Exploring the Capability of Blockchain and Big Data Collaboration
Blockchain seems to be the buzzword around all thing technology and to endorse this modern technology even big data is embracing its decentralized feature. Companies are scrambling to assimilate the utilization of big data in their day-to-day workflow, but the data accumulated with time is slowly surpassing the available storage space. Moreover, customer data integrated within the blockchain system cannot be tampered with; hence, it will provide a trusted feedback source for the market to leverage.
Blockchain has the capability to provide encryption security, anonymity, and privacy, which is unprecedented in any other technology. All the users within a chain can hide their identity, encrypt data with a passkey and provide the pass key information only to the authorized personals. The blockchain technology also provides fast processing capabilities and complete transparency of the massive amount of data produced by IoT devices with the chain itself.
Apart from the obvious benefits that blockchain provides, it has become the most trending disruptive technology and it is attracting the attention of a vast number of investors, thus data sharing companies that are implementing blockchain within their solution have become a massive success. Blockchain can be utilized to improve data auditing abilities, through the decentralized ledger functionality.
Blockchain technology also provides the ease-of-use and ubiquitous data consistency across all the devices and platforms. The technology eliminates the risk of the easily compromised password and authentication systems as the data saved in a block cannot be changed. Blockchain has aptly been termed as the technology of the future as it has the capability to change the misgivings of big data and strengthen the flow of information.