Big Data and Blockchain are equally important as blockchain focuses on data authentication, big data is the data arriving at an unprecedented pace from various sources. Although blockchain is transforming data processing, big technology is shifting the form of transactions. Blockchain may be seen as a potential approach that threatens the handling of Big Data.
- Blockchain paves the way for transparent data protection and audit trails by defining the source of data across its related chains.
- Blockchain guarantees user security because the evidence stored on the blockchain is trustworthy as it passes through difficult authentication processes.
- The blockchain-based Big Data infrastructure helps companies to exchange information with other entities without the exponential growth in risk factors that come from a network of different data silos.
- Blockchain deploys consensus algorithms to authenticate users. Therefore, a single data interface cannot pose a significant threat to the whole network. It keeps large data safe against cyber attackers, making it impossible to hack and steal.
Supply- chain Management:
The supply chain production network is built up between a company and its suppliers. Blockchain gives a consistent alternative to network resource problems by providing unparalleled digitization opportunities. Blockchain lets users check the quality of the products bought via a blockchain-enabled supply chain. Goods may be accurately traced in different origin areas and phases in the entire process of the supply chain.
Blockchain supports the healthcare sector by offering a secure system for managing patient medical information. Medical professionals may get a clear understanding of the patient ‘s physical condition, as well as identifying and monitoring medications at any level of the supply chain. It guarantees the quality of medicines and prescription materials. Blockchain helps patients to control information recorded on the blockchain by permitting users authorization to view their records.
Notary requires confidence and data authentication. In the absence of blockchain, digital documents may be changed or subjected to manipulative activity. Advances in the blockchain would increase the importance of the legitimate acceptance process. Blockchain aims to illustrate the existence of big data archives after the deal was completed.
Food Supply Chain:
The food supply chain is complex, involving multiple processes and people. The food generation quality is often compromised as it is untrackable, which may contribute to an enhanced likelihood of tainted products. There could be a risk of imprecise data collection because the transportation of food is typically paper-based. This leads to delays which may cost heavily for the company.
Blockchain technology allows fast and simple verification of the origin, place, and status of a specific food commodity. Users that know specifics of the origination such as shipment information, batch quantities, storage temperatures, expiry dates, and factory and processing data that can be digitally registered on the blockchain.
Poorly managed IT protocols can lead to unnecessary legal disputes. Using a blockchain network may act as a framework that will contribute to transparent ownership of IP assets. Tamper-resistant blockchains can provide a timestamp indicating the exact time of the initiation of the ideology, to resolve any disputes that may arise concerning the origin of the idea.
The convergence of Blockchain and Big Data may have a variety of exciting possibilities. These innovations have a great opportunity, which means that data collected and checked by large companies on the blockchain would be very important to companies in the coming years.