Big Data was first coined in 2015 and later in 2008 blockchain technology was erupted. Both of these had their hype in covid times since people were home and all the businesses took advantage of real-time digital technologies. For the longest time, people predicted that blockchain and big data are mutually exclusive but with the passage of time, their exponential growth together worked for a lot of businesses in the best possible way. Tracking data points and then validating data points was being done in a very efficient way by them.
Blockchain and Big data are emerging and assist each other simultaneously, here are some ways through which blockchain can help big data;
Data Integrity:
Data secured in the blockchain is usually verified by trusted parties hence it ensures trust and quality. There is a rigorous process the data goes through before becoming a part of a chain. This happens after the majority party approves the information. All the activities are tracked in the blockchain which is why nothing can be fraudulent in the chain. Many companies like Lenovo have been using this technology to improve data integrity. They encode the information and then validate it through digital signatures. This Big data was verified using blockchain technologies.
Predictive analysis:
Just like any other form of data set, the big data stored in the blockchain can also be used to conduct forecasting. This big data can be used to reveal trends and if that is a consumer product’s data, we can analyze results and predict consumer behaviors as well for target marketing and push sales as well. One benefit of this technology is that since the data is stored from individual devices, it is very structured data without missing entries.
However, this data prediction is not limited to consumer products, as an accurate amount of large data set can help to predict investment benefits, social sentiments, and dynamic pricing as well.
Data Management:
Big data, as the name suggests, is a large set of data. Since the size is large, the data might be all over the place which can cause efficient information loss and wrong forecasting. Blockchain can be a very efficient way of managing this size of data set. Moreover, the data stored in the blockchain is not repetitive and missing. This data management done by blockchain makes the project’s research traceable and yields the same result every time the experiment is performed.
Data Security:
Blockchain and security are metaphorically synonymous activities. Every time we use the word blockchain it is understood that the business will be secured. Data security is the most important thing not just for MNCs but for every startup as well. Moreover, the data cannot be changed and removed in the blockchain, which adds to the authenticity of the data set and its security as well.
Bottom line;
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