The massive tech trends that have been taking over almost all our attention are Big Data and Blockchain. While Big Data helps in analyzing data for business insights, Blockchain focusses mainly on changing the nature of transaction together. We know how powerful they are on their own, imagine the magic that will be created by binding Big Data and Blockchain together. Let’s find out if they are the match made in heaven or not.
When Big Data Meets Blockchain
The main challenge that is associated with Big Data technology is the lack of accuracy as well as security. Usually, when the large datasets are analyzed, unknown/ missing values may be generated leading to the flawed interpretations & insights. With the use of blockchain technology, all the digital transactions & their details are stored securely preventing any kind of alteration. This means all the data will be interpreted properly to extract impactful insights.
With the combination of Big Data and Blockchain, the most important thing that has been achieved is more quality data since everything is being captured and validated on the blockchain. Adaption of Blockchain adds another data layer to the analytics process helping several Big Data Solutions Providers in fulfilling the two main demands:
- Security as the data cannot be forged by the network architecture
- Valuable as more structured/complete data will be generated for greater analysis
Blockchain for Big Data
The only issue that holds back Big Data is the infrastructure that is centralized to a server location offering unconditional data control to the ones having access to the server. As Big Data resources are being traded to different organizations, the legitimacy of data is the main concern. However, with the help of Blockchain, a decentralized data resource will be created where everyone will have access and updates can be tracked easily leaving no confusion due to multiple copies. Hence, the data transactions involved between entities will be verified creating a safe and strong financial platform.
Big Data for Blockchain
Though Blockchain has its advantage of the strong security, it has been turned down many times for not being able to track stockholders in transactions thereby, making it a suitable choice for illegal trade. By using Big Data applications, blockchains transactions can be tracked by managing structured datasets of wallet addresses and the details of their owner. This infrastructure achieved with the help of Big Data can convince governments to use blockchain as the reliable transaction platform with better speed, traceability, and reliability.
What Does the Future Hold for Blockchain And Big Data?
Though the use of blockchain is relatively new, there are few sectors that have adopted this technology for business and practical purposes like finance, healthcare, food safety, etc. Soon, many Big Data Analytics Software Companies will be leading the charge in using this technology to completely transform the way of doing businesses. We can agree to the fact that the big data and blockchain is the match made in heaven, which will significantly improve the usability of one another. Binding these tech trends not only mean more quality information for everyone but also the creation of various amazing transformations in the future.