Whenever we talk about the big data, a lot of improvement can be watched in the upcoming years. The leading blockchain technology with its offline data storage capability achieves the attention of the companies and consumers. A massive amount of data generated from the various sources such as a laptop, business operations, IoT devices and machine learning based complex applications. Analysing this much amount of data is getting typical for companies causing a significant investment. Thanks to the technology like blockchain which provides the ability to govern these scenarios. The typical scenarios which can cause trouble and their reduction are as follows:
Deficiency of Data Sources
The dormant importance of big data falls under the endeavour to quickly access the data from various platforms. It delivers the qualified and maintained data collection with minimal investment. The extensive understanding is only achieved when an organisation has multiple data sources to reference each other.
There is multiple cloud computing based vendors availing the services to store and connect locations of data storage. The only drawback is that these services are expensive and its complex to distinguish between the validated and manipulated data.
By introducing blockchain technology in such scenarios, various organisations can comfortably exchange data with such awe-inspiring open-source invention. The blockchain interoperability has the ability to correlate the data models and analyse the equitable and wrong from them. It results in the sort of contrast that an organisation can compose its setup for success.
FedEx, a giant in logistics world, has collaborated blockchain in tracking alliance (BITA) with their system to instigate blockchain for assisting clients by solving their queries for enhanced feedback.
Fortifying Intellectual Property
So many companies have faced the situation of the data breaching due to the insecure data storage system in past years. Enterprises always look out for a reliable data storage solution to stay away from data sniffers. It has become easy to achieve this with the help of stupendous blockchain technology. The employment of blockchain for secured data storage has become possible due to the innovative works performed by organisations like Eastman Kodak which has implemented the solution for providing the safety to data storage in their smartphone technology. The implementation of encrypted and fixed ledger assist users in storing their images on the blockchain. They can also acquire a license to stop others for false ownership claiming.
Inaccessibility to Information
Organisations are facing complexity in accessing their data stored at various running remote storage. It can be due to any reason including improper communication. If the firm has set up for multiple branches all over the world, then it would become exorbitant to put all these data sets on a single place.
The blockchain is the solution as it is available everywhere. Every node connected over a network is accessible from all over the world at the same time, no matter whether you are in Africa, Europe, Asia or America. You don't need to invest for the amount of buying the infrastructure.
Walmart is working on providing blockchain solution to its consumers in their supply and distribution management. One can access and track their products from the anywhere including the production unit making it easier to restock the product.
Scenarios like data conflict are easy to monitor in small-scale organisations resulting in fewer consequences. It becomes very hectic in comparing the same situation with big companies where data is generated at every single step of the operation such as airline management.
These scenarios can be handled with unchangeable blockchain technology which allows companies to monitor the every single data emergence source. It eliminates these conflict scenarios by organising data from the sources like the website, gate monitoring or application. A big airline giant named British Airways is implementing the blockchain solution to minimise the conflict in their working routine.
Blockchain presents a highly secure and monetised data analytics by detaching the middle person involved in a transaction. Customers can directly negotiate with companies without any hurdle. Customers have direct control over the data access over the blockchain technology. They get the ability to demand their pricing for data exchange over product consumption.
Blockchain allows to attain the data monetisation with its astounding features:
● The participators involved in the transactions have the accessibility to reach same data. It helps to achieve the data addition, sharing and qualified data analytics.
● A fully explanatory transaction log is created and maintained in a single file of blockchain attaining the inspection of transactions from the beginning, reducing the barriers involved for multiple systems.
● The consumer can directly manage and govern their personal and distinctive information without any third party control over the repository.
All above scenarios explain that blockchain is one of the leading technology with the capability to replace the bug in the traditional system. It is the critical driver for data monetisation generating the new marketplace. It delivers a market where companies and an individual can exchange, sell and assist with data analytics intuition directly to one another.