Due to the popularity of Bitcoin & other cryptocurrencies, almost everyone associated Blockchain with cryptocurrencies. But, Blockchain isn’t just limited to digital assets. In fact, this trailblazing technology has helped small & large-scale enterprises secure their data, improve transparency, accelerate various processes & drive business growth.
If we look at the emerging technologies that organizations are willing to adopt then Blockchain & Big data come to the fore. These technologies have the potential to transform the way companies run their day-to-day business activities. But what benefits does the combination of these two technologies entail? Read on to find out!
What is Blockchain?
Blockchain is essentially a decentralized ledger that stores data in a series of blocks that are basically various peer-to-peer nodes (computers).
One of the primary objectives of Blockchain is to secure huge troves of information/data generated by enterprises & businesses. Achieving this task is no easy feat. However, Blockchain offers robust features that are an ideal solution to some major big data challenges & data analytics.
What is Big Data?
With the advancement in technologies, enterprises adopted various tools to enhance workforce productivity, gather more data from customers, optimize business processes& improve client loyalty.
All these tools& solutions (mostly digital) generate huge troves of data. This data if segregated & analyzed properly can give crucial insights. This is where Big data technology comes as a robust solution to manage huge amounts of data. However, managing the quality, security & reliability of data is a challenge that needs to be addressed effectively for better results. This is why combining Big Data & Blockchain can make a difference.
Benefits of Combining Blockchain & Big Data Technology
1. Sharing of Data can be easily managed
With the help of a Blockchain-based big data system, an enterprise can seamlessly share access to their data & records to other sectors without worrying about a potential data breach. In addition to that, data obtained from various systems can be easily stored in the blockchain which also reduces the need for multiple processes of data analysis.
2. Enhanced Data Integrity
By leveraging Blockchain, enterprises can seamlessly control malicious access to data. Blockchain technology leverages a decentralized ledger technology that conducts audit trials & ensures data integrity.
3. Improved Predictive Analysis
Blockchain data can be seamlessly analyzed which then results in crucial insights into various business processes. These helpful insights can enable businesses to seamlessly conduct future predictions such as churn rates, customer preferences & dynamic pricing accurately.
In this digital world, almost every company out there will continue to generate huge amounts of data. This data needs to be responsibly analyzed & secured as it can help businesses achieve huge profits, optimized workflows & better productivity.
Therefore, combining Blockchain & Big Data Technology will certainly result in enhanced data integrity, optimized business processes excellent organizational efficiency.