Data is the epicentre of anything and everything in the market irrespective of the industry or sector.Big data a term that refers to a process used where the traditional data mining and handling techniques cannot suffice the meaning, insight and interpretation of the underlying data in compiled from various sources. Data that are unstructured or simply quite large can’t be processed by the usual and common relational database engines. These types of data require different processing approaches which use huge parallelism on readily and available hardware. Big data are data sets that are complex and voluminous, traditional data processing application software that are inadequate. Big data challenges include capturing the data, data storage, analysis, search, transfer, querying, updating, information privacy and data source. There are five dimensions to big data known as Volume, Variety, Velocity and the recently added Veracity and Value.
Veracity: The of captured data can vary greatly, daffecting the accurate analysis
Variability: Inconsistency of the data set can hamper processes to handle and manage it.
Velocity: In this context, the speed at which the data is generated and processed to meet the demands and challenges that lie in the path of growth and development.
Variety: The type and nature of the data. This helps people who analyze it to effectively use the resulting insight.
Volume: The quantity of generated and stored data. The size of the data determines the value and potential insight- and whether it can be considered big data or not.
Blockchain and Big data
When blockchain in Big data adds another data layer in Big data analytics process. These layers inherit these qualities from the blockchain concept.
Blockchain imbibed Big Data is more secure, as the data can’t be forged or falsified
The network architecture remains intact
Big data with blockchain performs in a streamlined fashion as it is structured and complete
The data is more accurate as the records cannot be altered thus leading to better decision making based on data
Big data being an entity in itself can be a part of any industry taken into consideration as all businesses thrive in a data driven market. There are many positives in bringing Big data into the blockchain environment. One such benefit includes fraud prevention; as the blockchain allows financial institutions to check and verify all transaction in real-time. This allows for banks to scrutinize and detect frauds as it happens instead of launching an investigation at a later time after the fraud has occurred.
Why do businesses need Big data?
Data can be used in crucial decision making process in business
Social media data can be used to fine tune the business strategies
Read, evaluate and provide apt responses for customer feedbacks
Identify the risks to the product or service at an early stage in case of any
Optimal efficiency in operation can be achieved
We are Blockchain
With well over a decade of expertise in delivering quality products, solutions, service and consulting in the tech side of things, Blockchain USA (www.blockchainusa.com) looks to tread new roads with the prominence of Blockchain technology being optimistically possible. With Big Data being a go to platform for marketer, we want to make it even better with the integration of blockchain concepts into it.
As the horizon of blockchain in various aspects of technology being explored, it is only imminent that social networks would indeed adapt and move toward blockchain base in the foreseeable future.