Use Cases that Explain Big Data and Blockchain Interdependence
Big Data within the Blockchain is predicted to be worth trillions of dollars expected to redefine the way businesses are run in the upcoming years.
Big Data and Blockchain, are two sides of the same coin, while blockchain is focused on validating data, big data is categorised as data which is coming at unmatched speed from multiple sources. So where is the link? While blockchain is changing data management, big data is transforming the nature of transactions. Blockchain could be seen as an ideal solution which challenges Big Data management. If Big Data is the quantity, blockchain is the quality.Blockchain and Big Data- Two Sides of the Same Coin
Here is how blockchain and big data combination would mean to business-- Blockchain paves way for seamless data integrity and audit trails, by ascertaining the origin of data through its linked chains.
- Blockchain ensures data trust since data recorded on the blockchain is trustworthy because they must have gone through tough verification processes.
- A blockchain-based Big Data system allows providers to share records with other domains without the exponential increase in risk factors emerging from a network of different data silos.
- Blockchain deploys consensus algorithms which verify transactions. Thus, a single data unit can’t pose a threat to the entire network. This makes big data secure against cyber criminals making it tough to breach and manipulate data.