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The Future Impact of Blockchain on Big Data - Assignment

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Added on  2021-06-16

The Future Impact of Blockchain on Big Data - Assignment

   Added on 2021-06-16

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“THE FUTURE IMPACT OF BLOCKCHAIN ON BIG DATA”Name:Course:Lecturer:Date:
The Future Impact of Blockchain on Big Data - Assignment_1
Surname 2“The future impact of Blockchain on Big Data”The blockchain is a dispersed database structure that performs or works as an “open ledger” to keep and control transactions. Every entry in the database is referred to as a block and contains information such as the business deal timestamp and a link to the earlier block (Douaihy2018). This makes it impracticable for any person to change or adjust information about the records with hindsight. In addition, due to the fact that the matching transaction is documented over numerous disseminated database classifications, the technology is protected by design. Withthat in mind, Blockchain is immutable; information remains in a similar condition for so long as the network exists. Blockchain and Big DataBig data describes a large amount of data, both structured and not structured for that matter. It inundates a business on a daily basis. However, it is not the amount of data that is crucial in this situation. The most important thing is what the organization does with the data. Big data are always analyzed for understanding that results in better and sound-mind decisions and strategic business decisions or conclusions (Giacumo and Breman 2016).When an individual talk mentions anything concerning Blockchain in the context of, for example, Bitcoin, the link big data appears a little tenuous. Blockchain technology is applied is on the rise by the financial institutions. The business importance in the financial industry for Blockchain is authoritative (Giacumo and Jeroen 2016). Blockchains offers the integrity of the ledger; however, not for the evaluation. In this case, big data and other related tools become important.
The Future Impact of Blockchain on Big Data - Assignment_2
Surname 3Importance of Blockchain on Big dataThe blockchain is regarded as one of the most important growth and improvements in thedepartment of technology over the past years. It has the capability to transform the manner people observe big data. Blockchain promises to provide protection and data quality, as a major benefit over several others that are yet to be explored or discovered, as taking a review concerning the effects Blockchain has on big data (Ramasamy 2015). Today, Blockchain is identical to Bitcoin and other comparable cryptocurrencies,; nevertheless, to position it purely, Blockchain as knowledge or expertise, has the capability to hold and keep any type of information that can be computerized. The blockchain is significantly a dispersed database technique, which controls any transaction as was explained in the first paragraph. Big Data ChallengesDue to the increase in storage space alternatives such as in the case of cloud computing, ithas turned out to be easier for organizations to keep massive volumes of data which is gathered and received from different sources like the corporate systems, internet, and unstructured online sources among much more. However, keeping data does not guarantee an individual or the organization that the data is accurate. Because of the availability of human mistakes, or intentionally can be messed up with or even tampered, it is not astonishing that executives or the management have trust issues with the quality and accuracy of data (Chen & Hsinchun, 2012).
The Future Impact of Blockchain on Big Data - Assignment_3

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