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Blockchain and Big Data: The Potent Combo That Drives Business Growth

How Blockchain Opens New Opportunities For Big Data

The past few years have been eventful for businesses as disruptive technologies have ushered revolutionary changes for them. Blockchain and Big Data are the two such tech trends which have grabbed a great deal of attention. While Big Data has been around for some time, Blockchain is a relatively new concept. The former is changing data management while the latter is transforming the nature of transactions. Even if these technologies seem to be disparate on the surface, their adoption in combination is capable of bringing unmatched results for enterprises of all sizes. In fact, blockchain can change the way that Big Data will be approached by the coming years. Let’s see how they make an amazing combination that drives extensive business growth.

Big Data Storage Becomes Economical
As Big data has to deal with huge data-sets, having the right infrastructure is the challenge that most organizations come across. Additionally, the volume of transactional information that is to be stored within ledgers becomes huge over a period of time. Conventional cloud storage providers do not serve as a cost-effective alternative for storing such voluminous information for the business. Also, there may be a need for maintaining multiple copies at different locations, which puts an additional burden on resources. Here, blockchain serves as a more viable option as it makes data storage more economical.

Blockchain Enhances Security
Security is the key concern that has led to the increasing adoption of blockchain technology in banking and other industry verticals as well. The reason is that being a decentralized system, it requires multiple signatures of authorized users at every level of access. Moreover, any updates in blockchain-based data resource can be tracked and verified. Industries such as retail and healthcare are relying on this innovative technology to secure their crucial records and minimize the risks of leaks and hacking.

Blockchain Powers Analytics
Big Data in isolation is of no use for the business; it has to be analyzed for relevant insights to become purposeful. Blockchain powers the Big Data analytics process by ensuring that the information is structured, accurate, and abundant so that it yields useful insights for driving intelligent business decisions. Moreover, the network architecture of this technology allows real-time verification of data and updates, enabling fraud detection and prevention in real-time.

What Next?
Even though the use of blockchain holds immense opportunities for data science in future, it is yet in a nascent stage. Consequently, the results are likely to be seen only once these two technologies are blended and used together on a more mainstream scale. Early adopters would definitely be able to reap the rich benefits for their businesses. Therefore, there is a need to join hands with a futuristic technology partner that can help your business to invest in these technologies and avail them to your advantage. At OrangeMantra, we are an organization that facilitates digital transformation for enterprises that seek to achieve unmatched growth via innovation. We hold expertise in creating path-breaking, result-oriented technology solutions with the latest and most advanced business technologies.

Read also: Blockchain And E-Commerce- How Do They Make A Winning Combination