Big Data and Blockchain are Riding the Hype Wave, Why?

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Click to learn more about author Vikash Kumar.

Managing massive amounts of numbers, and related data, has become a core part of every sector – from business admin to local/ central government agencies. With the help of Big Data and Data Science, harvesting and managing data has become easier, helping organizations run much more successfullly. However, there was a time when Data Scientists were unable to share, secure and authenticate data integrity. But with the help of Blockchain technology, tables seem to now be turned. As a result, this open-source and transparent network, which is secured by robust cryptographical calculations, has received the attentive eyes of data specialists.

Often referred as Big Data Analytics, Data Analytics provides clear insights that can be easily missed with a human eye. With the help of linear regression, logistic regression, pattern recognition and other sophisticated mathematical techniques, the tech, in particular, has turned out to be a revolution like never before. Speech recognition, self-driving cars, spam identification are some of the real worlds used cases to take into account. Apart from this, the main objective of using Big Data is to come up with autonomous machines that can function without any human intervention.

Combining Blockchain and Data Science    

Adding Blockchain is like adding another layer to the Big Data Analytics procedure. The layer mainly includes:

  1. Blockchain-generated Big Data which is secure. This also means that it cannot be forged due to the network architecture.
  2. Another aspect is being valuable, the Blockchain-generated Big Data is more structured, abundant and complete, making it a perfect source for further analysis.

Whether you need data for energy trading, real estate or any other domain, any outcome is possible with this new level of analytics. Other than this, one of the crucial benefit offered by this combination is fraud prevention. Blockchain tech is something that allows financial institutions to check each and every transaction in the real-time. This also means instead of analyzing records, a company can easily identify risky or fraudulent transactions on the fly and prevent the fraud entirely.

Why Data Scientists are Required to Pay Attention to Blockchain Technology?

I am pretty sure that Blockchain and Big Data are a match made in heaven. After all, the tech definitely has some potential key elements of Data Science related to data collection, to distributed computing, and Predictive Analytics. Apart from this down below, I would like to mention a few pointers emphasizing on the use of Blockchain.

  • Increases Data Integrity: Today the priority has taken a major shift from storing the information to the validator and protecting the integrity of the same. This, as a result, turns out to be an enormous drawback for {several} organizations and firms. After all, many of you seem to be harvesting tons and tons of information from a variety of sources. But do you know that even private or government created data can be inaccurate? In fact, one cannot even think of relying on alternative sources of information like social media.
  • Quick and Precise Data: Fortunately, Data Scientists have started counting on Blockchain in order to verify and track knowledge at each purpose on a series. The changeless security is one of the most driving features considered in terms of adoption. The localized ledger protects knowledge through multiple signatures resulting in prevention of leaks and hacks. In order to access, a precise signature needs to be provided.
  • Sharing is No More a Pain: A professional will always look forward for the easy and sleek flow that minimizes difficulties or even stop the business from obstruction. And looking at the current paper records they are pretty much slow to work with especially if fundamental knowledge is required elsewhere. At times files might reach successfully at each and every department while some copies are often altered and find lost in transit similarly.
  • Real-time Analysis: Banks and other organizations are facing quite a tough time when it comes to analyzing information in real time. The flexibility offered by Blockchain has made quite easy for us to find fraudsters without much hassle. Due to distributed species of Blockchain marketing, several firms will find exceptions in a database very timely. Having the ability to envision information changes in real time may be a feature we’ve got all experienced in spreadsheets.
  • Builds Trust: Trust can be a game changer for any business. Fixing too many of power within the hands of systems with a single point of failure can be pretty dangerous. In fact, numerous industries do not permit alternative parties to use their knowledge due to a shortage of trust. As a result, information sharing becomes next to impossible. With trustless operations of the Blockchain marketing, organizations are meant to collaborate effortlessly by sharing a pool of knowledge at their disposal. It may quite interest you to know that countries like Venezuela have gone ahead to host Blockchain-powered elections to avoid rigging and foster constitutional democracy.
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