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As a Microsoft Fabric Analytics Engineer Associate, you are designing a data pipeline to process real-time streaming data from IoT devices for a smart city project. The project requires the pipeline to handle high-velocity data with minimal latency to support real-time traffic monitoring and management. Considering the need for scalability, cost-effectiveness, and compliance with data privacy regulations, which of the following approaches should you implement to ensure the pipeline can process the streaming data efficiently? (Choose one correct option)