While Bitcoin and Cryptocurrency may have been the first widely known uses of Blockchain technology today, it's far from the only one. In fact, blockchain is revolutionizing every industry. Blockchain is the biggest technological breakthrough since the internet and becomes the most darling topic in the tech sense. There are many blockchain applications but here we talk about that how blockchain is impacting on Big Data.
Blockchain is software that fosters peer-to-peer relationships. For instance, if a published account insufficiently explains a methodology, any peer can review the process and see how the results were obtained.
The ledger's transparent channels can help anyone know what data is reliable for use, where it came from, how to store it, who does the update and how to use it in an ethical manner. Simply put, it's possible to trace data on a distributed digital ledger from the entry point to the exit. Oracle defines big data as a more complex data set especially from new data sources. These data sets are so rich in volume and the traditional data processing software can't manage them properly.
The combination of Blockchain and Big Data:
Most of the developments happened over the years in the field of technology, but blockchain has the potential to change the way that the world approaches to big data, with enhanced security and data quality. Although we all know that the big data have the numerous challenges so the potential use of blockchain serves the following benefits:
Data Validation: The data generated through blockchain technology requires less scrutiny or examination. It combines hashing and cryptography to create a data type which is correct due to tremendous amount of computing power that is required to deploy the data. A digital signature is used in the physical form of the documents, which can process by computers and machines to verify the documents. This process works as an effective fraud detection system for documents and so on.
Data Security and Privacy: The big giants and data companies are making data the most traded commodity across the world. The blockchain is ledger technology that allows all members to record transactions on system so they all are safe, secure and is incorruptible. The Blockchain aims to protect the personal information using the concept of a "self-sovereign identity". Big data generated with the help of blockchain is the new way of generating data and flourishing the data as well.
Blockchain adopted by big organizations: Blockchain is the latest emerging technology that helps business to keep record of their data it basically works as a ledger. So, due to the impact of blockchain technology now most of the big organizations are adopting this technology and finding interesting ways to make blockchain work for them.
Blockchain with big data is set to be a powerful technology for both big and small businesses. Growing data and recent data hacks are strong indications that blockchain is a very important technology that compliments big data and will redefine the way we manage data. If life is time and time is money data is the new life.