Can Big Data and Blockchain Work Together? Here is How

Can Big Data and Blockchain Work Together? Here is How

 
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It is true that big data is a sophisticated technology and has over the years been considered as an overly technical concept in solving real-world problems. With the world shifting its focus on digital technologies, big data is poised to take center stage in transforming a wide range of industries.

If you appreciate the beauty of science, then big data is a concept that is equally interesting, easy to understand, and implement.  Already the technology is transforming many industries including AI, e-commerce, education, agriculture, banking, healthcare, supply chain management, and governments, among others.

Simply put, big data is the combination of structured and unstructured data that is hard to process using the traditional software and database. On a large scale, data movement is so fast that it exceeds modern enterprise processing capabilities.  However, with the entry of blockchain technology, containing big data processing is in sight.

Blockchain technology for Big Data Solutions

The entry of the blockchain technology comes at a time when the big data is creating a massive influence in multiple industries as aforementioned. The meeting point between the two technologies has created an era of digital transformation across the globe and together has created groundbreaking use cases.

To bring you up to speed in case you are wondering what blockchain is all about, this is the technology that is powering the crypto sphere and the entire digital money market.  The technology is decentralized the distributed ledger by connecting independent virtual blocks that take the responsibility of storing and giving access to crypto information and related transactions.

The WildFire behind the Blockchain Technology

Before the Bitcoin hype, blockchain was unheard. The popularity of Bitcoin has seen the technology spread like wildfire, and its adoption has seen the growth of the altcoin. These new cryptocurrencies ride on the blockchain public ledger despite claims that they are complementing Bitcoin.

Each altcoin has its unique features and real-life solutions it seeks to provide the use. Ethereum, for instance, has its blockchain and many more have been launched with their networks. Each has its unique use cases whose usability has been adopted by various industries.

Organizations and industries have seen the potential behind the technology, and its adoption is on the rise. Some of the glaring blockchain technology benefits include privacy, security, immutability, transparency, and ease of access, and this has seen the growth of a new crypto hype; private blockchains.

See also: Stablecoins Set to Disrupt the Crypto Market: Short Stablecoins Review

Blockchain and Big Data Working Together

On the surface both technologies are working with data blockchain ensures data is securely stored and privacy is guaranteed added integrity while big data provides there is sufficient flow of quantity data and wide variety that ensures precise predictions.

Simply put, Big Data ensures there are quantity data and blockchain make sure the raw data is processed to achieve the highest quality. This way, the availed data is deemed high quality by the consumers’ industries and organizations. This is where the two technologies complement each other

Massive data consumers like Amazon, Google, Apple, and Facebook are turning to blockchain for data management solutions. There is no way these giant data can secure their data, and a third party is necessary; they need to ensure their business data in an environment where better predictions are assured.

How Big Data is reaching out to Blockchain for Solutions

To understand how Big Data and blockchain can work together, it is essential to look at the challenges Big Data is facing. The two must work together to have a positive impact on the consumer. Blockchain cannot work alone without some form of data, and Big Data cannot sort out its mess of raw data.

This is the dilemma that has brought the two technologies together for better data synchronization.  The superiority of both technologies means blockchain offers an ideal environment for fast and secure. Data analysis has been a massive pain for the significant data sector, and blockchain appears to provide some affirmative relief.

Another big data challenge is security, and one of the reasons data, why data breaches are on the rise, is because traditional data is stored in centralized servers. This provides a fertile ground for hackers since they target the massive centralized data storage servers.

The Big Data industry is unable to handle the vast quantities of data, especially when stored in multiple servers. This puts the giant data consumers at risk. What’s more; the more significant the data, the harder it becomes to detect malicious or “contaminated” data from high-quality one.

The Big Data industry has been unable to understand the different types of data. Their data collections channel cannot sieve through structured and unstructured data, and with the current influx of digital uptake, everything has become complicated, and the quality data demand is surpassing that of quantity data.

Modern data consumers are looking at real-time data, and that is why data is being generated high speeds and data analyzing systems have to be fast in analyzing the same for credibility in predictions and reliable outcomes.

Big data cost management is another challenge, and setting up data silos, data acquisition, validation, and visualization are some aspects that increase the cost for the data consumer. Not many businesses invest in data management and stay profitable in the long term.

Blockchain Relief to Big Data Industry

There are several ways that blockchain can help the Big Data industry. Most importantly, blockchain is very secure, and this is one aspect the Big Data sector has been missing. Once data is entered into a blockchain platform, it cannot be altered.

Transparency has always been elusive in traditional big data systems, but with blockchain, you can track data from the source to the end consumer. There are no week points for data to altered or tampered with.

Blockchain comes with decentralization, and this leaves no room for monkey business from hackers. Data is distributed and decentralized, and every data has to be validated by participant nodes. What’s more, data is not restricted, and handling each data type comes with the flexibility it deserves.

It is, therefore, no wonder that the number of Big Data projects riding on the blockchain technology is on the rise. Some of the notable platforms include Filecoin, Storj, Datum, Omnilytics and Rublix, and the list is growing by the day.