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Can Blockchain Solve Big Data Barriers?

January 22nd 2018

When it comes to big data, a lot of changes are coming, especially in 2018. Why? In large part, this is due to the fact that we’re now getting huge amounts of data, far more than before. It’s a completely unprecedented change, in large part because of the Internet of Things. According to dataversity.net, the way that this works is that “Laptops, smartphones, sensors on machines, all generate huge amounts of data for the IoT.”

So, on the one hand, this is an incredibly good thing for companies: it means more information, which means more of a chance to understand consumers, both loyal and potential. But it also means that there has to be a way to collect all this information, and understand it, which is a new challenge that for many companies will be quite difficult to overcome. Not to mention the fact that there are issues such as security to consider.

The fact is, 65 percent of companies have stated that if they don’t embrace big data, and use it well, they fear that they’ll risk becoming irrelevant or uncompetitive, according to PieSync. So how do we solve these potential problems that come with big data?

The blockchain solution

Luckily, there is a solution: blockchain technology. Instead of storing data traditionally, companies should consider using a blockchain network, which will make storing data both more secure and accessible. Blockchain technology, basically, can be used to handle any kind of digital information, processing it quickly and keeping the entire process transparent, too.

According to Daniel Smyth, the way it works is like this: “The advantage of blockchain is that it is decentralized — no single person or company controls data entry or its integrity; however, the sanctity of the blockchain is verified continuously by every computer on the network. As all points hold the same information, corrupt data at point “A” can’t become part of the chain because it won’t match up with the equivalent data at points “B” and “C”.”

So what does this mean for big data?

Well, it’s going to work a lot faster, first of all, than the way we’re able to receive information now. According to Oliver Bussmann, the CIO of UBS, blockchain technology could “pare transaction processing time from days to minutes.” This means that huge amounts of information — with every single detail present, and in a completely transparent process — can now be available to companies. Additionally, blockchain technologies can make a big difference when it comes to security.

According to dzone.com, “In healthcare, a technology such as blockchain can make sure that multiple “signatures” are sought at every level of data access. This can help prevent a repeat of events such as the 2015 attacks that led to the theft of over 100 million patient records.”

Using the right kinds of analysis tools that work along with blockchain, it will be easier, as well, to not only gather all this information, but also to understand it and use it efficiently.

Using Weeve to understand this information

That is where companies like Weeve come in. In a world where we’ll have nearly 21 billion IoT devices by 2020, they offer a way to deal with data exactly how you’d need. The steps are as follows: harvesting data, processing data, transporting data, assessing data, and commercializing it. And with their specialized technology, data from IoT isn’t falsifiable, because of hardware-enabled trust anchor and cryptographic proofs.

As the gold standard for IoT data, Weeve provides an array of services that make it possible for you to choose how you get all this information — and how you organize it. This ranges from creating your own IoT marketplace, developing your own apps for collecting information, choosing your cloud and blockchain infrastructures, choosing your services, and bootstrapping your devices.

As IoT devices send information to companies, Weeve uses blockchain to ensure that the transactions are valid, and won’t have to rely on a middleman at all — instead, the information will be sent directly and transparently to the analysis step. It becomes possible to sell IoT data in exchange for other data — which will makes us all the more connected and able to exchange information as a form of payment.

Basically, Weeve makes it possible for IoT data to be sold — and in the future, when IoT data is the most valuable asset in our market. Without the attestation of data future business processes and applications operating on blockchain won’t be able to efficiently make actionable use of their insights and fulfill their own potentials. (also on the Blockchain) won’t work.

In conclusion

Big data is a big deal — and even though it can be a challenging moment for some companies, this is the way of the future, and it is going to change everything we know about the way marketing works. And, eventually, the way we interact with our devices and with the world. Rest assured there are some really exciting technologies coming our way to help us use that information in ways we couldn’t have ever even imagined.

What do you think of the changes big data is bringing about? How do you think blockchain will be useful?

Disclosure:

The author has had a working or personal relationship with one or more companies mentioned in this article in the past. Access to mentioned company’s management and information was made through the author’s personal network. All information was vetted prior to posting.

Disclaimer:

This essay is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only.

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