Big Data Analysis has been ruling the world for many years. The data scientists are using this for many different purposes. Ever since Blockchain technology came into the market, many people want to know whether the two will complement each other to make Blockchain Analytics a reality.
There is no doubt that data is the main force of tech world and no matter what new technology is introduced, data will not go anywhere. However, they can be inter-played together to come up with some ideas that have the power to change the course of data analysis.
Blockchain has managed to grab the limelight of the tech world due to the transparent and immutable nature. It has single-handedly introduced a number of applications and software in the market that are immensely used. This growth in Blockchain technology & blockchain analytics has ignited the fire of competition among the big organization that wants to stay at the top.
Nevertheless, this has put the big names at an interesting turn of technology. The big companies also have to focus on the stable mainstream of their data that is being stored in the cloud storage systems which is a costly affair.
To overcome such problems, people are now depending upon the Blockchain that not only provides risk-free instant transactions but also at a reasonable rate.
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Advancement In Data Analysis
Due to the advancement in technology, Blockchain adds a layer to the already secure Big Data analysis practice that ensures more security. This satisfies the two main Big Data Analysis demands.
- Due to the network architecture provided by Blockchain layer, Big Data tends to be more secure than earlier. It cannot be forged easily making it less likely target by hackers.
- If you want to further analyze the data than the Blockchain Big Data is the best. It is not only complete but provides abundant and structured architectures making it more valuable and reliable.
The stored data can be related to any domain as Blockchain technology is not limited to only one type of field. The Blockchain technology checks the real-time transaction makes it fitting to prevent fraud situation. However, the traditional technical analysis the already happened fraud that makes it tough to track back.
Adapting Blockchain technology will change the way data is flowing. The main task left the companies is to incorporate these technologies into their already existing system. It is important for the data holder to get the grasp of Blockchain technology and understand the working nature of it.
Also Read: Major Tips for Successful Big Data Analysis
How Blockchain Analytics Find Its Way Into Data Analysis?
In the above explanation, it is clear that Blockchain will change the face of the world,especially in the data sector. What we don’t understand is how it is going to affect the data analysis. It is the “how” we need to find now. We have dug up some points that can be the perfect explanation for all your data analysis and Blockchain doubts.
1. Tools Accessibility
Data and analysis face a lot of challenges. One such barrier that had a huge impact on it was the money. It requires a huge amount of money to create data and more money to analytics infrastructure. However, the barrier was lifted when the business intelligence services and cloud analytics were introduced. It has managed to provide subscribed tools to the organization through which data analysis becomes simpler.
Since Blockchain is launched, people are rooting for it to develop such tools that can make the data analysis much simpler. Blockchain didn’t disappoint anyone. It has managed to expand the availability of the tools with the help of reorganization and democratizing the technology.
Blockchain has allowed the big companies to try to make their analytics efforts more valuable and helpful for data scientists. They want to make it accessible and open predictive analytics for the small companies. However, they have managed to get it adding a protocol that answers all the question and gets a precise estimation.
The main aim to focus on is to build a viable environment that can bring users, developers, and data provider on the same page. This will help them to easily analyze the data by depending on the devolved practice. However, with so many advantages too, it is available at a reasonable price for the companies to avail.
Also Read: Blockchain Applications in Business and Economy
2. Exchange Of Data
There are many firms that gather information and sell it off to the person who needs it at some cost. However, this is a not only costly deal for the company but also they don’t get the quality of the work with that type of data. It contains no variations among domains or creativity that can allow the company to proceed forward. Though, if a company starts to exchange data then it could be an easy deal for them.
An open way of data exchange can benefit the organization in a more productive manner. They will be able to generate leads easily and much more than that they will be able to convert them. It put the limit on redundant, irrelevant and inaccurate data that is of no use to any of the respective organization.
To overcome such problem, you can try to manage everything under one single name that will allow the users and social network to understand the validity and accuracy of the information. You can get each and every necessary detail on that platform through which you don’t have to access multiple files with same information.
It gives you must proper analysis result around 75 percent accuracy. The developers and researcher can work on the inaccessible data in order to come up with something innovate and new. The companies can fix a meeting with the desired and connected person to make a deal of information exchange. This will allow them to find out the best lead generation.
Also Read: Blockchain beyond Finance
3. Monetization Of Data
Earlier data was written manually and was seen it from a higher perspective. Well, nothing has changed with time, data is still an important part. If anything, it has even increased in value over the year. Every business strategy is planned around data. It can be a static report, survey details, sale information, etc. Everything from a small thing to big things places a vital role in business. Seven the big e-commerce website collects information of the user so that they can put a relevant advertisement.
But the companies can’t do it alone. Actually, they can’t even do it if it is not because of customers. The customer's updates and monetize their information. It is up to the consumers to permit any outsider to play with their personal data. However, there are many applications and websites that motivates the user to share their data with companies. With the help of Blockchain technology, there is a transparency that allows the users to keep a check on the ways their information is being used.
This helps in preventing the small businesses to depend on the big names as consumer’s deals with customers directly. There is no need to put up advertisement or using inline marketing services. This only provides relevant information to the user without any one's influence. Apart from this, it will decrease the forge cases as both the parties have given their own consent.
Also Read: Blockchain Consensus Mechanism and Benefits
4. Data Blockchain
The blockchain is like a storage house for the data that could be analyzed and used as per the requirements. The details are related to the transactions made that will prepare the information that could be used for trading with some other business owners.
It is a way to see the proper transmission of humans with the machinery that is transparent nature. However, it is easy to detect fraud through these services that allow the proper security of the data.
These small changes are allowing Blockchain technology to grow and leave an impact on the analytic approach. This attracts many organizations that can take advantage of such security and insights. Also, there are many people who are using Blockchain technology in a way, this will improve the analytics and help in generating new data. Blockchain allows you to use the unused, untouched and uncollected data to generate leads and actually convert them.
Also Read: Potential Blockchain Platforms to watch out in 2018
Blockchain Analytics - Blockchain Based Data Analysis
Big data and Blockchain technology will go hand in hand as human race move towards more development. However, it is still not clear that which will affect the artificial machine the most. Will it be suitable, transparent, distributed to immutable that can help in generating data?
However, there is no doubt that business will reach the top and will be able to make a big name in the coming year. They will be able to generate hefty profits from the small investments. It is assumed that the Blockchain based data analysis will make a huge name in future by earning billions of money.