The Blockchain Frenzy
Initially, only the folks involved in cryptocurrency, investments and banking sectors were interested in blockchain. Since cryptocurrency, especially Bitcoin, has made its headways into mainstream markets, it has grabbed the attention of non-tech audiences as well. Today, it is an inevitable phenomenon and with good reason. In April 2021, the cryptocurrency market reached an all-time high value of $2 trillion, of which Bitcoin contributed $1.1 trillion.
The inescapable phenomenon
Although people across the globe have heard of blockchain, many stay unaware of its conceptual core and functionality. It is a record-keeping mechanism that operates in the form of a digital ledger for transactions and information. And the best part? It is decentralized. Its USP is the lack of clearance and regulation by a central authority. This further opens up the prospects for data analysis and management.
Introducing Big Data
Businesses today rely on voluminous consumers’ data. These need to be managed and vetted to make concrete and comprehensive insights. This is where Big Data, the collection of consumers’ datasets, comes to the rescue. Big Data has become an independent industry. Experts suggest there is exponential revenue potential in the field. The industry is projected to reach $103 billion by 2027. With more prevalence, Big Data is the mainstay for modern-day companies. But, currently, deriving valuable insights is a complex endeavour, with the risk of privacy violations and security breaches being top-ranking concerns. Blockchain makes this whole process easier.
Blockchain to the rescue of Big Data
Seemingly mutually exclusive, Blockchain and Big Data complement one another. Blockchain has immense potential to help with data integrity and management. The result? The massive data points can be cumulated effectively.
The coming together of Blockchain and Big Data can help in the following ways:
1. Data Security
Once integrated into data management infrastructures, the distributed ledger system will play its course and help improve security. Here is how! Blockchain uses cryptographic principles for recording data in the network. The data gets stored in a distributed network, making it next to impossible for a single party to alter the data. The only hook is that doing so requires tremendous computational power.
2. Data Integrity
Securing the data is one thing, but what about authenticating the information itself? Data scientists spend a considerable proportion of their time verifying the data in their possession and ensuring its accuracy and consistency. But not anymore! Blockchain can serve as a white knight for data analysts and save them from tedious tasks. The technology will vet the data before it gets recorded, so inaccuracies and inconsistencies will get weeded out early on. This functionality will help resolve the frequency of inaccurate and incomplete data points. Analysts will come out stronger and confident in their credibility and analysis. Data integrity will also help enhance data transparency and traceability.
We at Qubit3 render data authentication that helps with identifying bottlenecks in the massive information spree. Our data collection and management systems are sophisticated, state-of-the-art and custom-made to your business needs.
3. Data Monetization
Until now, it was the powerful technology companies that traded and profited from the data. Consumers or owners were mere cogs in the giant supply chain as they served as data sources. With blockchain, this practice will change as it will democratize data ownership and pass on the absolute control of data to the consumers. In this way, transactions will be managed through a token-based system. The prices will be discounted in exchange for access to personal data.
Blockchain will also create marketplaces enabling people to trade individual data points directly with businesses and companies. Also, the owners will get to see how their data is used, even after the transaction.
4. Data Sharing
Once democratized, the technology will also allow individuals to share data with other parties without the worry and stress of the security risk factor. With this, financial and medical institutions will be able to manage individual data, thereby improving service delivery effectively. This sharing and coordination will also help eliminate the need for time-consuming endeavors such as KYC processes. Data sharing shall streamline the internal operations of companies by driving up productivity through efficient collaborations. The result will be an elimination of data silos and bottlenecks.
At Qubit3, our cloud system creation and management experts help make your data sharing endeavors an easy feat. Our DevOps and cloud applications will ensure a fortified IT infrastructure that enables you to share data with your employees remotely.
5. Real-Time Analysis
Blockchain-enabled systems have yet another crucial application for businesses – gaining real-time analysis of large consumer datasets. The avenue will help companies improve their service renderings. For example, if banks were to use the system, it would enable them to observe data changes and make quick decisions, including blocking fraudulent and suspicious transaction attempts or acting upon irregular activities.
Data scientists at Qubit3 will set your business for sophistication. Our advanced machine learning algorithms will enable you to access and understand the data points in real-time. More so, they will also prove integral in attaining your business goals and objectives.
Wrapping it up
Despite the promising positives acclaimed about Blockchain technology, the full implementation is a far-off endeavor. The reason is that the blend of blockchain and Big Data is expensive, and most companies find it cheaper to store consumer datasets on traditional infrastructures. Additionally, blocks can only store and process limited amounts of data. The storage and processing capabilities of the blocks are much lesser than the volumes of data collected, per second, by the Big Data systems of today. Nonetheless, blockchain is an ever-evolving system, and the changing technology makes it the best bet for the coming future. Visit https://www.qubit3tech.io/services.html to take your business to the next level.