Big data and blockchain technology is changing dynamics in 2022
Nearly every day, it seems like we come across more and more applications for blockchain technology. More and more sectors are discovering that the blockchain will either push them to another level or will become their greatest threat. Big data is one of several sectors that has found a mutually beneficial relationship with blockchain. Read on to learn how both of these technologies can help you in your business.
Big Data and Blockchain Applications
Enhanced Customer Experience
Customers are important. It’s as easy as that: if a company acquires more consumers, it will expand; if they lose customers, they will collapse. To help you polish your client market strategies, data will help you acquire customer data from numerous sources such as social media, web visits, and so on.
Machine Learning Models
Machine learning, alongside blockchain technology, is the other big issue in the world right now. The rationale for this is that it enables machines to generate workable models based on the big data they are given. It’s easy to understand how precise big data could be valuable in this situation.
Product Development
It is feasible to determine exactly what customers want and anticipate their demands with big data. The model is created by categorising essential aspects of previous and current items.
Fraud Prediction
Successful businesses are competing against more than just a few rogue hackers. It’s possible that teams of experts are attempting to bring them down. Data can assist these businesses in identifying patterns and predicting fraud.
Predictive Maintenance
It is possible to foresee the appearance of faults before they arise by detecting specific indicators and patterns. By implementing cost-effective management, Big data can help firms save massive amounts of money.
Improving Company Operations
One of the most common applications of Big data is to improve a company’s operations. Big data can be used to examine numerous characteristics such as consumer feedback, refunds, and other elements in order to improve decision-making and stay in step with current market needs.
Improve Innovation
Companies can use big data to develop insights by studying the relationships between persons, institutions, and numerous other organisations. These insights might help businesses innovate and develop new goods or tactics to obtain a competitive advantage.
Benefits of Big Data & Blockchain
- Saves time
- Cost-efficient
- Helps in product development
- Helps in understanding market conditions
Examples of Big Data and Blockchain Projects
Storj
Storj is a decentralised file storage solution that is open source. To store data on a decentralised peer-to-peer network, they use encryption, sharding and hash tables. Storj has a distributed network of storage nodes that make use of the extra hard drive space that its community members, dubbed “farmers,” have available.
Storj’s internal system is powered by their native cryptocurrency, STORJ. The concept is for customers to pay these farmers in tokens to use their storage and bandwidth. The total number of STORJ tokens will be limited to 500 million, and they will be issued via the proof-of-work consensus protocol.
Omnilytics
Blockchain and big data analytics will be combined by Omnilytics. They combine marketing, accounting, and trend prediction with machine learning and artificial intelligence.
The Omnilyticsplatform coordinator handles data requests from users and passes the data acquisition assignment on to the data acquisition nodes. The data validation nodes will then evaluate the acquired big data before the Data Sharper Nodes normalise it. The software transfers the information to the concerned customer at the end of this stage. The OMN tokens are used to power the entire system.
Conclusion
The combination of big data and blockchain technology has the potential to completely transform the way we process and interpret data. Data is money in today’s world. To stay ahead of the pack in the drive to acquire more high-quality data, we should expect to see an increasing number of organisations attempting to tap into this formidable alliance.
