Everywhere there are smart devices collecting and sharing data. It is estimated that by 2020, there will be more than 50 billion such devices. Can you imagine the amount of data that will be produced in the upcoming years?
According to the recent findings by Statista, it is predicted that 50.5 zettabytes of data will be created by 2021. Below is a graphical representation of their findings from the year 2010 to 2025 for the volume of data created.
Most of the data is unstructured data of unknown value. Companies deal with terabytes of data out of which a big portion is of low-quality. Unlike traditional data, it is difficult to fit today’s data into databases.
In contemporary times, it is crucial to balance good and bad data. Poor quality content can have a negative impact on business analytics. This can be extremely severe for companies, as today data is equivalent to money.
The more data (good quality data), the more money the company is capable of generating. There are a variety of cleansing techniques that every company, whether an enterprise or startup, is practicing.
The big data needs analysis that helps your business to get associated with only optimum quality of information. And let me tell you- it is not easy to segregate this data after analysis.
Some of the benefits of big data analytics are:
- Enhance productivity: Business user productivity increases by using big data tools like Spark and Hadoop. These tools allow users to analyze data quickly which enhances their personal productivity.
- Saves cost: Many businesses of all sizes from large to small are using big data analytics to save the cost of their operations.
- Improves decision making: When you get insights into the data, it allows the companies to grow and outstand the competition. Big data analytics allow analysts to make better decisions.
- Better customer service: In contemporary times, the customer contact points like social media and CRM systems provide companies with great information which can be efficiently used with big data analytics.
Challenges to big data analytics
- Difficult to store: The big data is so big that it becomes tough to find a secure place to store it.
- Fraud detection: The huge volume of data makes it difficult for a data scientist to clean it up.
- Security: All these issues directly hamper the security of the floating data which keeps on growing.
The huge amount of data poses a threat to security. It is tough to manage and secure big data. There is another technology with the integration of which the challenges of big data analytics can be overcome. And this technology is blockchain.
Blockchain- A weapon to overcome big data analytics challenges
Before giving you the reasons why blockchain and big data form the perfect relationship. I want to enlighten the actual meaning and certain benefits of blockchain technology. It is a trending technology that allows storing data with high security.
Blockchain technology is being adopted in various industries like healthcare, education, recreation, and many others. According to a survey by Statista, it is being estimated that by the year 2022 more than 12 billion dollars will be spent in blockchain programming.
The data in the blockchain is uneditable that zero downs the risk of theft and fraudulence. Let’s explore the top benefits that big data analyst can reap:
Benefits of blockchain
The data stored in the blockchain is not centralized, which means that it is not owned by one entity. Therefore, hampering one entity can never allow someone to steal the data.
All kinds and types of data are stored in the blockchain ledger. This is why, blockchain development services are being availed in almost every arena, from psychology to medical.
In the blockchain, it is not tough to trace the data. You can easily follow the thread and find its point of origin.
The biggest benefit of blockchain is the security that it provides. There is no other technology that is capable of providing the security of this level.
How do these benefits of Blockchain serve big data analytics?
In a nutshell, the unique advantageous characteristics of blockchain provide clean and fraud-proof data at the end. This ability provides a golden chance for companies to get their big data analytics done in an efficient way.
Here are the properties of blockchain that make its relationship with big data close to PERFECT
There are many misconceptions about blockchain transparency. Do you know what exactly happens in blockchain? There are two keys that safeguard the data. One is a private key which is secret and another is public which is shared with others.
To log into the blockchain account you require to enter both the keys. The match of these keys is the only way to authenticate the user in the blockchain account. So, with the public key of a big company, you can keep a record of their transactions.
This forces top-notch brands to stay accountable and transparent. The transactions which you will see are from the public address of those companies.
The word immutability means the objects that can be changed or altered. The data stored in the blockchain is of a similar kind. It can be viewed but can not be hampered. This makes it extremely valuable for the finance industry. Moreover, other industries like education, healthcare are also benefited by this feature of blockchain.
The technologies that are centralized, forces everyone to interact with one entity. Interaction with that entity will allow you to attain or store any kind of data. But, in the blockchain which is completely decentralized, the story is a bit different.
Like for example, when you search for something over the web, you send a copy of your query to the server. In the case of the blockchain network, there is no third party involvement. It is like sending money to someone, without the knowledge of the bank.
Conclusion: Integration of big data with blockchain
The combination of these technologies is unbeatable. The requirements and challenges of big data are perfectly met by blockchain technology with its ability to provide supreme transparency and security. The blockchain developers can integrate big data with blockchain. This is the only way to improve your business analytics.