In the Information Age, Blockchain and Big Data Are Match Made in Database Management Heaven
Big data is data that is too large or complex for tradition data-processing applications to handle. The challenges faced by data processing applications may be remedied by blockchain technology due to its ability to address critical challenges in the industry.
There are several elements associated with blockchain technology that may work well for big data. First and foremost, one of the prime qualities is decentralization. Because decentralization allows for information to be distributed across a network of notes, it makes it much more challenging for data to be stolen or manipulated. Further, data can be maintained and variability reduced.
The second prime feature is security. When data is inputted on the blockchain, it cannot be altered or tampered with. The secure system enables various parties to work within the system, without compromising anything.
The third feature is transparency. Blockchain allows for a high level of transparency so that users are aware of the source of the data. This can lead to high veracity of data sets.
The fourth feature is flexibility. Blockchain technology enables smart contracts, which permits transactions under a specific set of rules. Smart contracts can promote more value concerning big data.
Overall, based on these elements, blockchain technology may have a lot to offer the big data industry. There are already a few projects underway, such as Storj and Omnilytics. The former is an open-source file storage system, while the latter is a platform that combines blockchain with big data analytics. With blockchain technology, there may be better processing and quality control of big data. And better yet, platforms should have an easier time managing the big data as well, which is the ultimate goal.