Blockchain Solutions for Big Data Challenges
The past few months have seen unprecedented growth in interest to Cryptocurrencies. Naturally then, more and more industry experts are taking note of Blockchain and the benefits that they have to offer. Big Data is one of the fastest growing sectors in the world as every business wants to get insights into the usage patterns of their consumers. Big Data refers to massive datasets that are analyzed to reveal underlying patterns using advanced statistical models and data mining. Here’s a look at how these two giant industries can benefit from each other.
Challenges that Big Data Faces
Several large organizations like Facebook, Amazon, and Google have a vast amount of data around the world that they need to store. These datasets can reach the Petabytes range, but with such huge data sets come their own set of problems. Companies have to make sure that the latest version is synchronized among all of the data centers in real time and that the data is authentic. Companies also have to plan for malicious actors who have access to data centers along with adverse natural calamities. Blockchain can come in handy here as at their core, and Blockchains are just databases with three essential properties: Decentralization, Immutability, and Integrity.
The most prominent advantage of using Blockchain Technology for organizations like Healthcare providers to secure large data sets is that Blockchains are hack proof. In 2015, Healthcare providers along with prominent insurers lost an estimated 100 million patient records due to several data breaches. If the data were encrypted, time-stamped and appended to a Blockchain like Factom instead, there would not be any unauthorized access. Physicians would be able to get instant access, and patients would get a lot of more control over how their sensitive information is used.