Blockchain Big Data Options Will Change Entire Industries

Big Data has been great news for businesses in recent years. The rapid increase in the use of the internet and smartphone technology means that we now generate large amounts of data every minute. according to a 2016 estimate of IBM90% of the world's data was created in the last two years.

If properly defined (block strings), large data can provide detailed information for faster and more accurate decision making.

Having access to such unprecedented volumes of data presents both opportunities and challenges. Those data can accelerate business growth and success. For example, a telecommunications provider uses customer location and travel data to create targeted real-time promotions, advertisements, and incentive sales of its services. In the financial sector, big data analytics can be used to identify and prevent fraud.

Managing such large volumes of data is not without challenges.

Big Data requires huge storage capacity and processing capacity. It must also be readable by humans and not just by computers. Perhaps the most critical is that the data used must be correct in order to provide useful information.

Barriers to entry

Companies such as Google and IBM have developed solutions that address these issues. However, the costs of solving big data problems often put Big Data out of the reach of SMEs. This limits the use of Big Data to sectors with large global players that can afford to invest in solutions with more fragmented industries, while smaller players are left behind.

The emergence of the blockchain offers many advantages for Big Data. Distributed computing eliminates the need for centralized servers to handle the full load of storage and processing, reducing the cost of big data and making it more accessible to a wider audience of small and medium businesses.

Through consensual protocols, a blockchain network can also perform the essential task of validating the accuracy of the data before it is entered into a database. This ensures that data can be reliable and that information is more likely to be adopted by companies as a decision support tool.

Open Big Data

In finance

As the financial sector is one of the leaders in the adoption of big data, it is not surprising that banks are among the first to start taking advantage of blockchain power in their big data efforts. By the end of 2017, a consortium of 61 Japanese banks signed with blockchain company Ripple develop authentication and real-time verification of interbank transfers. With real-time stock transactions, banks use Big Data analytics to examine consumer habits and identify risks such as fraud and money laundering.

In the real estate

Real estate is an example of a sector that has been slow to embrace Big Data because of its fragmentation and the large number of smaller players on the ground. Because of its fragmentation, most of the data currently purchased has no way to be verified by the buyer.

All parties to a real estate transaction depend on the data that permit it, be they buyers, sellers, mortgage creditors, insurers or brokers. Without easy means of verifying the data made available to them, the parties are obliged to trust the reputation of the data provider. These problems have serious economic repercussions because the availability and reliability of the data can make or break a real estate transaction.

Rebloc aims to use consensus protocols to overcome this problem, by developing a blockchain-based data market for the real estate sector. Rebloc works with the help of secure smart contracts. When a consumer requests access to a data set, a smart contract is opened between the seller and the buyer and the data is then verified by a validation protocol that compares them to several other sets of data. Once the data has been verified, the smart contract passes it on to the buyer and automatically sends money to the seller.

Rebloc anticipates that its network will accommodate the large number of real estate players, ranging from large mortgage and insurance brokers to smaller real estate agents and even homeowners. Blockchain allows data availability in real time, ensuring faster real estate transactions with near-minute visibility to the data needed to close a transaction.

In biomedical research

A huge amount of data is generated by clinical trials and biomedical research. The accuracy of these data is paramount to ensure the safe use of the medicines put on the market. Chinese and American researchers have now published a paper detailing their study on the use of blockchain for validation of data integrity from biomedical studies.

This process uses public validation with the help of the Ethereum blockchain.

Among its findings, the group said, "Given the great value of biomedical data and the need for data asset verifiability in clinical trials, blockchain technology is a reasonable solution that can be quickly incorporated into the future. 39 existing infrastructure to provide a publicly auditable audit log. . "

In marketing

Social network users often give unsolicited praise to their favorite brands, which is essentially a free endorsement. Adscot is a company that strives to find these mentions on social media and links brands to the people who created them. The idea is that brands may wish to work with the individual as an influencer in social media, which could create other promotions of this type on a paid basis.

A sister company of Adscot is currently developing a blockchain platform that will use humans to verify the data submitted by its users. called Avence, the company emphasizes the need for specific data and datasets to be authenticated by humans. He believes that the verification of a social media publication belonging to a real human account is part of it.

With so much data in the world, it is not surprising that centralized computing involves such high costs. Although big data is a costly domain to grasp, bad big data can be even more expensive. Blockchain offers clean and convenient solutions for data verification, storage and processing. Therefore, the partnership between Blockchain and Big Data is likely to be sustainable.

Reuben Jackson

Reuben Jackson

Ruben is a blockchain security consultant currently living in New York. It helps organizations fundamentally rethink their experiences to create new sources of value and digitally reinvent business operations for greater efficiency.