From Mr. Vijay Pravin Maharajan, Founder & CEO, bitsCrunch
“We are changing the world with technology.” This statement is evident if we look back to see how our lives have changed with the invention of each technology. Blockchain and Big Data Analytics are equally intelligent innovations that are solving both quantity and quality problems with data.
To put it in simple terms, Blockchain Technology is a single ledger with plugins that helps record transactions or information on a distributed network. Big data analytics is the use of techniques to extract qualitative data from large, unstructured and semi-structured data sources.
The synergy of these two has created space for a diverse and unimaginable number of applications. You can simply link to a cryptocurrency transaction from user X to user Y, an NFT being sold by user A to user B, and more such transactions in a digital asset or NFT market. These are some direct examples of the combined use of Blockchain technology and Big Data Analytics.
Now let’s understand the bigger picture. According to a survey by Blockchain.com, about 750 million blockchain transactions have been performed as of July 2022. There are about 360,000 NFT owners on Ethereum. These are large numbers of user data that need to be stored, secured and formatted for information. This is where Blockchain and Big Data Analytics go hand in hand.
How Blockchain Can Help Big Data?
Putting blockchain and big data together can solve countless problems in the data center. Some of them can be:
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Accuracy and integrity of data
Data collected from external sources is mostly prone to duplicates. Incorrect data can lead to lost revenue, cyber attacks and compliance issues. Blockchain and data analytics together can ensure the authenticity of data records in larger volumes such as terabytes and zettabytes.
The application is being practiced by blockchain pioneers such as IBM, Coinbase and Chain Analysis to verify documents and user data and secure them on the blockchain.
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TRANSMISSION
The transparency of the distributed ledger enables data traceability from source to destination. For example, Amazon’s series of activities from order placement to tracking to delivery can be tracked for any discrepancies associated with the order. Giants like Amazon, Walmart, Microsoft, Oracle and Huawei have already used Blockchain for supply chain management.
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Data sharing
Data scientists and analysts use data derived from reports, analyzes and studies. This data is stored on the blockchain and allows access to more people at the same time. Further, the results of data analysis extracted and shared on a Blockchain can be monetized by data scientists.
The healthcare industry chooses blockchain for this purpose as frauds with the modification of patients’ medical data can have a negative effect on the reputation and trust of each brand with their customers.
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Real-time data analysis
Blockchain technology provides real-time data analysis with maximum accuracy. In every cryptocurrency transaction, a smart contract is involved. The smart contract stores the details of the transferor, receiver and timestamps of the transaction. This can help detect suspicious and fraudulent transactions. Banks can also apply blockchain technology for real-time data analysis and observe significant improvements in decision-making.
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Data forecasting
Blockchain sources structured data from sources such as user accounts and devices. This data can help data scientists to predict outcomes related to customers and businesses. Market research, Business Investments and Industrial Production can benefit from the forecasted data. The data further helps to study patterns and trends in each industry.
Blockchain technology is being adopted by 80% of the world’s public companies that house customer and transaction data. At various stages of adoption such as research, piloting, development and production, companies are making their mark with this emerging technology. While Paypal and Walt Disney began their foray into Blockchain in 2014, as of 2022, 27 global companies have fully functional products built on Blockchain. For features like real-time data analysis and traceability, blockchain is creating a massive impact when combined with big data analytics and is here to stay provided the infrastructure becomes more cost-effective in the near future.
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