It is often said that couples are made in heaven and made together in this world. Well, this theory fails when it comes to big data and blockchain – two of the most revolutionary technologies of this world today. These two are two complementary technologies that transform storage and innovate data analysis.
As of late, blockchain has become the heart of all computer-based technologies. This technology crytpographically secures the distributed database network used for storing information and transmitting it when required. Each record in the database is known as a block and contains essential information like the transaction date along with a link to the previous block. Hence, all these blocks are connected like a chain and that is where its name comes from.
One of the best advantages of blockchain is that it is completely decentralized. There are no parties or administrators who control the data entered or its integrity. What happens is that this functions or checks are carried out continuously and simultaneously by various computers attached to the network remotely. All of these machines contain the same information because they are all connected to the network. No one can enter data into the system as it will not match the equivalent data already held by other machines. In simple words, as long as the system is there, no one can alter the information.
Blockchain + Big Data = Quality Data
Blockchain has the ability to support any type of digitized information and it is more than just possible to use it in any field of Big Data. What Blockchain does is that it secures the data and maintains its quality for all the stakeholders.
For example; a financial institution, let’s say a bank, can ensure the confidentiality of customer’s data using this combination. By placing financial databases on Blockchain, banks can ensure that all employees have access to the single and unchangeable source of data.
Carrying on with the above example, poor data management can put the financial information of the consumers at risk and the chances of losing money through a scam or online fraud increases significantly. Moreover, the bankers who serve the same customer may also have access to two different sets of data. Blockchain eradicates this confusion.
The Bright Future of Blockchain
The thing about Blockchain is that it is always evolving. The more you learn and explore this technology, the more you will get to discover about its revolutionary uses. This knowledge will also allow you to learn about the financial standing and credibility of cryptocurrencies like Bitcoin and others. Moreover, you can become a complete cryptocurrency analyst, developer, and whatnot.
It is a known fact that cryptocurrency is a subset of Blockchain and it is being used by a lot of startups and banks. On top of all, a number of educational institutions have started certification courses in Big Data and Blockchain through which future minds will be polished and offered to the world.
Blockchain – Big Data’s Backbone to Securing Data
Blockchain has the superpower to prevent data leaks. Once you store the information in this system, it will go down to the vault where even the senior managers in the company would be needing multiple permissions from numerous points in the network to access the data. This is why cybercriminals will only get disappointment if they try to breach it. There’s no chance that anyone can get their hands on the data stored on the network.
Even if you go for extension, the Blockchain will allow data sharing serenely. Let’s use the example of the financial institution again; in case of a dispute with the taxation authorities, the financial institutions will be able to share the data with the relevant authorities. However, without the existence of Blockchain, this process is risky.
Rapid Flow of Data Analysis
When it comes to data analysis technologies, nothing complements them in the best possible way as Blockchain. Let’s take the example of the incident that took place in Japan where a consortium of 47 Japanese banks signed with the startup Ripple to facilitate the transfer of money between bank accounts through the Blockchain. It is a common fact that real-time transfers cost a lot of money because of a number of factors. However, a chain of blocks removes this risk and makes the transaction as secure as you could ever imagine. Furthermore, Big Data analyzes as well as identifies risky transactions. So, basically these two technologies go hand in hand.
However, if you make a comparison, you can get to know that Blockchain allows banking and financial institutions to detect frauds in real time. Blockchain holds records for every transactions regardless of how large the volume of transactions was and what time it took, this allows banks to explore data in terms of real time patterns on the graph. Thus, these two technologies reinforce the security of banking transactions to the maximum level.
If you want to make sure that the Big Data you want to analyze, you should ensure its safety first. Why? Because you would not want anyone to flee away with your hardwork and valuable results. Here the role of professional Blockchain experts and analysts also come in handy. With their experience, they can guide you about the best and latest practices of analyzing data and keeping it secure. Just like ITspresso.
It is always better to seek expert advice before taking a decision. Who knows that what you have in mind might not be required for your organisation at all. This is where we, Itspresso, can be your best buddies. Our experts and professional team can guide you properly and comprehensively. We can also provide you suggestions to improve data security and make the data analysis procedure quick and effective.
You can always reach out to us and we will guide you further. For more information, you can shoot us an email at [email protected] or you can also Contact Us directly by filling out the form and our team will get back to you shortly.