Is Big Data Important?
Now that we know what Big Data is, the next question would be “Why is Big Data important”? You want to know what the big deal about big data is.
Firms use big data analysis to improve operations, provide better customer service, create personalized marketing strategies and take other actions that can increase revenue and profits. More so, businesses that use it effectively have a potential competitive advantage over those that don’t see as they’re able to make faster and more informed business decisions based on the data analysis.
Simply put, companies that use big data have access to more vital information and can make smarter business moves compared to companies that don’t use big data.
Big Data isn’t only used in the financial sector, it is used in a variety of fields such as medicine, energy industries, manufacturing and transportation services, and other government uses which include emergency response and crime prevention.
Types of Big Data
There are three types of Big Data and they’re:
- Structured big data
- Unstructured big data
- Semi-structured big data
1. Structured Data
Structured data, just as the name implies, is a set of data that is organized. It is quite easy to work with because all its dimensions are defined by set parameters. A typical example is what you see on a spreadsheet but on a much larger scale.
So, essentially any data that can be stored, accessed, and processed in a fixed format is called structured data.
2. Unstructured Data
Unlike structured data, this type of big data is not organized and sorted with instructions on how to use it. There is a general consensus that only 20% of all data is structured. So, if only 20% of all data is structured, does that mean the remaining 80% of data is unstructured? The answer to that question is yes.
Nearly everything you do with your computers and phones generates unstructured data. A typical example of unstructured data is a data source containing simple text files, images, and videos.
3. Semi-Structured Data
Semi-structured data is like a hybrid of structured and unstructured data, it toes the line between the two types of data. So, semi-structured data can contain both forms of data.
Characteristics of Big Data
Big data has four characteristics:
1. Volume
Just like the name ‘big data’, one of its primary characteristics is volume. Big data is primarily defined by its sheer size. The size of data plays an important role in determining the value out of data. Also, the volume of data is what ultimately determines if a data set is big data or not.
2. Variety
During earlier days, spreadsheets and databases were the only sources of data considered by most of the applications. Nowadays, data in the form of emails, photos, videos, monitoring devices, PDFs, audio, etc. are also considered in the data-processing applications. This variety of unstructured data poses certain issues for storage, mining, and analyzing data.
3. Velocity
Velocity here, just like in our Physics classes simply implies the speed with which data is generated. The speed with which the data is generated and processed shows real potential in the data – the greater the speed, the better.
4. Variability
This has to do with the inconsistency which is portrayed by the data sometimes. This inconsistency hinders the ability to handle and manage the data efficiently.
There are a couple of big data management technologies out there, here are a few:
- Cloudera Data Platform
- Google Cloud Dataproc
- Amazon EMR
- Microsoft Azure HDInsight
Conclusion
Now that you know what big data is all about, you will not be taken aback next time you hear your colleagues talking about it. Big data is something we can see all around us, especially in this day and age where everything is digital. Furthermore, the bigger the digital footprint we make, the bigger the size of data. That is big data analysis is so crucial. Most of the top apps that you use on a daily basis to help make your day better and easier all rely on big data analysis.
See? The article was easy to read and digest, wasn’t it?
Go to Northpad Nigeria to read up on more exciting tech-related articles and so much more.
Kindly leave a comment below and let us know what you think!
