Blockchain will play an important role in Big Data!

The combination of blockchain and big data technologies can lay the foundation for new and exciting opportunities. Blockchain may help big data in several ways, such as data analysis.
Blockchain has great potential in data quality. Therefore, when large enterprises capture and verify the data on the blockchain, the data becomes more valuable to them.
In fact, blockchain can turn problems and insights into assets, while giving you more confidence in data integrity. It is impossible to achieve data integrity through immutable data items, certainty of data sources, audit trail, etc. Therefore, you can see the business improvement through blockchain technology.

Let's see how blockchain can be combined with big data to help enterprises.

1. Data integrity to ensure trust

Maintaining the integrity of data is always a challenge for enterprises, if not done well, it may affect enterprises to a large extent. This is one of the areas where blockchain can help data analysis.
This is because the technology provides a smooth way to perform data integrity and audit trails, just as blockchain uses chained links to determine data sources.
As you know, blockchain technology maintains a decentralized ledger. Because all data is validated, blockchain technology helps ensure trust in data. Subsequently, it also provides transparency as all transactions and activities take place on a traceable blockchain network.


2. Data sharing management

Big data system supported by blockchain enables companies to share data records with others safely without involving index level risk factors. The data extracted from data analysis can be stored in the blockchain network.
In this way, your project team can avoid duplication of data analysis that other teams have already completed. In addition, blockchain technology can also help your data scientists monetize their work through transaction analysis results stored on the blockchain network.


3. Prevent network attacks

Blockchain uses algorithms to validate transactions. Therefore, it is impossible for cyber criminals to cause any damage to the network. Because it is a distributed ledger network, they cannot generate enough computing power to change validation standards or insert unwanted data into the system.
As a result, cyber criminals cannot manipulate or access data on a large scale, thus preventing cyber attacks.


4. Forecast analysis

In order to flourish in this technologically developed world, enterprises need to carry out predictive analysis to gain insight into market trends and behaviors. Through the good accuracy of future results, enterprises can understand customer preferences, lifetime value and dynamic price.
For this reason, blockchain helps to analyze the data to reveal the above opinions and more similar results. Industries such as banking and finance need large-scale real-time data analysis. As a result, they can observe important changes in real-time data to help them make effective and fast decisions.
More importantly, blockchain technology provides you with structured data collected from devices or individuals. Because the technology uses distributed ledgers with powerful computing power, your data scientists can perform effective predictive analysis.


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