A prominent development is seen in blockchain technology and big data, purely because the companies generate a huge amount of data. It’s the critical moment where blockchain technology comes and provides a stable, cost-effective, and decentralized ledger for storing the anonymous data generated daily.
Big data is a game-changer in the tech-savvy world now, enabling businesses to use real-time pioneering insights for better performance. Governments, organizations, and even small to medium-sized businesses get benefits from Big data offerings.
The potent combination of big data and blockchain sees progressive acceptance in the healthcare industry. Healthcare providers share records with the patients, their physicians, insurance providers, justice departments, employers, etc. easily and securely.
What is Blockchain?
Blockchain is a distributed and shared ledger technology in which all transactions are safely recorded, allowing any participant in a business network to see and check the transaction’s validity. This facilitates anyone to alter information about the records retrospectively. Even if the same transaction is recorded over multiple, distributed database systems, the technology is still secure by design.
What is Big Data?
Big data refers to an immense and diversified digital content which is difficult to process using traditional data management tools and techniques.
3 things that Blockchain transforms Big Data
There are three things where blockchain interrupts big data analytics:
The main obstacle of integrating big data analytics into an already existing infrastructure is the huge cost. Today, blockchain tools increase the accessibility to data analytics tools by decentralizing the technology needed.
2. Data Sharing and Monetization
Data is the most important information in the modern world, and blending both blockchain and big data can develop the way data analytics is shared and monetized. By this, customers can gain negotiation powers over businesses, providing the control which business has access to their data and which does not.
3. Data Exchange
Data exchange platforms such as Dock allow working professionals to manage their job profiles under a single platform instead of working through multiple profiles on multiple job sites. Dock also consolidates certifications and other experiences obtained from several platforms while keeping all this data on the blockchain, enabling professionals to create in-depth profiles.
According to research, around 75% of business data remains unused for data analytics. But blockchain can reduce these limits by making data exchange more secure and easy, without any large infrastructural costs associated with it.
Benefits of Blockchain
Benefits of Big Data
- Enhanced productivity
- Saves time and cost
- Improves decision making
- Better customer service
Opportunities for Big Data Analytics
Recently, a group of 45+ Japanese banks signed up with a blockchain startup called Ripple, transferring money between bank accounts using blockchain to perform real-time transfers at a significantly low cost. Traditional transfers were costly because of the potential risk factors. With blockchains, that risk is highly prevented. Big data analytics identifies patterns and risky transactions a lot quicker than they can be done now. This reduces the cost of real-time transactions.
In other industries, the main driver for the adoption of Blockchain technologies has been security. Entire healthcare, retail, and public administration establishments have started assessing with blockchain to handle data to avoid hacking and data leaks.
Possibilities in Real-Time Analytics
So far, fraud detection is a delusion, and banking institutions have always been dependent on using recent technologies to identify fraudulent transactions retrospectively. For every single transaction, the blockchain has a database record. It enhances transparency in data analytics. Consequently, analysts in industries only deal with transparent data.
The Future of Business Process- Blockchain Analytics Vs. Big Data
The difference between Big data and Blockchain technology revolutionizes the way we process and analyze data. Big Data analytics is vital for tracking transactions and enabling businesses that use the Blockchain to make better decisions. Therefore, recent Data Intelligence services are helping financial institutions and governments, and other businesses with whom they communicate within the Blockchain and discover secret patterns.
Financial services and Blockchain get benefit from the use of big data analysis. In fact, using data analysis strategies on Blockchains, it identifies trends, models, and threats through data production and exchange.
Big data applications can run pattern recognition tasks from thousands to millions of Blockchain interactions to identify fraud users and bad uses. At the same time, Blockchain data can be grouped and classified to assess banks, operators, and financial services’ trustworthiness. This work will also be useful for digital payment systems that are going to be deployed shortly.
Also Read: Blockchain Project Ideas
Putting it all together
Blockchain ensures data storage and privacy to increase the data integrity, whereas the big data deals with data ensuring the data quantity, velocity, and variety to deliver better predictions. The combination of these technologies is unbeatable. Big data’s requirements and challenges are perfectly complied with by blockchain technology, providing transparency and security. The blockchain developers can incorporate big data with blockchain to improve your business analytics.
If you’re interested to become a blockchain developer and build smart contracts and chaincodes, checkout IIIT-B & upGrad’s PG Certification in Blockchain Technology.