Blockchain and Big Data are two growing technologies, but they are also two complementary technologies. Learn how Blockchain transforms data storage and analysis.
For the past few years, the blockchain is at the heart of computer technology. It is a cryptographically secured distributed database technology for storing and transmitting information. Each record in the database is called a block, and contains details such as the transaction date and a link to the previous block.
The The main advantage of the blockchain is that it is decentralized.. In fact, no one controls the data entered or its integrity. However, these checks are carried out continuously by the various computers on the network. These different machines hold the same information. In fact, corrupted data on one computer cannot enter the chain because it will not match the equivalent data held by the other machines. Simply put, as long as the network exists, the information remains in the same state.
Blockchain and Big Data to ensure data quality
Mainly known thanks to cryptommonries such as Bitcoin, the block chain can actually support any type of digitized information. This is why it can be used in the field of Big Data, for example to increase security or data quality.
For example, a hospital can use it to ensure that its patient data is kept secure, up to date and that its quality is fully preserved. By placing health databases on the Blockchain, the hospital will ensure that all of its employees will have access to a single, unchangeable data source.
Indeed, poor data management in the health care environment leads to a risk that patients may be mistreated, misdiagnosed, or that their test results may be lost or corrupted. Similarly, two physicians managing the same patient could have access to two different sets of data. The Blockchain eliminates this risk.
Blockchain and Big Data for data security
This technology also helps to prevent possible data leaks. Once information is stored on the chain, even the most senior managers in a company will need multiple permissions from other points in the network to access the data. It is therefore there’s no way a cybercriminal could get their hands on it..
By extension, the Blockchain allows you to share data more serenely. To take the example of the hospital, an institution may need to share health data with the law, with insurance companies, or with a patient’s employers. However, without the Blockchain, this procedure can be risky.
Blockchain and Big Data: two complementary technologies for data analysis
The Blockchain also complements data analysis technologies. For example, in 2017, a consortium of 47 Japanese banks signed a contract with the startup Ripple for facilitate the transfer of money between bank accounts via the Blockchain. Usually, real-time transfers are expensive, in particular because of the risk of double-spending fraud (issuing two transactions using the same asset). The Blockchain eliminates this risk. As a complement, Big Data analyses help to identify risky transactions.
Even better, the Blockchain allows banking institutions to detect fraud attempts in real time. Knowing that the Blockchain holds records for each transaction, it allows banks to explore the data for patterns in real time. The Blockchain and the Big Data therefore allow the security of banking transactions to be enhanced to the maximum.
Blockchain and Big Data: Privacy Concerns
However, this use of the Blockchain also raises privacy issues, in direct contradiction to the reason why this technology originally became popular. Several experts are concerned that transaction records may be exploited for consumer profiling or other misuse.
However, the block chains actually increase transparency data analysis. If an entry cannot be verified, it is automatically rejected. The data are therefore completely transparent. Other experts are also concerned about the impact of the Blockchain and Big Data on the environment.
Blockchain and Big Data: Social Data to Predict the Course of Bitcoin
The data from social networks (Social Data) can be very useful in predicting consumer behaviour. It turns out that Bitcoin and social network users have many demographic similarities, as well as commonalities in terms of opinions and attitudes.
That’s why many Data Analysts are now exploring Social Data for Predict the course of Bitcoin and other cryptomoney and to establish links between the course of these cryptomonnages and real world events.
The Blockchain allows individuals to monetize their data
According to Bill Schmarzo, CTO of Dell EMC Services, the Blockchain allows individuals to regain control over their personal data and thus monetize them with companies. Consumers are able to control who has access to their data on the Blockchain without the intervention of a third party.
For example, they are able to request discounts on products in exchange for their personal data. Eventually, the Blockchain could make it possible to create new marketplaces where individuals and businesses would engage in data trade.
The Blockchain could represent 20% of the Big Data market in 2030.
According to estimates by various analysts, the Blochain could account for 20% of the total Big Data market by 2030. It would produce a annual revenue of over $100 billionwhich is more than PayPal, Visa and Mastercard combined.
Big Data analytics will then be essential to track transactions and enable companies using the Blockchain to make better decisions. This is why new Data Intelligence services are born to help financial institutions, governments and other businesses discover who they interact with in the Blockchain and uncover hidden patterns.