Blockchain and Big Data

Blockchain and Big Data are among the top emerging technologies tipped to revolutionize several industries, radically changing the way businesses and organizations are run. Blockchain adds another data layer to the Big Data analytics process.

 Blockchain-generated Big Data is secure, as it cannot be forged due to the network architecture.  Blockchain-based Big Data is valuable, meaning it is structured, abundant and complete, making it a perfect source for further analysis.

Through its decentralized system, blockchain technology ensures the security and privacy of data. Through decentralized consensus algorithm and cryptography, blockchain validates data making it almost impossible to be manipulated due to the huge amount of computing power that will be required.

Blockchain and Big Data are a match made in heavens. Data being captured by big businesses will become far more valuable - since it is being captured and validated on the blockchain. Blockchain with big data is set to be a powerful tool for both big and small businesses. Growing data and recent data hacks are strong indications that blockchain is an especially important technology that compliments big data and will redefine the way we handle data.

Blockchain offers the following advantages to Big Data:

• Increases the security or the quality of the data.
• This technology also helps prevent possible data leaks
• Sharing of data without any risk
• Allows banking institutions to detect fraud attempts in real time.