How Blockchain Can Transform Big Data Industry
Blockchain - A technology that becomes the big booster for digital transformation around the world. We all know blockchain has already started to disrupt, revamp and transform many major industries like banking, healthcare, Finance & insurance, Supply chain, education, more and more. All these industries are focused to provide services for end-users. So, here the use cases and influence of blockchain can be easily identifiable as it tightens the security, transparency, and traceability while providing services to end-users.
But, we don’t know how blockchain can transform the technology platforms like big data, IoT and AI? What will be the use of cases of blockchain in these technology renovations?.
So to figure out the answer for these questions, we have initiated to explore the use cases of blockchain in big data at first, through which we can identify how blockchain can transform big data analytics. In upcoming articles, we will discuss how blockchain transform AI ( artificial intelligence), IoT and more entities which are pillars of digital transformation across the globe.
Blockchain and Big Data
Before getting into the core topic, it is must to know what is blockchain, why it has been invented, how it has evolved?
Blockchain: By definition of blockchain,
“ it's a distributed decentralized public ledger technology, which is solely invented for handling bitcoin transactions”.
By understanding the unique use cases, flexibility, security, and transparency, developers started molding it to adopt entrepreneur requirements on enhancing their business operations.
This becomes the reason for the growth of private blockchain adoption across many industries, corporate, organizations, governments, and technology platforms.
Whatever it is, the only non-negotiable truth is blockchain become the key booster for digital transformation, as it started to grow virally and becomes a robust technology everywhere.
To get more understanding of blockchain technology, you can refer to this article: what is blockchain technology
Big Data :
Just like the blockchain, big data is also standing as a backbone for many industries, as it handles the raw volume of data, and derives the best possible solutions to drive a business or project positively.
Blockchain is just an infant technology, but big data is already having huge fame across industries especially businesses like Google, Apple, Facebook, Amazon won't be able to achieve success without the involvement of big data analytics. Big data is a rich concept, and slightly a complex whenever the data sets become unpredictable.
Where Blockchain and Big Data Meets?
These two big technology hands, will get connected whenever there is the flow of data becomes unstoppable and data processing to be held on time.
We think blockchain completely differs from big data, but I can say, blockchain is another kind of data handling methodology but in a different manner.
Blockchain and big data handles “ The Data”, but are having different criteria, protocols and methodologies. Big Data Ensures Data Quantity and Blockchain Ensure the Data Quality.
But How blockchain can transform the big data industry. Let’s discuss below.
How Blockchain Can Transform Big Data?
Just like every other industry big data is also having a lot of risks and challenges. Blockchain proves its influence on big data by exploring its unique use cases, to resolve those risks.
Let's discuss what are the risks and challenges in big data.
Big Data: Risks and Challenges
Ensuring the security level of data must be important, and it becomes highly complex as the data must pass through various platforms, cloud storages, servers to fulfill the data processing.
Managing the Data Quantity
The arrival of data is never gonna down, but it will grow dramatically as the online presence of a business, people and everything gets increased.
Identifying and understanding malicious Data
We know big data analytics couldn’t posses through original and valid data. Sure, there will be a large volume of unidentifiable, fake, malicious and vulnerable data to be merged with other original data sets. This is the biggest complex task for data scientists to identify uncategorized data, and categorizing it into a separate data type.
Businesses like Facebook, Amazon, and Google are generating a large volume of data every second, so to prevent the business operations from not to drown into the data flood, We must process all the data on time. So here, the data processing and analyzing speed should be increased in direct proportion to the volume of data.
Managing data on different servers will cost high. So this will be another biggest challenge in handling big data.
Blockchain Use Cases in Big Data
Ensures Trust hence Data integrity
Blockchain stores original and structured data alone as it has gone through multiple verification processes before storing data.
Predictive data analytics
As blockchain is distributed it can collect data into one single place and can increase the computation power in processing the data.
Real-Time Data analysis
Blockchain enables fast and real-time data processing enterprises are started to adopt blockchain technology to process real-time transactions.
Manages Data sharing
Data sharing becomes possible, as it stores data collected from data studies in a blockchain network. So, no other team can repeat the data analysis on the same topic which is already carried out.
Prevents malicious activities
As blockchain uses consensus algorithms, to verify and validate a transaction, single malicious data can't be hidden inside the data network.
Check out this article for more reference : How Big Data Works In Blockchain
Bitdeal - Blockchain Solution For Industries
Bitdeal blockchain development company, widely provides blockchain solutions for around more than 20+ corporate industries, businesses, and organaizations. At bitdeal our blockchain developers enthusiastic about finding innovations in implementing blockchain technology's use cases for various industries. Currently we have successfully undergoing some unique projects which is based on blockchain in telecom, big data, and AI. So if you are looking to get some consultation to implement this tremendous technology for your business, you can reach us at any time.