CLOUDTWEAKS CONTRIBUTOR PROGRAM

Join the CloudTweaks thought leadership contributor program which includes a customized profile, branded identity page, newsletter marketing, social amplification and more...

The program is currently available to consultants, influencers or executive level contributors.

Sreeram-Sreenivasan

How Blockchain Has Unexpectedly Improved Big Data Integrity

Big Data Integrity

Blockchain technology was developed to improve the integrity of bitcoin. However, as bitcoin became more popular, its underlying technology is gaining more attention as well. Perhaps the most significant development in IT over the past few years, blockchain technology has the potential to revolutionize the way we look at big data, with better security and data quality.

Blockchain Improves Big Data Integrity

Big Data Integrity Improvement

Over the past few decades, companies have invested most of their resources in increasing their data storage capabilities. As a result, in 2017, data storage is hardly a concern. Now, with so much data available, data scientists and analysts have turned their attention another issue – authenticating data and preserving its integrity.

This is a huge challenge for most organizations over the past couple years, especially as they procure data from multiple sources. Even your internal data created by your applications, or copied from government institutions might be inaccurate. Other data sources are even more suspect. For example, it’s very difficult to determine if social media data is accurate or not.

Blockchain, the technology that was created to authenticate and track bitcoin transactions can be used for this very purpose. An increasing number of companies are using blockchain to authenticate their data. The main driver of adoption for blockchain is its security. From healthcare to retail to public administration, organizations have started experimenting with blockchain technology to handle data, in order to prevent data leaks and hacking. For example, in healthcare, blockchain can ensure that multiple signatures are required at every level of data access, helping prevent a repeat of 2015 attacks that led to theft of over 100 million patient records.

The financial services industry is seriously beginning to consider using blockchain technology to streamline its processes. Oliver Bussmann, CIO of UBS says that blockchain technology could “pare transaction processing time from days to minutes.”

When we talk about blockchain in the context of BitCoin, its connection Big Data seems thin. However, what if we see blockchain, and not BitCoin, as the ledger for financial transactions? Or stock trades? Or even business contracts? Imagine blockchain as a huge data lake of blocks that contains complete history of all financial transactions, available for analysis. That’s where Big Data and Analytics start coming into the picture.

According to Paxful bitcoin wallet, although blockchain has been mainly critical to the development of cryptocurrencies, they are beginning to identify new applications for blockchain technology. In fact, blockchain is already being used for various applications that fall outside the bitcoin domain. Here are a few examples:

  1. Skry is using blockchain technology to help financial companies identify dubious accounts to avoid them
  2. Insurance companies are using blockchain technology to verify the authenticity of insurance claims
  3. Smart cars are using blockchain to determine the identity of the user, and may make car keys a thing of the past.

These use cases indicate that the technology that was used to enable bitcoins might be useful for other purposes as well. Organizations will have a lot more faith in their data after they’re authenticated using blockchain.

Immutable records, consensus-driven timestamping, audit trails and data provenance are the different data-related benefits that organizations will see as blockchain technology becomes more mainstream.

Applying Blockchain technology for Data Mining

Recently, a group of 61 Japanese banks have signed up with a startup called Ripple to authenticate interbank money transfers using blockchain. This was mainly to reduce the cost of real-time transfers significantly. Traditional real-time transfers are expensive because of inherent risk factors. With real-time transfers, double spending (a type of transaction failure where the same authentication token gets used twice) is a serious problem. With blockchains, this risk is completely avoided.

Also, big data analytics makes it easy to analyze consumer spending patterns and identify risks a lot more quickly than they’re being done now, driving significant cost-reduction in real-time transactions.

So far, real-time analytics was only a pie in the sky and financial institutions have always detected fraudulent transactions retrospectively. Since blockchain maintains a database of every single transaction, it allows banks and other financial organizations to mine for patterns in real-time, if needed.

Blockchain has also increased transparency in data analytics. Unlike current systems, blockchain is designed to reject any input that it is deemed suspicious or can’t be verified. As a result, analysts in industries such as retail get to work with clean data that is entirely transparent. It means that the customer behavior patterns discovered by analyzing this data will be a lot more accurate than what it is today.

Wrapping Up

According to a survey by KPMG and Forrester, only one-third of decision makers trust their company’s data. However, with the emergence of blockchain-driven data systems, real-world applications will soon become more commonplace.

By Sreeram Sreenivasan

Sreeram Sreenivasan

For more than 8 years, Sreeram Sreenivasan has worked with various Fortune 500 Companies in areas of Business Intelligence, Sales & Marketing Strategy. He’s the Founder of Ubiq BI, a cloud-based BI Platform for SMBs & Enterprises. He regularly writes at Fedingo about a wide range of business growth topics.

View Website
The Lighter Side Of The Cloud - Full Of Data
The Lighter Side Of The Cloud - Mischievous Easter Bunny
The Lighter Side Of The Cloud - Cold Boot
The Lighter Side Of The Cloud - The Wristwatch
The Lighter Side Of The Cloud - Staff Notice Board
A Closer Look at the Hidden Costs of Collaboration Solutions

A Closer Look at the Hidden Costs of Collaboration Solutions

The Hidden Costs of Collaboration Solutions Collaboration technology is key to efficient communication and productivity for a dispersed and global ...
Protect Against Network Failures

Five Things Organizations Can Do To Protect Against Network Failures

Protect Against Network Failures It is no surprise that whenever there is an outage in a public or private cloud, ...
MarTech’s Fragmented Landscape is Failing Brand Marketers

MarTech’s Fragmented Landscape is Failing Brand Marketers

MarTech’s Fragmented Landscape Mapping the customer journey is one of the biggest strategic shifts currently underway in the marketing industry ...
Artificial Intelligence And The Future of Accounting

Artificial Intelligence And The Future of Accounting

The Future of AI Accounting Artificial intelligence has become an extremely hot topic over the last couple years. While many ...
Multi or Hybrid Cloud, What’s the Difference?

Multi or Hybrid Cloud, What’s the Difference?

Multi Cloud You’ve likely heard about the latest trend in cloud computing commonly referred to as multi-cloud, and it is ...
Istio 1.0: Making It Easier To Develop and Deploy Microservices

Istio 1.0: Making It Easier To Develop and Deploy Microservices

With the recent availability of Istio 1.0 it is not surprising that it continues to capture much attention from the ...
Winning the data intelligence game

Winning the data intelligence game

Data intelligence A case can be made that every company is now a data company. But, it is the effective ...
Business Analytics Vs Data Science

Business Analytics Vs Data Science

Big Data Continues To Grow Big Data continues to be a much discussed topic of interest and for good reason.  According to a recent report from International Data Corporation (IDC), "worldwide revenues for big data and business analytics will grow ...
Technology Certification Courses

Top Five Technology Certification Courses To Choose From In 2018

Technology Certification Courses Gartner predicts that the global public cloud services market is projected to grow by 55 percent in the next three years and is expected to reach $383.3 billion by the end of 2020. Today, cloud computing helps enterprises ...
Cloud Monitoring and Data Performance Services

Cloud Monitoring and Data Performance Services

CLOUD PERFORMANCE MONITORING The Dynamic State Of Cloud Performance Monitoring And Evaluation Monitoring and evaluation in cloud computing are essential processes. They determine whether a company’s applications on the cloud are effective, safe, and efficient. They also help eliminate failures in ...
Gartner’s Top 10 Predictions For IT In 2018 And Beyond

Gartner’s Top 10 Predictions For IT In 2018 And Beyond

Gartner’s Top 10 Predictions For IT In 2018 In 2020, AI will become a positive net job motivator, creating 2.3M jobs while eliminating only 1.8M jobs. By 2020, IoT technology will be in 95% of electronics for new product designs ...
Load Testing Tools

Load Testing Tools

Provided is a short list of load testing tools which will test server and application resistance and certainly valuable in order to help test and tweak your company's infrastructure ...
HTML5 Speed Test

HTML5 Speed Test

HTML5 SPEED TEST SERVICES There is no made-for-all solution when it comes to optimizing a website for speed, and while putting a cloud platform in place is a good start, every cloud startup should ensure that they have an optimization ...