Big Data has succeeded in putting the intelligent management of information at the service of organizations; to enable them to offer better products to their customers. However, despite its unquestionable advantages; this technology still involves some challenges related to data security in particular. Fortunately, experts in the field continue to work hard to provide us with solutions that guarantee our tranquility. Which is why they have proposed a new innovative alternative: the Blockchain and Big Data combination.
If you look at it superficially, Blockchain and Big Data do not seem to correlate. However, researchers claim that the combination of both technologies can become the perfect integration to ensure the protection of any database. In the following, we will explain the advantages of this synergistic union.
Blockchain: A resource with a great potential
We have used the term Blockchain in the world of crypto-transactions for several years now. However, its functioning is still not very clear to many of the users who take advantage of it. So, before discussing the advantages of Blockchain and Big Data, it is best to start by talking a little bit about the Blockchain’s characteristics.
Blockchain is a database technology distributed and secured by cryptography; for the purpose of storing and transmitting information. Each record in the database is called a block and contains details such as the date of the transaction and a link to the previous block.
There are two types of Blockchain, a private one which is reserved for a restricted number of actors; and a public one open to any user. Programmable coins or tokens are one of the essential elements for the operation of any public Blockchain.
How does it work?
We can divide operations with Blockchain into several stages that work as follows:
- First, once network users initiate an operation, all the network data is grouped into blocks.
- Then, the network nodes called “miners” validate each block. These miners validate the block using cryptographic techniques.
- Once the block has been validated, it is added to a chain of unmodifiable blocks that are accessible to all users.
- Finally, the system seals and completes the transaction.
Advantages of Blockchain
- Decentralization: Users who carry out transactions through Blockchain can enjoy a Peer to Peer system in which they do not depend on any entity, such as a bank; to centralize data and validate the legitimacy of their operations.
- Protection: The Blockchain represents a high-security technology because of its decentralized system. That means a cybercriminal would have to attack a multitude of different databases in order to achieve piracy; making it impossible to steal information or modify data without authorization.
- Versatility: This technology has applications that go beyond cryptocurrency security. As an example; we have data protection through the combination of Blockchain and Big Data.
Blockchain and Big Data: Smarter and more secure data management
Some information management practices proposed by Big Data continue to raise some questions for both users and organizations. For example:
- Who are the true owners of the information provided by cyberspace users?
- How can users know what purpose their information will be used for?
- Who can access this information?
- Can organizations keep the source of their data anonymous?
The existence of these questions in our current context is normal. As some scandals related to the unauthorized use of the information of web users have unleashed a wave of mistrust among many customers; who increasingly insist on the protection and authority of their data.
Fortunately, this challenge has brought new opportunities for companies to offer security and confidence to their users; through all the benefits that the combination of Blockchain and Big Data can offer.
Advantages of the Blockchain and Big Data combination
Among the potentialities that the integration of Blockchain and Big Data offers, we can highlight the following:
Blockchain and Big Data can enhance the process of real-time fraud detection. In this process, the former is responsible for making a record of unchangeable data so that the latter can apply its analytical skills and determine the existence of criminal activities.
Thanks to Blockchain, corrupted or incorrect data entered on a computer will not be able to enter the chain because it will not match the equivalent data on other machines. This represents one of the great advantages of Blockchain and Big Data, as their union allows the collection and classification of data of higher quality and accuracy.
Once the Big Data gathers the information, the Blockchain will bring transparency to the data processing; since it is not possible to change anything without the approval of all the servers in the network. This allows each user or organization to maintain their authority over their information.
#4. Customer satisfaction
In this digital world where uncertainty constantly affects users; there is no better way to offer a good service than to guarantee customers the total security of their sensitive data and transactions. As a result, companies gain competitiveness by having the preference of satisfied customers.
Although many people relate it exclusively to Bitcoin transactions; Blockchain has more applications than one can see at first sight. Fortunately, the combination of Blockchain and Big Data can show the world some of the potentials of this technology.
The security innovation your organization needs must come not only from the Blockchain and Big Data merger but also with the help of high-tech software solutions. Contact us for more information about the best tools to protect your systems.