Blockchain and Big Data: The Perfect Duo for Data Integrity
When it comes to blockchain, people perhaps could only relate it to cryptocurrencies. However, blockchain is not limited to cryptocurrencies but has rather developed enterprises that get a grip with other applications in the industry.
Undoubtedly, blockchain and big data project to be one of the emerging technologies most companies are looking to adopt. Both of these technologies will transform how companies run their businesses. As a single entity both blockchain and big data might not be as useful as it depicts to be. But when combined: they could be powerful tools. Some may say, they’re perfect for each other.
Here’s what Chris Neimeth, COO of NYC Data Science Academy has to say,
“Big Data is an incredibly profitable business, with revenues expected to grow to $203 billion by 2020. The data within the blockchain is predicted to be worth trillions of dollars as it continues to make its way into banking, micropayments, remittances, and other financial services. In fact, the blockchain ledger could be worth up to 20% of the total big data market by 2030, producing up to $100 billion in annual revenue.”
👉Blockchain and big data
According to Techjury, worldwide spending on blockchain projects to reach USD 11.7 billion by 2025. Whereas big data is bound to reach USD 103 billion within two years (2023). However, the question remains the same, will blockchain impact the big data industry? If so, how?
Before moving further, let us first individually speak about blockchain and big data.
Blockchain — blockchain technology majorly focuses on securing large amounts of data or information (data integrity). Doing this is not an easy task, this technology is an ideal solution that addresses many big data challenges and data analytics. Blockchain majorly has three features -
· It is decentralized which simply means no single person will be responsible for controlling the data entry and its integrity.
· It is distributed. Blockchain technology offers a network of a distributed system. In simple words, the same transaction can be shared network-wide making it secured via design. The network architecture cannot be forged since it is encrypted.
· It is immutable. Once the information is stored, it cannot be altered or changed. The information remains the same for as long as the network remains.
Big data — with the emergence of large volumes of data, having good data analytics is much more challenging to achieve. Moreover, for companies that are working with datasets, it is important to be sure that the data is clean and secure and it is not modified and has come from an authentic source.
The companies need to ensure the data received is from an authentic and reliable source. Also, with the emergence of big data, data quality management has become challenging more than ever. The data received should be accessible. For most companies, data integrity has always been an issue.
This is where blockchain plays a major role in the big data industry, how?
Blockchain and the big data industry collectively can deliver ample opportunities. Big data could largely benefit from blockchain, especially in data analytics. This simply means the data that is validated by blockchain will be far more valuable for companies in the foreseeable future.
Here’s how: -
👉Data sharing can be managed
According to the blockchain-based big data system, this gives access to share records with other sectors without increasing the risk factors that come along with a network of multiple data. In this regard, data that is obtained can be easily stored in the blockchain reducing multiple processes of data analysis.
👉Predictive analysis
Blockchain data can be analyzed and come up with positive insights. This can be used to predict upcoming future predictions such as dynamic pricing, churn rates, and customer preferences with accuracy. What’s even more interesting, blockchain offers structured data gathered from individuals or devices.
👉Data integrity
The control of malicious can easily be prevented using blockchain. This technology has a seamless way to conduct audit trails and data integrity, blockchain secures data by maintaining a decentralized ledger.
In present times, the amount of data generated is huge and will continue to rise exponentially. And with the amount of data collected, companies can easily vie with others to deliver better decision making powers.
Thus, realizing the amount of data generated, certified big data professionals are coming to the spotlight. They are likely to be trusted by organizations and companies to maximize their analytical capabilities. As a result, big data certifications are proven to be credible bundles that are keeping tech professionals move ahead in their career.
The significance of getting certified should not be overlooked. The only way you can close the competency gap is through upskilling yourselves today.
Originally published at https://datafloq.com.
