For sometime blockchain, the quintessential technology that made Bitcoin possible is in the air adding gusto to the speculation of the techies and tech thinkers of business houses. Truly, it already proved to a technology with unparalleled potential and high tech capability to secure and safeguard transactions and financial data of many businesses and their respective networked apps.
Big Data on the other hand, is a robust technology with unparalleled potential for utilising data for all kinds of useful applications across the niche. Big Data is already into analytics, modern data storage and an array of applications where data driven insights play an important role. Now what happens when these two revolutionary technologies meet and unleash their combined excellence?
We can only speculate some outcomes and resulting applications in the years to come. Blockchain is a kind of technology that made intermediaries in a financial transaction irrelevant. Moreover, with Blockchain powering the financial apps and digital transactions, all subsequent transaction data are stored as tamper proof, non-alterable and non-removable. This makes all data absolutely secure and safeguarded from attempts corrupting, maligning and deleting.
Almost all major financial institutions including vast majority of banks are already considering to deploy Blockchain in their system or have already done so. As per the latest estimate, by the time we reach 2027, Blockchain based transactions will account for at least 10% of transactions.
Investments in the blockchain are on the rise. Banks, private businesses, and even governments are investing in the technology. The WEF predicts that smart contracts alone on the blockchain could equal 10 percent of the global GDP by 2027. As with any new technology, it’s important to note the value of the data that comes with it. And arguably the most valuable data involved with blockchain technology is that of virtual currency use.
- Unveiling The Transaction Data
Now as the deployment of Blockchain in financial apps and transactions is steadily increasing amounting to huge volume of digital data from banks and financial institutions, this robust volume of digital data further can be subjected to analytics for the express purpose of unveiling the insights and hidden truths from the digital data. That is where in respect of utilising this huge volume of digital data for useful business insights, the role of a Big Data seems irreplaceably important.
- Unveiling Social Data
Blockchain is the primary technology used for Bitcoin, the virtual transaction currency unleashed a few years ago. As of now, it has been well appreciated by the social communities worldwide and it is experiencing steady growth as the medium of many online transactions. Virtual currency is often used for transactions in social events and also for social exchange in relation to the real world events. This made Bitcoin an ideal technology for socially validated transactions. Now with the unveiling of this social transaction data with Big Data tools we can further initiate integration of these two facets of technology, Blockchain and Big Data.