Think Blockchain and think Cryptocurrencies – that is the norm or you can say popular thinking, but not anymore. Blockchain has been used like a synonymous term to bitcoins and other cryptocurrencies. But, remove both the terms and blockchain is a technology that can go beyond finance. It is, even when tied exclusively to finance is a prominent technology amongst all the innovations that are there to make wishful thinking a wishful reality.
What is Blockchain Independent of Cryptocurrency?
When we talk about blockchain in the same sentence with big data, there are many raised eyebrows. But look closely and all the words about blockchain technology that goes around is of a distributed database system that is akin to an open ledger to manage and store many transactions. A Block is essentially a recorded transaction with the time and a link to the previous block. The information is thus rendered unchangeable. The entire set of database is decentralized, i.e. it comes with a shared control. So, no one can actually manipulate the data once recorded. The block or the transaction records are replicated across multiple distributed data system spontaneously because of the design. This means that not just your data remains secure, but it is immortal, as long as the technology exists.
The Big-Data Stint?
Now, let’s take a re-look at Big Data. Companies are relying on it for almost anything – marketing, sales, customer service, operations and even HR. You get data from various sources like the internet, corporate systems and unstructured online systems. You have cloud to store all that data, but is the data source reliable. The data is humungous, with potential, but is not free from getting tampered. IT professionals dealing with big data will tell you that they have serious trust issues on the data they are working on every single day. And it is not always the maleficence, but most of the times it is some genuine human error.
The Cusp of Change is here
If you go for a scope of blockchain development in big data then you get reliability as the first advantage. Your data remains in safe custody that is decentralized and with zero scope of unwanted edits aka tampering. The blocks are immutable, the data here is forever. The scope of blockchain beyond finance is in its nascent stages. A good example is Walmart that uses blockchain technology to increase food safety by manifolds. The food is tracked from the source to customer in a tamperproof and secure way. NHS plans to use Blockchain for medical records to pull out the entire patient history anywhere and anytime. The reliability off course is a boon to cure the pain of malpractice.
Once you learn blockchain technology, the premise of real-time analytics is pretty much open. The area of real-time fraud detection is the next stop ahead of analytics. Big data is one of the many areas where blockchain can exert profound influence. It will build more secure and reliable with monetization factor made easy.