The Ills of Big Data, and the Blockchain Remedies

This is not a band/album review.

My last blog post discussed the benefits of Big Data, and how it will serve as an important stepping stone for humanity to be able to tackle a set of higher level problems which we have not yet been able to address. This one examines some of the problems that become omnipresent in a Big Data world, and how the blockchain can serve to address them.

Big Data will lead to a realm where humanity will have to place an implicit trust in the key stakeholders of the data. Think back, centuries ago, to the time of kings and kingdoms. The people of the kingdom placed an implicit trust in their leaders, who, because of their power, exerted a certain, sometimes extended, amount of control over their country people. This power was manifest in land holdings, food, material goods, and security; ie. wealth. These kings were the key holders.

We are en route to a very similar future today, but instead of individuals controlling the wealth, it will be corporations: Amazon, Apple, Google, and Facebook, just to name a few. We, as humanity, have, sometimes unwittingly(but mostly carelessly) relinquished control of the things that make us tick. Facebook knows what you like, based upon the things you say, do, look at, and click, and they tailor your ads based upon those inputs.

While Big Data allows humans to look at, and address the higher level concerns, it also exposes us to privacy concerns that were not thought about 15 years ago.

Additionally, we are now needing to concentrate on some of the other issues that we will face with Big Data. Data security is a major concern as single centralized databases that store a lot of information are at the top of the shopping list for the worlds most devious hackers, who can use this data to do any number of deplorable tasks. Data discrimination is another issue that is a major concern. Data discrimination is the process of data being interpreted and presented in any manner of ways, with integrity being degraded by the bias of the interpreter.

These are problems that will seemingly cause major problems for lots of people, but what if there were a way we could address them? What if we had working solutions to address these problems today?? Well, we do. And the solutions come in a package that could fit in your pocket, and the pocket of everyone else who wants to share in the benefits of sound data security and freedom from data discrimination. This solution is the blockchain, and here are the main ingredients:

Anonymity, decentralization, and trust.

In previous blog posts, I have discussed the merits of blockchain on some of the aforementioned avenues(anonymity, decentralization, and trust), but now I will discuss how these attributes of the blockchain can serve to remedy our Big Data ills.

First off, lets talk about anonymity. Anonymity is present in blockchain technology through the use of public and private keys. A user maintains control of their data through smart contracts which define permissions. These permissions can be set up by users. Imagine a social networking site utilizing blockchain. If a user controls their own data, they define permissions for what data is accessible and editable. This prevents things like censorship, or even the monetization of personal information as you will maintain ownership of your own personal data.

Secondly, decentralization. Decentralization is another huge benefit of the blockchain. The blockchain is stored across many nodes in the network, protecting the data from corruption or attack. Control of data, and ruling over what is done with the data is no longer in the hands of the few. Decentralization means that everyone maintains ownership of their own information. It also means that decisions made over the data are done through the employment of smart contracts (no lawyers, arbitrators, or judges). Removing bias and presiding over decision making in a black-and-white fashion is the mode becoming even more necessary in a world where social inequity continues to grow, bringing an absolute fairness in the decisions being made.

Finally, lets talk about trust. Trust is one of the underlying benefits of the blockchain. Entries on the chain are immutable. The books cannot be cooked, so to say. Additionally, the smart contracts are the arbitrators, not any specific individual. They are not prone to discrimination, they simply act on the rules defined in the creation of the contract. Security and fairness, the most defining characteristics of trust are the final one, two strike the prove blockchain to be a very real contender in the age of the new internet.

In summation, the blockchain is a new highway being constructed in the realm of the new internet. It is presenting a viable solution to some of the issues that are becoming apparent with Big Data, and elsewhere. While the blockchain has some of its own issues, it may be one of the most important keys to unlock a positive reality in what is increasingly becoming a Big Data ruled world.