Chapter 5 (Data: The raw material of the information age) notes:

  • land was the raw material of the agriculture age. Iron wad the raw material of the industrial age. Data is the raw material of the information age.
  • In 2000. Only 25% of data was stored jn digital form. In 2007 that percentage skyrocketed to 94%.
  • 90% of the worlds digital data has been generated over the last two years.
  • every year the amount of data grows by 50%
  • Big data is the phrase used to describe how large amounts of data can be understand, analyzed and forecast trends jn real time. Also called data analytics, analytics or deep analytics.
  • "If I have this much budget to do something, I'm going to dedicate a certain portion of that budget toward figuring out wether the other portion of that budget is doing a damn thing."
  • One example of what big data will do is for example make the jobs of translaters obsolete. Big data could produce real time solutions for translating languages and mimicking the speakers voice. This opens the gateway for non english speakers to play in the global economy. A downside can be fraud and you can't trust what other people say if you don't look them in the eyes.
  • Other examples can be found in farming and fintech.
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