Big Data and Blockchain Technology
The advent of technology has seen its penetration in most business institutions. This assertion stems from the understanding that notable aspects of technology, such as information and communication technology (ICT), have engulfed the way organizations undertake their operations. In this light, organizations have identified with improve economic performances as captured in their realization of organizational goals and objectives. With the integration of technological elements such as Big Data and Blockchain technology, business entities identify with increased execution of transactions and operations, leading to organizational profit and growth.
Literature Review
In an effort to acknowledge and thereby appreciate the impact that Big Data and Blockchain technologies have on organizational entities in the business world, it is ideal for identifying with the importance of data. According to Steven Alter (1976), data suffices to be the most integral element in an organization, facilitating the smooth running of organizational operations. In this manner, data identifies to ensure that informed decisions are made regarding the organizational goals and objectives. Without clear and concise data that has been identified, defined, and analyzed, organizations identify with unjustifiable decisions, which bar their attainment of success. Arguably, from such vast amounts of data, elements touching on Big Data and Blockchain technology are inferred.
Having captured the importance of data, a distinct element invoking organizational success, the attributes of Big Data come into focus. According to Verma (2018), Big Data identifies as the accumulation of great volumes of data, with or without any structure, which invokes the identification of undefined correlations, consumer preferences, concealed patterns, and market-related trends. Big Data encompasses vast amounts of data such as gigabytes and petabytes, which renders distinct information about different operations, processes, and procedures regarding relevant information about the external business environment. As such, Big Data suffices as a data processing technological element that aids in the realization of organizational operations, objectives, and goals.
When it comes to Blockchain technology, data is captured in unchangeable form, thereby sufficing as a data recording element. According to Crosby et al. (2016), Blockchain technology identifies as a distributed ledger technology (DLT), which identifies with the digital record-keeping capability, thereby creating a consensus of validated attributes. By encompassing a peer-to-peer (P2P) topology, the technology suffices to provide an avenue for verifying logged events (Crosby et al., 2016). In this manner, Blockchain technology emerges as an integral computation system that identifies with the safeguarding of records of critical information such as operations and transactions, which are pivotal to the smooth running of an organization.
Industries that Explore Big Data and Blockchain Technology
Logistics Industry
The third industry that identifies with the integration of Big Data and Blockchain technology concepts is the logistics industry. In this industry, the flow of data is as important as the flow of goods. In this manner, Big Data and Blockchain technologies facilitate the optimization of data flow that ensures smooth flow of goods, as provisioned through improved transparency and traceability in supply chains (Banking is only the beginning: 58 big industries Blockchain could transform,” 2020). In the long run, the industry’s mandate is executed effectively and efficiently with the aid of technological advancement resonating around data manipulation.
To further appreciate how Big Data and Blockchain technology impact the logistics industry, it is ideal for acknowledging the processes and procedures that the flow of goods identifies with. In the manufacturing and processing of goods and services, Big Data is captured as organizational data (Heutger & Kuckelhaus, 2018). Once organizational data is tabulated in the Blockchain technology systems, how the goods are created, where they originated, and how they are managed are document in a verifiable manner, thereby resulting in the embracement of authenticity (Heutger & Kuckelhaus, 2018). From these data-keeping records encompassed in Blockchain technology, track-and-trace capabilities, transparency, and proof of legitimacy are attained. With that, the logistics industries identify with the realization of profit and growth from the attainment of organizational goals and objectives.
Healthcare Industry
The second industry that identifies with the integration of Big Data and Blockchain technology concepts in the healthcare industry. The healthcare industry identifies with a business aspect that necessitates the adoption and, thereby, implementation of systems that negate erroneous transactions. This assertion is evident in formats such as e-commerce, identification of patterns, financial transactions, and online transactions present in the industry (Reddy, 2019). In this light, Big Data elements come into focus to facilitate the identification, collection, and analysis of great volumes of data, which is integral in the definition of human resource practices such as staffing and realization of the industry’s objectives – execution of care-based services.
To fully appreciate the impact that Big Data and Blockchain technology has in the healthcare industry, it is ideal for acknowledging the instances that necessitate data manipulation. As such, elements resonating around the execution of erroneous medication, as accustomed to insufficient data, are negated, thereby leading to improved facilitation of preventative care and treatment (Reddy, 2019). Blockchain technology, on the other hand, is seen in the exchange of information and execution of transactions, which facilitates the smooth running of the institutes under the industry (Reddy, 2019). A noteworthy example of how Blockchain technology is incorporated in the industry is seen in the formulation and thereby embracing of electronic medical records (EMR) and electronic health records (EHR). In the long run, data, as captured in the healthcare industry, suffice to be pivotal in the realization of organizational mandates. After all, with the two technological aspects in play, the success of the healthcare industry, as resonating around data manipulation, is assured.
Banking Industry
The third industry that identifies with the integration of Big Data and Blockchain technology concepts is the banking industry. This industry suffices to integrate Big Data and Blockchain technology harmoniously owing to the elements and aspects they share. To justify this assertion, CBInsights (2020) highlights that a bank identifies as a storehouse and a transfer hub that facilitates the execution of valued transactions. As such, a banking institution identifies as pivotal in the propagation and maintenance of financial values throughout an economy (Gurunlu, 2019). In this manner, a bank’s mandate to ensure that secure, digitized, and tamper-proof ledgers are utilized to sustain the systems is facilitated with elements captured by Big Data and Blockchain technology (“Banking is only the beginning: 58 big industries Blockchain could transform,” 2020). It is with this acknowledgment that it suffices that the harmonious relationship between Big Data and Blockchain technology is instituted in the banking industry.
To justify how integral Big Data and Blockchain technology are in the banking industry, it is worth acknowledging a noteworthy example of their integration. In Japan, a consortium of about 50 banks partnered with Ripple, an open-source Blockchain network, to facilitate low cost and risk-free transactions (Fedak, 2018). It is from this integration that the banks realized a reduced time in the processing of transactions, and the costs were nearly negligible (Fedak, 2018). Again, the risk of double-spending was negated, thereby improving the management systems of the banks (Fedak, 2018). All in all, the merger between the banks and Big Data and Blockchain technology sufficed to invoke the execution of accurate transactions that easily translated to increased profits and growth for the banking industry.
Infrastructure industry
The fourth industry that identifies with the integration of Big Data and Blockchain technology concepts is the infrastructure industry. As an industry, infrastructure identifies with anything that encompasses the construction of complex projects, such as megaprojects, which necessitates a great number of tradespeople. In an effort to manage the resources and efforts, project managers are placed in charge of concepts touching on procurement of material, project operations, human resources, and transaction, which rely on Big Data and Blockchain technology (Bilal et al., 2016). Like the logistics, the infrastructure industry identifies with documentation capturing how the construction goods were created, where they originated, and how they were managed so as to ensure transparency, traceability, and proof of legitimacy in the supply chain.
To fully appreciate the impact that Big Data and Blockchain technology have in the infrastructure industry, it is noteworthy to identify with a relevant example of its attributes. The procurement of top quality material from suppliers with the aid of smart contracts identifies as one such advantage (Bilal et al., 2016). Here, ease of identification and acquisition of materials is facilitated as materials are of top quality and from the right suppliers. As such, the contracts utilized lead to the invocation of accuracy, privacy, and timeliness, which is pivotal in the infrastructure industry (Turner, 2013). Another attribute of Big Data and Blockchain technology can be seen in play in the human resource department, where digital ledgers are used to document the quality of work and dependability of workers (Turner, 2013). This attributes eases the acquisition of labor and negates the time consumption identified with its procurement. All in all, Big Data and Blockchain technologies impact the infrastructure industry in numerous aspects that dictate the successful performance of organizations in as far as architecture and project operations are concerned.
Crowdfunding
The last industry concept that identifies with the integration of Big Data and Blockchain technology is crowdfunding. According to Alton (2016), crowdfunding suffices as a service-related provision that enables individuals, groups, and organizations to raise money for different endeavors. The successful execution of this provision is dependent on great volumes of data as notable elements such as population metrics are pivotal towards fundraising events (“Banking is only the beginning: 58 big industries Blockchain could transform,” 2020). Again, with the innovation of power predictive analytics, the deciphered data, as captured by Big Data, is compiled in the Blockchain technology, which ensures accountability, transparency, and traceability of crowdfunding activities.
To fully appreciate the impact that Big Data and Blockchain technology have on crowdfunding, it is noteworthy to acknowledge how fundraising activities are carried out. In this manner, crowdfunding identifies with Big Data and Blockchain technology as it captures that disintermediation of capital by bankers is executed. This approach ensures that a direct link and access to funding are embraced, thereby offering the safest method of executing crowdfunding activities (“Banking is only the beginning: 58 big industries Blockchain could transform,” 2020). All in all, elements of Big Data and Blockchain technology aid in the facilitation of smooth running of fundraising activities as captured under crowdfunding.
Conclusion
The advent of technology, as identified in the business world, has led to new ways of undertaking organizational operations. With the embracement of ICT in organizational processes and procedures, elements resonating around data identification, definition, and analysis are realized. In this manner, the aspects and thereby attributes of Big Data and Blockchain technology are captured. As Big Data and Blockchain technology invokes the centralization of organizational operations, different business entities identify with distinct outcomes. Regardless of how the banking, logistics, healthcare, infrastructure, and crowdfunding industries identify with these technologies, the outcome suffices to be the same – effective and efficient attainment of organizational goals and objectives. All in all, the integration of technological elements such as Big Data and Blockchain technology has resulted in business entities identifying with increased execution of transactions and operations that are transparent, traceable, and legitimate, leading to the realization of organizational profit and growth.
Reference
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Alton, L. (2016). How big data is playing a role in the crowdfunding industry. Data Science Central. https://www.datasciencecentral.com/profiles/blogs/how-big-data-is-playing-a-role-in-the-crowdfunding-industry
Banking is only the beginning: 58 big industries blockchain could transform. (2020). CB Insights Research. https://www.cbinsights.com/research/industries-disrupted-blockchain/
Bilal, M., Oyedele, L. O., Qadir, J., Munir, K., Ajayi, S. O., Akinade, O. O., Owolabi, H. A., Alaka, H. A., & Pasha, M. (2016). Big data in the construction industry: A review of present status, opportunities, and future trends. Advanced Engineering Informatics, 30(3), 500-521. https://doi.org/10.1016/j.aei.2016.07.001
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Fedak, V. (2018). Blockchain and big data: The match made in heavens. Medium. https://towardsdatascience.com/blockchain-and-big-data-the-match-made-in-heavens-337887a0ce73
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Heutger, M., & Kuckelhaus, M. (2018). Blockchain in Logistics. DHL Trend Research. https://www.logistics.dhl/content/dam/dhl/global/core/documents/pdf/glo-core-blockchain-trend-report.pdf
Reddy, M. (2019). Digital transformation in healthcare in 2020: 7 key trends. DAP. https://www.digitalauthority.me/resources/state-of-digital-transformation-healthcare/
Turner, P. J. (2013). Contracting for project management. Gower Publishing.
Verma, A. (2018). Internet of Things and Big Data – Better Together. Retrieved from https://www.whizlabs.com/blog/iot-and-big-data/