An Analysis: The Future Impact of Blockchain on Big Data Systems

This report analyzes the future impact of blockchain technology on big data, exploring its potential to transform data management, security, and analysis. The report begins by defining blockchain as a decentralized database and immutable ledger, highlighting its key features and benefits. It then examines the relationship between blockchain and big data, discussing the challenges of big data and how blockchain can address them. The report emphasizes blockchain's role in ensuring data quality, fraud detection, and improved decision-making. It explores the advantages of blockchain in various business applications, such as financial institutions and retail. The report also highlights the significance of big data analytics, emphasizing how organizations can leverage data for expenditure reduction, product improvement, and smart decision-making. The conclusion summarizes the transformative potential of blockchain and the importance of understanding its future impact. The report references academic sources to support its findings.

“THE FUTURE IMPACT OF BLOCKCHAIN ON BIG DATA”
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“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 (Douaihy
2018). 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. With
that in mind, Blockchain is immutable; information remains in a similar condition for so long as
the network exists.
Blockchain and Big Data
Big 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.

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Importance of Blockchain on Big data
The blockchain is regarded as one of the most important growth and improvements in the
department 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 Challenges
Due to the increase in storage space alternatives such as in the case of cloud computing, it
has 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).

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Blockchain and Big Data
In many occasions, Blockchains are always connected with Bitcoin as I had already
mentioned in the second paragraph. Therefore, its connection with big data can appear vague. In
principle, Blockchain is just a database however with characteristics such as decentralization as a
single organization or individual do not own it but with shared control. Blockchain protects or
takes care of the three most universal challenges.
If Blockchain is seen as a simple database, it will definitely find it use in the line of
business and not only in finance where it is presently being used. Some other institutions have
already applied Blochkchain in their operations; a good example is Wal-mart retail store.
Blockchain comes with several advantages such as fraud detection that is now being also applied
by banking institutions all over the world. It offers record of every transaction thus giving the
institutions to trace the dates and the actual person involved in the transaction (Peone 2018).
These benefits can be incorporated positively across the companies. A more developed database
in Blockchain will be needed, conceivably a one that has query information. In that case, the
organizations that would like to use big data and Blokchain are getting new tools, for instance,
BigChain that has added characteristics needed for business development.
Importance of Big Data
The significance of big data does not rotate around the amount of data the company have;
however, the company what the company do with is the most important (Arlen 2018). Any
individual can take data from any source and evaluate it to get solutions that allows;
a) Expenditure reductions

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b) Fresh product improvement and optimized provisions and,
c) Wise and smart decision-making.
When big data is combined with high-powered analytics, the company will achieve business
connected duties such as;
 Knowing and concluding the root causes of failures, problems and imperfections in near-
actual duration.
 Producing vouchers at the start of sale based on the client’s buying characteristics
 Recalculating complete risk folders within short times
 Identifying fraudulent habit prior to harming the institution.
Conclusion
Blockchain as a ledger, encrypted, immutable, and decentralized has the possibility of
creating each and every centralized procedure, activity, and the business self-directed. This
shows that organizations can get rid of intermediaries, powers, and others such as churn, thus,
reforming each organization, management, and non-profit actions. All these appears perfect and
awesome, however, it is not yet the real thing, the dream is a far off and the organizations will
still struggle to make actual world moves. In between these developments rotating around the
Blockchain, there is a lot of mystification concerning the future of this technology. To come up
with some reality and clarity on this matter, the references used above clearly confirm the views
on this conclusion as far as the future of Blockchain technology’s future is concerned.

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