Big data analytics is taking the business world by storm, adding a whole new level of business value. By analyzing the humongous amount of data that gets generated by applications every single day, big data analytics is helping businesses make data-driven decisions across verticals. Now imagine if big data analytics is coupled with blockchain – the possibilities of data integrity are incredible. As blockchain provides a platform for safe and secure transactions, it can act as an effective framework for dealing with the complexities of big data.
Although big data analytics is enabling enterprises across the world to drive substantial business value, some challenges can be overcome through blockchain:
Blockchain has been touted as a technology with the potential to disrupt every industry by improving business efficiency and bringing transparency in how enterprises manage business data.
Blockchain’s potential is irrefutable, and as more and more industries embrace the technology, its overall impact on various aspects of modern life will grow manifold. Although big data will continue to provide detailed insights into data, blockchain will offer a gamut of benefits such as shared control of data, easy auditing, and secure data exchange. Since owning data – especially critical financial data – is always surrounded by controversies, moving data from private data centers onto public blockchains can help enterprises drive innovation by developing the best big data analytical models for open blockchain data layers.