“Problems such as the rapidly-aging population and population decrease are ahead of Korea, but the solutions lie in big data and Internet of Everything,” said Cisco System’s Dominic Scott at the Big Data World Convention that opened on Oct. 22 at the BEXCO Convention Center in Busan City.
According to him, the value of a network is equivalent to a square of the number of connections. If a network has 50 billion connection points, it creates a value of US$14.4 trillion.
During his speech, he mentioned far-sighted leadership, global open standards, correct regulations and policy, private-public partnerships, and a new ecosystem as major tasks for the big data era.
In the meantime, SAP’s Paul Marriot picked the Bundang Seoul National University Hospital as a successful application of big data in Korea. “Big data projects that have failed are characterized by being separated from business processes even though useful information is in hand through big data analysis,” he said, adding, “Big data can be obtained from machine-to-machine links as well as social media such as Twitter and Facebook.”