Leveraging Big Data Analytics on Bitcoin Transaction
The financial crisis of 2008 has led people to lose trust towards banks and they even inclined towards third parties as the facilitators of their financial system. In parallel, in order to obtain a new paradigm in the way information is shared and records are maintained, blockchain technology emerged with a potential to create new financial and economic system. The most important aspect of blockchain is that it is completely decentralized, as no person or company controls its integrity. This makes it unyielding, and information is retained permanently on the blockchain network. As a result, when bitcoin, the first cryptocurrency based on blockchain emerged in 2008 it turned out to be an alternative currency and financial ecosystem which was independent from the financial institution. Although, in the bitcoin network, the transaction information is publicly available to track, the details of the parties involved in the transaction are kept anonymous.
Due to this anonymity in bitcoin transaction there are chances for fraud, hacking and unauthorized instances that posses a significant risk for businesses. To address this predicament, big data analytics play a crucial role in identifying the arrangement and trends allowing business to pinpoint and identify iniquitous individuals in the predominant network. Blockchain, in a way correlated to big data as the analyst have multitudinous amount of data which they can uncover and analyze. All this data means that there is a complete divergent ball game for the analysts will have more access to relevant data. This can allow companies to wrap up with cognizance regarding data and information that increasingly become more salient as the technology gets accepted on a larger and grander scale in business space.
MapR Launches Avant-garde Converge Partners Global Program
By Tom Farrah, CIO & SVP, Dr Pepper Snapple Group
By George Evans, CIO, Singing River Health System
By John Kamin, EVP and CIO, Old National Bancorp
By Phil Jordan, CIO, Telefonica
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
By Dennis Hodges, CIO, Inteva Products
By Bill Krivoshik, SVP & CIO, Time Warner Inc.
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
By Sven Gerjets, SVP-IT, DIRECTV
By Marie Blake, EVP & CCO, BankUnited
By Lowell Gilvin, Chief Process Officer, Jabil
By Walter Carvalho, VP & Corporate CIO, Carnival Corporation
By Mary Alice Annecharico, SVP & CIO, Henry Ford Health System
By Bernd Schlotter, President of Services, Unify
By Bob Fecteau, CIO, SAIC
By Jason Alan Snyder, CTO, Momentum Worldwide
By Jim Whitehurst, CEO, Red Hat
By Marc Jones, Distinguished Engineer, IBM Cloud Infrastructure