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Analyzing and managing huge amounts of data is a tedious task, but blockchain can help add an extra layer of protection to the big data analytics process.
We have already started living in a generation of Big Data. Every day huge volumes of data are generated by different networks in different sectors. This large amount of data includes records, sent and received messages, uploaded videos, GPS signals, online data transactions and many other sources. For some high-value sectors such as healthcare, education and banking, high quality security and maintenance should be provided to protect this data from malware or espionage. Regular analysis of these large data leads to more innovation and growth for every economic aspect. Organizations analyze data for optimized client engagement and individual decision making that allows them to predict future trends among others.
Analyzing and managing huge amounts of data could be boring. This is where the blockchain comes into play. Blockchain helps add another layer of protection to the big data analysis process. The big data generated by Blockchain are safer and more valuable thanks to the network architecture, making it perfect for further analysis. Blockchain technology supports bitcoins, but it can also lead to big big data solutions.
Blockchain can be applied to any sector, regardless of the domain affected by the data. Organizations keep a record of records of transactions made and so the blockchain helps to form a distributed database to reach through consensus mechanisms. The blockchain is immutable, verifiable and traceable as it uses the hash algorithm and timestamp to transform low quality data. Blockchain technology eliminates unnecessary data, offering higher quality and increasing security. Therefore, if applied correctly, blockchain can be the catalyst of better data with better results.
Data analysis and blockchain
The first obvious place to apply blockchain to big data is finance, because every transaction offers an anonymity level and the data is not kept private. You can find different templates for transactions for Bitcoin transactions by connecting them to people. Many organizations have started working on these solutions and helped avoid crime. But beyond finance, Big Data is a digital database technology that can be applied to any industry.
Today, e-commerce companies have started implementing blockchain by storing granular transaction data to understand its interactions with producers and consumers. Even retail giants like Walmart use blockchain to increase food security by increasing traceability and managing daily data to ensure reliability. Blockchain also has tremendous potential in the healthcare sector where most of the data is generated by private and confidential reports and case studies. Google DeepMind and NHS are joining the UK to use blockchains to store patient data without encryption. It will be used to create verifiable data control by ensuring that the data used for research purposes has appropriate permissions.
How blockchain is improving Big Data
Estonia
Although the blockchain has just turned into a hot innovation, Estonia has been testing blockchain innovation since 2008. Since 2012, the blockchain has been used in information stores in Estonia, such as well-being National, legal, administrative, security and business code framework, with plans to extend its use to different environments, Estonia intends to be the world's most advanced digital society based on blockchain specifically designed for government officials. It is assumed that you use the Keyless Signature Infrastructure (KSI) to securely store public data. KSI helps monitor changes in the database, ensuring that data is transparent, which helps to track altered or duplicated records. Furthermore, blockchain makes it difficult for any third party to tamper with data internally, which ultimately reduces fraud and corruption and increases efficiency.
Golem
Golem is a decentralized supercomputer that is accessible to everyone. It consists of the energy of the union of user machines ranging from PCs to entire data centers.
Pathway
Path allows big data and blockchain users to rent extra bandwidth. In general, a company wants to analyze the depth of its Web site around the world, the time it takes to load an application or the way network clustering reaches certain hours of the day. Users install Path Mining Nodes on their computers, which work in the background passively gaining tokens to provide insight into Path work.
Skry
Skry allows companies to detect suspicious activity on the blockchain and identify illegal entities by eliminating synthetic identity theft. It also offers analysis of bigdata bitcoins helping companies avoid transactions with criminal counterparts.
Dapp Builder
The Dapp builder is useful in the financial sector to store and verify financial data. The intermediaries used to verify transactional information will be cut down, which leads to an increase in efficiency.
Each sector deals with data and can benefit from the security of a decentralized technology such as blockchain can provide. It can improve big data analytics because it accelerates the process of identifying dangerous and suspicious data and, at the same time, it can determine patterns.
Analyzing the data source and ensuring the reliability of the immutable, verifiable and traceable data is an archetype, but the blockchain catalyzes the quality of the data and reduces the time complexity for compiling and verifying the data. The analysis performed on the data generated can help improve businesses and governments and can open many opportunities.
(Disclaimer: the opinions and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
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