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8 Benefits of Blockchain in Big Data Transformation

Ashesh Anand
Mar 10, 2022
Updated on: Feb 16, 2022

Blockchain and Big Data are two new technologies that are high on the agendas of many businesses. Both are projected to have a significant impact on how businesses and organizations operate in the future years. Big Data has been around for a long time, and blockchain technology is currently riding the crest of a wave of popularity.

What are the potential outcomes of combining these two innovations? Blockchain technology and big data have experienced a lot of growth, owing to the fact that businesses generate a lot of data.

It's at this key juncture that blockchain technology emerges as a reliable, cost-effective, and decentralized ledger for keeping the anonymous data generated on a daily basis. Long-term development in their own right, one may believe that these technologies are mutually exclusive at first glance. However, that viewpoint is increasingly evolving.

What is a Blockchain, and how does it work?

Blockchain is a distributed database system that stores and manages transactions as an "open ledger." A block is a database record that contains information such as the transaction timestamp and a link to the preceding block.

Anyone attempting to change information about the records in the future will be unable to do so. The technology is also safe by design because the identical transaction is logged across numerous, dispersed database servers. With the foregoing in mind, Blockchain is immutable - information remains in the same state for the duration of the network.

Bringing Blockchain and Big Data Together

The addition of blockchain to the Big Data analytics process adds another data layer. Most notably, this data layer satisfies two major Big Data analysis requirements:

Blockchain-generated Big Data is secure because the network architecture prevents forgery.

Big Data based on blockchain is useful since it is structured, abundant, and full, making it an ideal source for further analysis.

The business case for blockchain in financial services is compelling. Consider the scale of blockchains. Massive data lakes of blocks containing the complete history of every financial transaction, all of which can be analyzed.

The integrity of the ledger is ensured by blockchain, but not the analysis. That's where Big Data and the analysis tools that go with it will come in handy. Companies may be able to save money by storing Big Data using Blockchain technology. Blockchain has the ability to store enormous amounts of data for long periods of time.

Also Read | What is Hive Big Data and its Benefits?

Watch this: The Blockchain for Microtransactions and Big Data

Benefits of Blockchain in Big Data Transformation

Getting to the Bottom of Transactional Data

Finding transactional information is the most obvious benefit of using big data techniques to crypto blockchains. This data will aid in determining the number of people who use a certain cryptocurrency, as well as how frequently and in what amounts the cryptocurrency is transferred and received. This can help you make better decisions about your activities and identify new trends in cryptocurrency usage.

Take Control of Data Sharing

A blockchain-based Big Data solution would allow providers to share records with any other sector with an interest without the risk considerations that come with a network of separate data silos. Data from data studies can be stored on a blockchain network in this case.

This prevents project teams from duplicating data analysis done by other teams or from incorrectly reusing data that has already been used. A blockchain platform can also assist data scientists in monetizing their labor by allowing them to trade analysis results stored on the network.

Also Read | How is Big Data Analytics Using AI?

Data Monetization and Sharing

In today's society, data is the most crucial piece of information, and combining blockchain and big data can help to advance the way data analytics is shared and monetized. Customers can acquire negotiating power over firms as a result of this, allowing them to choose which organizations have access to their data and which do not.

Improve Data Security

The data security that exists within the blockchain is perhaps the most significant benefit that this technology provides to Big Data analytics. The system is decentralized, which means that no single individual has power over it, and it cannot be changed without the consent of all parties involved. This increases openness throughout the system and reduces the possibility of fraudulent activity.

Streamline Data Access

Another way that blockchain can help Big Data and analytics is by making data access more efficient. Users from various departments within a business can be added to the blockchain, giving them access to the data needed for analysis. This speeds up the work process and reduces the time it takes to obtain and analyze data.

By putting the database in a blockchain, a single, immutable source of information is created for all people who have been granted access to certain data.

To access records in a blockchain, additional authorized signatures' or permissions from other network parties may be required. This will ensure that everyone receives precisely measured information that they require to accomplish their duties.

Preventing Fraud

Big Data has not yet solved the problems of detecting fraud and assessing risk in the financial services business. This is due to the fact that current detection and assessment systems rely on past data. Financial institutions can check every transaction in real time thanks to blockchain technology.

As a result, rather than analyzing the records of previous frauds, banks are now able to identify dangerous or fraudulent transactions on the fly, preventing fraud entirely.

Financial institutions will finally be able to evaluate risk and detect suspicious patterns in real time if they can use blockchain to execute transactions. This will aid in the prevention of fraud among banks and their consumers.

Data Exchange

Working professionals may maintain their employment profiles on a single platform, rather than working through various profiles on multiple job sites, thanks to data sharing services like Dock.

Dock also collects credentials and other experiences from a variety of platforms and stores them all on the blockchain, allowing professionals to build comprehensive profiles.

According to studies, almost 75% of corporate data is not exploited for data analytics. However, blockchain has the potential to alleviate these constraints by making data sharing more secure and simple without incurring significant infrastructure expenses.

Data quality has Improved

Data storage is being revolutionized by technology. Businesses can improve data quality by replacing traditional storage techniques with blockchain because it is complete and organized. Furthermore, incorporating blockchain into a Big Data analytics solution strengthens its core by removing flaws.

This improves accuracy and promotes comprehensive analysis, resulting in rich and trustworthy business insights. It will be easier for businesses to make decisions based on their insights when the data collected by big businesses is safe, reliable, and accessible.

Watch this: Data Driven #5: Blockchain and Big Data

Summing Up

Blockchain and Big Data are, indeed, a great combo. The real question now is who will be the first to develop the most appropriate and well-trained AI/machine learning model for use on top of blockchain-generated data layers that are distributed, transparent, and immutable. The company that does this will bring in a lot of money and make a lot of money.

As innovations in this sector continue, we may expect to see more progress in the Big Data analytics and blockchain relationship. Additional tangible use cases for Big Data management and data analysis will be developed and explored as the technology evolves and more breakthroughs emerge.

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8 Benefits of Blockchain in Big Data Transformation

What is a Blockchain, and how does it work?

Bringing Blockchain and Big Data Together

Benefits of Blockchain in Big Data Transformation

Getting to the Bottom of Transactional Data

Take Control of Data Sharing

Data Monetization and Sharing

Improve Data Security

Streamline Data Access

Preventing Fraud

Data Exchange

Data quality has Improved

Summing Up

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