The use of technology has been fundamentally altering the world and has significant importance in influencing human lifestyles.
Though these advancements make our lives easier, the market undergoes several experiments to attain the maximum potential of technology. Industries like Artificial intelligence, Machine learning, Blockchain, and Big Data enable breakthroughs across the world.
The collaboration between these industries, especially Blockchain and Big Data, modernizes several sectors and subsequently will lead to unforeseen advancement, redefining reality.
Sectors like agriculture, manufacturing, and many others shall benefit enormously from this alliance. The concept of distributed ledgers and large data management opens up various business opportunities across industries.
Blockchain and the Big Data Market
Due to Blockchain’s advanced and decentralized nature, Blockchain technology has become a lifesaver for the global market, which was fed up with extreme centralization.
Industries like banking, healthcare, etc., have started using Blockchain technology for data storage and data management. An article by Express Computer states that 80% of the world's renowned transactional data houses have adopted Blockchain technology.
Even brands like PayPal, which deal with huge amounts of data and rely on Big Data analytics, have been using Blockchain since 2014. Many new Blockchain projects like Omnilytics and Rubilix have been working on easy access and usage of Blockchain-based data management and data analysis.
Benefits of Blockchain for Big Data in Companies
Data is key in most modern businesses, so there is a great responsibility and a strong requirement for security.
Blockchain technology provides a large number of compelling benefits to the Big Data industry. It supports several companies, like Walmart, Disney, Amazon, etc., in transforming their current level of business opportunities across the world.
The promising benefits this emerging collaboration provides to companies across the globe are as follows:
Security and transparency- Blockchain is known for its security thanks to its underlying hashing technique and cryptography. This makes it easy for Big Data management companies to secure their data on a decentralized structure. It also helps companies and individuals have control over data sharing and prevent data breaches. As all the Big Data analytics and information are stored on the ledger, it creates a transparent structure involving all parties to maintain their credibility.
Data Accuracy- As the data are entered in real-time, the oracle chain verifies every data that passes through the block, ensuring its accuracy. This strengthens data quality and makes business and data predictions more accurate.
Data Access- Though Blockchain is a transparent channel of data, businesses are increasingly using permissioned Blockchain to protect data privacy while still taking advantage of Blockchain's benefits and other features. The data is accessible to other parties only with authorized signatures. These guaranteed security mechanisms over users’ sensitive data also reassure users and increase trust in Blockchain.
Future Scope of Blockchain and Big Data
The use of Blockchain in Big Data will bring in many revolutionary transformations in the near future. It will not only aid companies and industries but also hugely benefit governments and other public departments.
Though existing Big Data companies already facilitate these attributes, the use of Blockchain in Big Data makes the process more, easier, fast, secure, and cost-effective.
Making Blockchain-Friendly Smart Cities
With increasing urbanization and the development of several smart cities, the need for secure data storage and management becomes crucial. Thus, integrating Blockchain and Big Data in smart city development is a great accelerator.
Blockchain technology cuts costs and secures the network, while Big Data helps maintain Spatio-temporal data history.
Big data predictive analysis accurately evaluates city patterns with the help of smart contracts. The transactions and communications between IoT nodes enable device-to-device communication to facilitate the overall improvement of smart cities.
Blockchain and Big Data Integration in Healthcare
The healthcare industry can adopt Blockchain and Big Data to facilitate great control over individual health data.
The traditional health database is converted into an individual database with limited access to health records. This implies that Big data industries will be required to manage numerous individual data.
Blockchain and Big Data integration help the industry give attention to every individual and not miss out on any crucial medical and medication histories that might lead to misdiagnosis. As the records are only accessible with authorized permission, there is no chance of data leaks.
The development of decentralized data marketplaces enables peer-to-peer data connectivity and communication through Blockchain technology.
Although the use of Blockchain in Big Data may need several experiments to reach a mature stage, in a few years, more businesses will be able to assist the global audience effectively.
Though Big Data and data centers have a large market, decentralizing them shall foster more trust and facilitate better data analysis and decision-making processes.
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