Thanks to developments in big data, artificial intelligence (AI), and machine learning (ML), predictive analytics is starting to become highly reliable. It’s easy to notice how Google’s search suggestions or Amazon’s recommendations seem to be reading users’ minds. Such level of accuracy is made possible by developments in predictive technologies.
These are reaching more organisations too. Prediction tools that used to be exclusive to tech companies and research labs are now being offered as-a-service. Enterprise solutions providers like IBM and Microsoft have business intelligence offerings that include prediction features. IBM’s Cognos and Watson Analytics, for example, offers both big data and AI functionalities that enable enterprise users to generate better predictions.
The problem still is that these tools are mainly accessible to large enterprises who can invest in tools, time, and human resources. Effective predictions require well-trained data scientists who would work and iterate on models. These could also take weeks to accomplish. Given the resources needed, smaller business and organisations are often unable to benefit from the technology.
Fortunately, blockchain, as one of today’s key emerging technologies, offers the ability to democratize access to such capabilities. Ventures like Endor, Augur and Gnosis, seek to leverage blockchain’s strengths to create prediction platforms and …