Utilizing Blockchain for Big Data
Big data and Blockchain are technologies that have individual capacities that can transform the way business will be conducted in future. The two technologies are powerful separately, however, when combined they become a forceful revolution to be reckoned with and the benefits that can be reaped from the pair are immense.
Big data refers to huge data sets which are voluminous and much more complex for traditional data progressing application software to deal with. Big data has a number of challenges including data storage, capturing data, data analysis, searching, sharing, transfer, information as well as visualization.
On the other hand, Blockchain is a distributed public ledger system that stores and manages transactions. The transactions are recorded in a block. The block of transactions is linked in order to the previous block forming the Blockchain. Copies of the processed transactions are sent to the members on the network of computers making it very difficult to duplicate or alter the records. Blockchain technology is secure in design as the data is distributed to multiple systems on the network.
Since the introduction of big data in the early 2000s, it has gradually transformed many enterprises data processing and management systems. As mentioned earlier, big data has many issues. It is, therefore, crucial to understand how Blockchain is providing the solutions to the challenges. Business like financial institutions have huge volumes of data and sometimes these data proves difficult to retrieve and analyze using the traditional software. These huge data lakes containing the history of financial data in this case transactions, if stored and distributed on the Blockchain decentralized system will be available at any given time.
Consequently, Blockchain brings data integrity for the fact that the data stored is incorruptible and shared in the database in blocks that are licked to one another. The analysis, however, will not be done by Blockchain but using big data and the accompanying tools. Blockchain will allow providers in the healthcare industry to share their records with insurers, employers, and even justice departments. When it comes to banks, Blockchain works together with big data analytics to avoid double spending and achieve real-time transactions that are fast and accurate. The banks are able to identify the risk and share the information among interested parties.
Real-time analyses are a pipe dream for many businesses. Businesses desire to spot fraud in real-time and the Blockchain technology coupled with big data analysis has made it possible.
The database is made accessible on the Blockchain platform and the big data goes ahead to provide analysis. Big data has benefited from the transparency offered by the Blockchain technology. Transparent data helps businesses read the trend in the market and get the real picture. User experience recorded on the Blockchain platform will help the companies predict behavior patterns that are accurate and useful.
Big data benefits from the Blockchain technology are endless including monetization of data collected and distributed at a fee to users on the Blockchain system. Businesses have numerous ways to transform big data tools solutions to get the real-time market temperature that will allow discounts to be given to customers at the right time. Blockchain in data monetization could lead to the creation of new marketplaces that thrive on analytical data that is shared in real-time.
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