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.
Big Data and Blockchain Integration- Use Cases
Supply Chain Management
The supply chain production network is a built-up between a business and its providers. Blockchain guarantees a feasible solution for inventory network issues by offering unmatched digitization benefits. Blockchain helps consumers to verify the authenticity of purchased goods through a blockchain-enabled supply chain. Products can be accurately tracked across different origin locations and stages in a supply chain process.
Blockchain aids the healthcare industry by providing a transparent mechanism to store patient medical records. Medical practitioners can get a better idea of the patient’s medical history, besides tagging and tracking drugs at every stage of the supply chain. This assures the authenticity of the drugs and medication supplies. Blockchain helps patients gain control of the data stored in the blockchain by granting users permission for accessing their records.
Notary involves trust and data authenticity. With the absence of blockchain the data records could be altered or exposed to deceitful action. The advancements in blockchain, will increase the value of the procedure of legal approbation. Blockchain helps in demonstrating the presence of big data records since the time the contract was made.
The supply chain for foods is complex involving multiple processes and personal. There is no transparency regarding the food journey, which may result in an increased possibility of contaminated food. There may be a chance of inaccurate data capturing as the movement of food is usually paper-based. This results in costly delays.
Blockchain technology allows for quick and easy verification of history, location, and status of a particular food product. Users can know the product origination details like shipping details, batch numbers, storage temperatures, expiry dates, and factory and processing data which can be digitally recorded on the blockchain.
Intellectual Property (IP)
Poorly maintained IT protocols may lead to unnecessary legal disputes. Adding a blockchain system can serve as a platform which may lead to clear ownership of IP assets. Tamper-resistant blockchains can provide a timestamp which indicates the exact time of the idea initiation, solving any disputes which may arise regarding the origin of an idea.
The combination of Blockchain and Big Data could deliver several interesting opportunities. These technologies have a huge potential which means that the data being captured and validated by big businesses on the blockchain will be very crucial to companies in the years to come.