Write a short note on Big data and its characteristics.

The term Big Data refers to a huge volume of data that cannot be stored and processed by any traditional data storage or processing units. Big data is generated on a very large scale and used by many multinational companies to process and analyze in order to uncover insights and improve the business of many organizations.

The characteristics of Big Data are as follows:

1. Volume — Big Data indicates huge volumes of data that is being generated on a daily basis from various sources like social media platforms, business processes, machines, networks, human interactions etc.
2. Velocity — Velocity essentially refers to the speed at which data is being created in real time. In a broader sense, it comprises the rate of change, linking of incoming data sets at varying speeds and activity bursts.
3. Variety — Variety of Big Data refers to structured, unstructured and semi-structured data that is gathered from multiple sources.
4. Veracity — Veracity refers to the trustworthiness of the data because processing such incorrect data can give wrong results or mislead interpretations.
5. Value — Big data is not only just a pile of data but it also possesses hidden patterns and useful knowledge which can be of high business value.