The blockchain technology is something which has been hitting the spotlight a lot recently. Big data and blockchain are two technologies that are expected to transform the way we do business within the upcoming years. They’re both powerful on their own however when combined who knows their possibilities?
What exactly is blockchain?
The blockchain was originally created for a digital currency called Bitcoin however today a big variety of industries are finding a lot of new uses for this upcoming technology.
The blockchain is essentially like a spreadsheet however has some very special qualities behind it. For example, if someone wanted to edit a spreadsheet on a modern network they would have to pull it from the location it’s being stored at, edit it then resend it to the storage location.
With a blockchain the document isn’t stored in one location, it’s stored and owned in a distributed way by all the nodes in a network. From this everyone can see when the changes are being made and nothing can be altered without the approval of everyone within the network.
Big Data & Blockchain
Implementing blockchain can be quite an exciting technological development and it is expected to be a big year for the technology. For Big Data this could give the technology several new methods for managing the information.
The process is much more transparent because nothing can be changed without the approval of every server in the network, everyone can see what changes are being made and there is no one authority who controls the information. This makes it much more difficult for mistakes and fraudulent transactions to occur.
When handling transactions blockchain can be used to handle the amount of data that is being processed, particularly in the financial sector. As the blockchain is secure it can be used to prevent hacking and data leaks.
In 2017 a number of banks in Japan moved to the blockchain to process their big data. It has allowed them to perform security checks in real-time and has made it “possible to identify patterns in consumer spending and identify risk transaction a lot quicker”.
While blockchain technology is still relatively new it is starting to have an impact on the world and how big data is processed. As more data is collected in real-time it will be interesting to see how the blockchain will continue to revolutionise different industries and bring better data privacy.
How do you think blockchain technology can be used with big data? Let me know your thoughts in the comments below.
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