Blockchain: A Solution to Big Data's Biggest Problems

A key question for many companies today is how to take advantage of blockchain technology to achieve their business goals. Our minds change from time to time, and so do our needs. More and more people now have hopes of buying a house in the future, and many businesses also look towards using blockchain technology to solve their technological inhibitions. According to the Blockchain Services Global Market Report 2022¹, the blockchain market is expected to grow to $4.65 billion in 2022. Here are the top 5 trends for the big data industry in 2022 and the solutions and business processes around them. 

Cloud-driven data management

Whether you are an enterprise, small business, or startup, you need to think about how your organization will manage data in 2022. Unfortunately, many companies have not even begun to think about it. They are still using traditional data management techniques that have not changed much over time. The good news is that new technologies that can help businesses better manage their data and reap better benefits are available now.

One of these technologies is cloud-driven data management (CDDM) which uses cloud applications to analyze and organize information faster than ever before without requiring any heavy lifting from a business leader or manager. CDM allows you to take advantage of this information by using advanced analytics tools like machine learning algorithms to quickly understand what actions should be next, based on those findings!

Data cataloging

A data catalog is a centralized repository that provides easy access to all your enterprise data. This feature enables you to understand the entire business ecosystem, including what is available and where it is stored. A good data catalog also gives you insight into who owns each data and who accesses it.

An example of this is an HR department that wants better insight into their employee records from all sources to make decisions about staffing levels, new hires, or compensation packages for existing employees. A catalog would allow them access to payroll information from payroll providers, employee performance ratings from managers, health insurance claims details from insurance carriers, job applications submitted by applicants via paper or online forms, etc. You do not need to have these spread across different systems which often do not communicate with each other well enough (or at all).

Data security and privacy

The current state of data privacy and security is simply unacceptable. As a business leader, it is essential to understand that your customers are concerned about their information and how you handle the data they share with you. Companies rely heavily on customer data – such as sensitive information like financial details or health records – then this is one area where Blockchain can help.

Data security is crucial in protecting personal information from hackers and cybercriminals who constantly seek ways to steal valuable data from companies to sell them on darknet markets for millions of dollars (or for pennies in some cases). A 2021 CISCO Consumer Privacy Survey² shows that 79% of the respondents are willing to act to ensure privacy and safety of their data. This factor forces organizations to seriously invest in customer data security and privacy. 

Blockchain has been proven effective at preventing malicious attacks like DDoS attacks. It does not rely on any central server infrastructure, making it difficult for hackers to target. Instead, they must target every node within the network, which means there is no single point of failure so long as enough people remain online 24/7 (which they generally do).

Real-time data processing

In business, real-time processing is key to achieving efficiency. Recently, the need for real-time data processing has increased due to the proliferation of connected devices and sensors.

For example, imagine a car that tracks your driving behavior via sensors in the car's seats and tires. That data can provide personalized recommendations when purchasing car insurance or even driving routes based on traffic patterns.

However, if this information is only stored locally on your smartphone or laptop computer, you cannot use it until you are back at home with access to those machines again. It is not efficient for someone who wants their insurance provider to know about their driving habits right away! In such cases where there are not any servers around that contain all relevant information in one place, companies will employ replication technology as an alternative. This solution will ensure all relevant data stays available across various locations without having any single point of failure risk.

Data replication

Data replication is a core part of data management, and it is for data backup. Data replication can be active or passive. Inactive data replication, a copy of the original data is created on another server or system. If one server goes down, there is still another source to get information. This feature helps avoid any downtime in case of an emergency.

In passive data replication, one set of servers keeps track of changes made to original copies elsewhere with no need for extra hardware or software—the process is automatic once enabled.

Conclusion

With business analytics and more accurate decision-making than ever before, businesses can now increase efficiency, generate more revenue, reduce costs and enhance the customer experience. Enterprise leaders are increasingly looking at big-data capabilities to drive innovation, growth, and competitive advantage.

The biggest challenge Big Data continues to face is ensuring the quality of data and delivering correct insights in a fast or real-time way. As technology advances, businesses will have to confront these two issues head-on. There is no way around it. If business leaders want to succeed with their analytics strategies, they must embrace new technologies like Blockchain. Blockchain is the future! We all need to embrace and get acquainted with it as early as now.