How interactions with suppliers and customers by storing

How Blockchain Could Improve Big Data!Cloud technology has helped companies
to collect and manage massive amounts of data. There are various sources of
data such as corporate systems, Internet of Things objects and unstructured sources
such as online forums. Analytical tools such as Hadoop are used by companies to
make sense from this data captured. The accuracy of the data cannot be determined
by simply analyzing the data with analytical tools. As there are many sources
to feed the data lakes and the big data goes through huge amount of
transformations and processes, it’s a high possibility that errors can get
introduced accidentally or deliberately. According
to a recent survey, it was found that only third of executives trust their
analytics program. This distrust limits the data’s usage within the company and
the company doesn’t monetize their data by sharing it with others. The solution for these problems can
be found in Blockchain technology what supports cryptocurrencies
like Bitcoin. Blockchain
coupled with Data QualityBlockchain came to limelight with
Bitcoin, as a technology. Most of the organizations consider their relevance is
restricted only to payment technologies. The biggest advantage of Blockchain
is they specifically address issues about data correctness and security, which
limits the use and sharing of big data. Cryptocurrency was the first successful
domain where Blockchain was implemented.The basic working of blockchain is it
is a distributed database forming a ledger. Every participant in the blockchain
needs to agree upon any changes made to the ledger, which is reached through consensus
mechanism like Proof of Work or Proof of Stake. Furthermore, timestamps and
hash algorithms ensure that the data on blockchain is traceable, immutable and
verifiable. It is important to note that the data should be verified when it is
captured, to ensure that bad data is not entered blockchain. As low-quality cannot get transformed into
high-quality data. Hence, organizations should ensure that the big data should
be accurate and of highest standards, as once the data is entered blockchain it
cannot be altered. Blockchain can act as a catalyst for better data which could
give better insights if applied correctly.Data Provenance and
Analytics on Blockchain            Blockchain can be simply viewed as a
simple database, hence it can be applied to any industry. Any industry can
understand its interactions with suppliers and customers by storing granular
transactions. This could open lot of possibilities for organizations for
provenance od transaction data. This is most helpful when sensors are added to
products to collect data about the usage through
their lifecycle. Walmart is currently using blockchain o increase food safety by
increasing the traceability of product from its source to the customer. Walmart
produces approximately 40 petabytes of data every day. Managing big data is a significant
part for its success and blockchain offering immutable, verifiable and traceable
product data can help Walmart to gain significant insights and be reliable
about the source.                Google
DeepMind And NHS are partnering in the United Kingdom to use blockchain to encrypt
and safely store patient data. Furthermore, this data can be used to create verifiable
data audit, which will lead to ensure that data used in research projects have appropriate
permissions for use in the research.                 Blockchain
is offering data provenance analysis and immutability, verifiability and
traceability.  It can act as a catalyst
for data quality also convergence of bid data.

 

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