Blockchain-based technology is capable of responding to many currently inevitable problems. That's why, the combination of Blockchain and Big Data could make the verification of transferable data perfect.
Anyone who has had to deal with large amounts of information knows that there are always high costs associated with big data such as false information, duplicity of the same data or human error.
Blockchain technology apart from data management, can be applied directly to enhance digital advertising as we know it. Since, Blockchain can serve as a means for fraud prevention, engagement and enhanced targeting, and to get rid of unnecessary intermediaries through different channels.
As a result of the binomial, Big Data and Blockchain, there are projects that are already providing critical information to the world, such as government, industrial, voting records, B2B, property and credit agency data.
The benefits of this combination of technologies are:
1) Transparency, by using Blockchain-based technology, data providers can rely on traceability and transparency.
2) Trust through the binomial that provides much-needed security between the data source and the end user.
3) Accuracy with the use of Artificial Intelligence, which allows fast and accurate navigation and classification of billions of data records, while Blockchain-based technology ensures their verification.
4) And simplicity
Blockchain-based technology is capable of responding to many currently inevitable problems.
The combination of Blockchain and Big Data could make the verification of transferable data perfect.
In short, the binomial between Big Data and Blockchain originates a facilitating and simplifying role because they are able to analyze the origin of the data and ensure that those data are reliable. Blockchain could be a catalyst for data quality and as such, the convergence of Big Data and Blockchain offers enormous opportunities for both organizations and consumers. For example, one of them is fraud prevention, as Blockchain technology allows financial institutions to verify every transaction in real time, can identify risky or fraudulent transactions on the fly, and avoid fraud altogether.
Alejandro O. Asharabed Trucido
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