Exploring the Future Impact of Blockchain Technology on Big Data

This report explores the future impact of blockchain technology on big data, examining how it will influence data storage, security, and analysis. Blockchain's decentralized and immutable nature offers enhanced data integrity, potentially reducing the need for trusted third parties and increasing data security. The report discusses how blockchain can revolutionize data monetization by empowering consumers and uncovering new revenue streams. It also considers the emergence of new data storage paradigms, like brontobytes, and the potential for blockchain to transform how businesses and individuals interact with and utilize big data. The study highlights that blockchain will facilitate impromptu inquiries on large datasets and improve cross-border payments. It also emphasizes the importance of blockchain in data integrity, which is crucial in financial services, and the ability to identify spending patterns of consumers. Finally, the report suggests that the integration of blockchain will reshape the landscape of big data, with power shifting to those who can access and analyze data most effectively.

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THE FUTURE IMPACT OF BLOCKCHAIN ON BIG DATA
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Introduction
Blockchain remains to be the system of the distributed database that acts as the “open
ledger” used for storing and managing different transactions in business operations. Every record
within the database refers to as the block, and it comprises of details such as the transaction
timestamp along with the link to the previous block1. Such operations make blockchain to be
impossible for every individual to alter information concerning the records retrospectively.
Blockchain that comprises of immutable, decentralization and encrypted ledger has the potential
of making every centralized process, organization, along with activity fully autonomous.
Besides, Blockchain has several impacts on Big Data some of these effects include the
elimination of trusted third parties, increasing usage of cloud, and it will make Big Data go away
from the world of information technology2. Therefore, primary target of this research paperwork
is to examine some of the future impacts of blockchain on big data.
Future impacts of blockchain on Big Data
The future effects of blockchain or the technology of trust in big data of different
organization are that it is still very much focused on what it can do or what it means. It will
improve the cross-border payments as blockchain networks will be present in the increasing
number of large organizations3. The use of blockchain remains to be the next phase of the
1 Harper, Jelani. 2017. "The new face of big data: AI, IoT and blockchain." KM World 26, no. 1: 16-18. Academic
Search Premier, EBSCOhost (accessed May 16, 2018).
2 Lewis, Rebecca, John W. McPartland, and Rajeev Ranjan. 2017. "Blockchain and Financial Market Innovation."
Economic Perspectives 41, no. 7: 1-17. Academic Search Premier, EBSCOhost (accessed May 16, 2018).
3 Adoma, F. 2018. Big Data, Machine Learning and the BlockChain Technology: An Overview. International
Journal Of Computer Applications, 180(28), 1-4. doi: 10.5120/ijca2018916674

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internet. It will enable all people along with all web associated gadgets to speak with each other
and also share and reuse bi information in various structures crosswise over different
applications and associations continuously. The improvement in blockchain usages will make big
data to take full points of interest of the semantic web, and it will have huge effect on society
along with organization4. Additionally, blockchain will make future data to be about the
merging of information, processing, together with systems instead of focusing only on a single
element of converging data. Through the use of blockchain, huge information will center around
the union of the registering and systems while the procedure of merging of enormous
information will empower examination to be performed straightforwardly on Exabyte of crude
information. The procedure will then encourage impromptu inquiries to be asked on to great
degree enormous sets of big data.
Blockchain will make big data to become bigger that will result in the emergence of
brontobytes that remain to be standard language in different boardrooms. The chain will impact
the storage of big data as their capacity will turn out to be generally available as well as cheaper
while keeping in mind result of adapting usage of bid information. The foundation of
brontobytes by blockchain will remain as basic in different places that will later make big
information to disappear again, while big information will result to be simply information
resurface. Therefore, through improvement of blockchain, ultimate chance of data stays to be
doubtful. The thought comes about on the grounds that the time of enormous information is as
yet unfurling, yet it stays apparent that distinctive changes in front of future society will help in
4 Fredriksson, C. 2018. Big data creating new knowledge as support in decision-making: practical examples of big
data use and consequences of using big data as decision support. Journal Of Decision Systems, 1-18. doi:
10.1080/12460125.2018.1459068

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transforming people and organizations5. The chain will force big data to adapt to the new
paradigm. Besides, most organizations will have to postpone their strategy to use big data a little
longer, although it is clear that organizations that have already implemented the policy of big
data are outperforming their peers.
Blockchain provides for the integrity of the ledger that deals with big data, but not for the
analysis. Therefore, use of blockchain remains to be essential in financial services that have large
transaction activities. The blockchain will make it possible for bi data analysts to be capable of
identifying different patterns in spending of the consumer as well as identification of risky
transactions a lot faster than they can be achieved presently6. The process will help in reducing
the cost of real-time taken for different operations. Blockchain also will assist in handling data to
prevent cases of hacking and leakages of big data. In various organizations, blockchain can help
in ensuring that multiple signatures will be sought at every level of accessing big data. The
process will assist in preventing the repeat events like attacks that can lead to the theft of
different essential records.
Blockchain will help in uncovering new forms of data monetization. The use of
blockchain technology will have the potential of democratizing the process of sharing and
monetization of big data along with analytics by removing the middle people from facilitating
different transactions. In the world of business operations, this process will offer different
5 Lemieux, Victoria L. 2017. "Blockchain Recordkeeping: A SWOT Analysis." Information Management Journal
51, no. 6: 20-27. Academic Search Premier, EBSCOhost (accessed May 16, 2018).
6 Yli-Huumo, Jesse, Deokyoon Ko, Sujin Choi, Sooyong Park, and Kari Smolander. 2016. "Where Is Current
Research on Blockchain Technology?—A Systematic Review." Plos ONE 11, no. 10: 1-27. Academic Search
Premier, EBSCOhost (accessed May 16, 2018).

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consumers with stronger powers of negotiating over other companies7. Therefore, blockchain
will allow several consumers to control who has the right to access to their big data. Therefore,
different people could then demand discounts on pricing in exchange for revealing data on their
consumption of different products or services of the company. Besides, blockchain can also lead
to new forms of big data monetization because the chain has different ramification of bi data.
Some of these ramifications include the idea that all parties involved in the transactions have the
right to access the same data8. The approach helps in accelerating the acquisition of data, sharing,
quality of data, as well as analytics of data. Blockchain also helps in ensuring that a detailed
register of all transactions remains to be kept in a single file.
In most cases, when blockchain meets bi data in future, the payoff remains to be huge.
Blockchain will help in forming the ability to turn insight and different questions into assets of
big data. Blockchain will help individuals using big data to have greater confidence in the
integrity of the data they see9. Beyond integrity of data will be capable of sharing data layer that
blockchain will introduce in creating the entirely fresh set of possibilities for all capabilities
together with insights. Therefore, in the blockchain period of big data, power will reside with
individuals who can fully access the most data and those that can gain the most insights more
7 Gromovs, Genadijs, and Mika LAMMI. 2017. "Blockchain And Internet Of Things Require Innovative Approach
To Logistics Education." Transport Problems: An International Scientific Journal 12, 23-34. Academic Search
Premier, EBSCOhost (accessed May 16, 2018).
8 Diesner, J. (2015). Small decisions with big impact on data analytics. Big Data & Society, 2(2), 205395171561718.
doi: 10.1177/2053951715617185
9 Laposky, John. 2018. "6 Ways Blockchain Technology Can Transform Retailing." TWICE: This Week In
Consumer Electronics 33, no. 6: 14. Academic Search Premier, EBSCOhost (accessed May 16, 2018).

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frequently10. In conclusion, effects of blockchain on big data are gaining different grounds
throughout the business together with financial societies.
10 Cocco, L., Pinna, A., & Marchesi, M. 2017. Banking on Blockchain: Costs Savings Thanks to the Blockchain
Technology. Future Internet, 9(3), 25. doi: 10.3390/fi9030025

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Bibliographies
Adoma, F. 2018. Big Data, Machine Learning and the BlockChain Technology: An Overview.
International Journal Of Computer Applications, 180(28), 1-4. doi: 10.5120/ijca2018916674
Cocco, L., Pinna, A., & Marchesi, M. 2017. Banking on Blockchain: Costs Savings Thanks to
the Blockchain Technology. Future Internet, 9(3), 25. doi: 10.3390/fi9030025
Diesner, J. (2015). Small decisions with big impact on data analytics. Big Data & Society, 2(2),
205395171561718. doi: 10.1177/2053951715617185
Fredriksson, C. 2018. Big data creating new knowledge as support in decision-making: practical
examples of big data use and consequences of using big data as decision support. Journal Of
Decision Systems, 1-18. doi: 10.1080/12460125.2018.1459068
Gromovs, Genadijs, and Mika LAMMI. 2017. "Blockchain And Internet Of Things Require
Innovative Approach To Logistics Education." Transport Problems: An International Scientific
Journal 12, 23-34. Academic Search Premier, EBSCOhost (accessed May 16, 2018).
Harper, Jelani. 2017. "The new face of big data: AI, IoT and blockchain." KM World 26, no. 1:
16-18. Academic Search Premier, EBSCOhost (accessed May 16, 2018).
Laposky, John. 2018. "6 Ways Blockchain Technology Can Transform Retailing." TWICE: This
Week In Consumer Electronics 33, no. 6: 14. Academic Search Premier, EBSCOhost (accessed
May 16, 2018).

8
Lemieux, Victoria L. 2017. "Blockchain Recordkeeping: A SWOT Analysis." Information
Management Journal 51, no. 6: 20-27. Academic Search Premier, EBSCOhost (accessed May
16, 2018).
Lewis, Rebecca, John W. McPartland, and Rajeev Ranjan. 2017. "Blockchain and Financial
Market Innovation." Economic Perspectives 41, no. 7: 1-17. Academic Search Premier,
EBSCOhost (accessed May 16, 2018).
Yli-Huumo, Jesse, Deokyoon Ko, Sujin Choi, Sooyong Park, and Kari Smolander. 2016. "Where
Is Current Research on Blockchain Technology?—A Systematic Review." Plos ONE 11, no. 10:
1-27. Academic Search Premier, EBSCOhost (accessed May 16, 2018).