Blockchain: Perfect answer for Big Data Woes
The wave of big data has encompassed major industry vehicles today and is quintessential to survive the cutthroat competition. A lot of it attributes to the proliferation of IoT devices as they generate a huge amount of data. While on one hand, this influx of data provides a huge amount of information to predict customer behavior and trends, on the other, it poses serious challenges of data aggregation, processing, and analysis. Asides, there are security challenges pertaining to big data storage that aggravate the already vexed conundrum. According to a survey, more than 65 percent opine that non-adoption of big data can render organizations irrelevant and uncompetitive. Therefore, the majority of organizations are pushing their envelope to thwart the challenges encircling big data analytics.
One technology that has hogged the limelight in recent years is blockchain and it can revamp the big data processing and analytics infrastructure. The fact that blockchain employs decentralization is a major advantage as it significantly enhances processing power asides ensuring that no single person or a company holds onto the data, which protects the integrity of the information. Moreover, with blockchain equips multiple individuals to access the same data, thereby enhancing the transparency. This implies that huge amount of data with heightened transparency and security can be made available to companies.
All in all, blockchain has the potential to assuage organizations of big data processing, analysis, and aggregation woes. Employing the right tools to chart out meaningful insights from the data deluge will go a long way in understanding the nitty-gritty of consumer behavior and hence would up the operational as well as business efficacy.