How Blockchain is Transforming Data Infrastructures
What is Big Data?
According to Wikipedia, “Big data is a term used to refer to data sets that are too large or complex for traditional data-processing application software to adequately deal with. Data with many cases (rows) offer greater statistical power, while data with higher complexity (more attributes or columns) may lead to a higher false discovery rate.”
Use Cases of Big Data
If used properly, big data can help in multiple areas of business activities in form of digital issues assets on the blockchain .
Enhanced Customer Experience: Customers are everything. If a company gains more customers then they will grow and if they lose out, then they are going to die, it is that simple. Big data will help you collect customer data from various sources like social media, web visits etc. to help polish your customer acquisition strategy.
Product Development: Using big data, it is possible to garner exactly what the customer wants and predict their needs beforehand. The model is built by the classification of key attributes of past and current products.
Fraud Prediction: Successful companies are not just up against a few isolated hackers. There could be teams of experts who might be trying to take them down. Big data can help these companies identify patterns to help predict fraud.
Predictive Maintenance: By identifying certain indicators and patterns once can easily predict the occurrence of flaws before it happens. Big data analytics can help companies save millions of dollars by deploying cost-effective maintenance.
Improving Company Operations: One of the biggest use cases of big data lies in improving the operations of a company. Using big data one can analyze various parameters like customer feedback, returns, and various other factors to improve decision making and be more in tune with the current market demand.
Improve Innovation: Big data can help companies study the relationship between humans, institutions and various other entities to create insights. These insights can help companies innovate and create newer products or strategies to gain an edge over their competition.
The Benefits of Big Data
Now that we have gone through the use-cases of big data, let’s look into why we should go through the trouble of analyzing big data in the first place. Let’s look at the benefits of big data analytics.
Saves time
Cost efficient
Helps in product development
Helps in understanding market conditions
Helps in conducting sentiment analysis to understand the company’s online reputation
Big Data and Blockchain:
Quantity and Quality
The reason why big data and blockchain can have a very fruitful relationship is that the blockchain can easily cover the flaws of big data. There are three reasons why this partnership can be fruitful:
Security: Blockchain’s biggest asset is the security that it imparts to the data stored inside it. Remember, all the data that is inside the blockchain is non-tamperable
Transparency: The transparent architecture of the blockchain can help you trace data back to its point of origin.
Decentralization: All the data that is stored inside a blockchain is not owned by one single entity. So, there is no chance of data getting stolen if that entity gets compromised in any way.
Flexibility: The blockchain can store all kinds and types of data.
If you consider all these factors, the conclusion that we can draw is that whatever data comes out of the blockchain is valuable It has already been cleaned and it is fraud-proof. That is a potential goldmine that many companies are looking to exploit.
So, this brings us to the next question.
What exactly are the properties of blockchain technology which enables this relationship?
Decentralization
Transparency
Immutability
Conclusion
Big data management infrastructures such as DDAM and blockchain technology can joins forces to truly revolutionize the way we process and analyze data. In this day and age, data is money. In order to come out on top of this race for acquiring more high-quality data, we will probably see more and more companies trying delve into this powerful partnership.
The DDAM MainNet launch is a historic step in the development of the DDAM public chain. The MainNet launch would resolve issues such as irregular data management, data privacy leaks, and difficult data flows. This means that data sovereignty becomes possible for individuals; meaning that community developers and users can truly participate in the DDAM ecosystem together.
Read more at: http://bit.ly/2OPqAex
This article is written by one of of our valued community members : Kerwin
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