BLOCKCHAIN
INTRODUCTION
Blockchain and Big Data are two technologies in full swing, but they are also two complementary technologies. Learn how the Blockchain transforms storage and data analysis. The Final Portfolio Project is a comprehensive assessment of what you have learned during this course.
Blockchain and big data are among the top emerging technologies that tipped revolutionize several industries to change how businesses and organizations are run. You can come to assume that technology can be mutually exclusive. There may be forging unique parts and applied independently of one another.
BLOCKCHAIN
Blockchain is the data science that is gradually transforming the several ways industries operate.
Big data refer to ways in which a vast amount of data analyzed systematically to obtain information from it that will help to make strategic moves and business decision. Big data deals with structured, semi-structured, and unstructured data.
Blockchain distributes ledgers recorded economic transactions in a way that they cannot be changed. The technology came to be known due to so many people having an interest in bitcoin. The capability of blockchain emerging technologies developers and interested people in this blockchain technology have gone to out fashioning after use for the Blockchain.
High demand for blockchain developers in the last few years is due to different applications of Blockchain.
USES OF BIG DATA FOR BLOCKCHAIN
More organizations in various industries take steps to maximize and leverage big data to improve business processes. Upcoming technologies always come up with new means of using the data available to come up with new advertising means.
The Blockchain is an innovative way of operating financial and trading networks more efficiently. In the middle of everything, Blockchain is normally distributed ledger, which can easily manage the data provided to ensure transactions of the number of the information supplied collaborate. The Blockchain ensures that integrity is upheld and usually delivers a mechanism that is so much open to conduct business. A network that uses Blockchain captures the value of assets traded and has the capability of capturing the value of the assets purchased.
Blockchain is easily applied to any supply chain that trades with its value. It usually surpluses any supply chain of all items that it trades with value.
Blockchain is building five main concepts.
It is distributed as ledger; every participant in the network has simultaneous access to a view of the information. Blockchain and distributed ledgers are not the same. People usually misconceive because Blockchain and ledger have differences. Currently, we live in a digital world and age, where even very complicated technologies have been solved. We are witnessing a very dramatic rise in business attempting to pay back the so-called crypto boom. The current trend suggests that ledgers are distributed to provide value and typically offer excellent results without any exaggeration. Distributed ledgers do not have the same level of focus regarding the rise of bitcoin. The reason has been a ledger technology and blockchain words that are generally used in the same sentence leave people with more questions than the answers they have. Distributed ledger refers to a typical database that typically exists through several locations and in multiple participants.
Blockchain is a specific type of distributed ledger. It is designed to record transactions or digital interactions and bring much-needed transparency, efficiency, and added security to the business. But these two technologies are not the same; Blockchain is just the tip of the proverbial iceberg.
Cryptographic functions ensure the integrity and security of the information.
CHF refers to a hash function that is generally used for cryptography. Generally used as a mathematical function that places data of large sizes and arranged in a sequence. It usually has the following properties:
- It is deterministic.
- It is quick to compute.
- It is infeasible.
It has so many functions like information security application, message authentication code, etc.
Most cryptographic hash functions are designed to take a string of any length of the hash value. It is composed of the following features:
- Pre-image resistance
- Second pre-image resistance
- Collision resistance
In cryptographic practices, the difficulty is encountered when an individual adversely is seen and must be prevented from breaking the system.
CHF usually is applied in the verification of message integrity. Almost all digital signatures require a CHF to be calculated over the message. It ensures the signature calculation may be performed on relatively small-sized digested.
Participants confirm changes directly with one another. This replaces the need for a third party to authorize transactions.
Blockchain technology has secure computing without a centralized authority. For data management perspective, Blockchain is distributed, which logs an evolving list of transaction a record by organizing them into hierarchical chains of the block. Big data giants accelerate laboratory research and capital layout on blockchain technology. So much research has been published regarding Blockchain, and most of them report on security and threat of Blockchain.
It can run additional business logic that allows the agreement on and automatic enforcement of the expected behavior of a transaction or asset embedded in the Blockchain. These are known as smart contracts.
Blockchain is a technology for a new generation of transactions that establishes trust, is accountable, and transparency when conducting business processes. Blockchain is usually a pattern. That is made famous by its use in bitcoin can reimagine the world’s most fundamental business interaction and open the doors of digital interactions.
CONCLUSION
Blockchain refers to time-stamped series of an immutable record of data that is managed by a cluster of computers not owned by any single entity. Blockchain allows big data to be distributed and not copied. Blockchain technologies have created a backbone with regard to a new type of internet.
By allowing digital information to be distributed and cannot be copied, blockchain technologies create the backbone of a new type of internet. This technology has found other potential uses. It is a simple but yet operate in a genius way of passing information from one level to another in a fully automated and safe manner. One party that is involved in the transaction starts the process by creating a block. This requires the verification of thousands of internet users. Once the block is verified, it is added to a chain that is stored across the net. The verified block is added to a chain that is stored across the internet, creating not just a unique record but still has its history.
Big data simply means unlimited data obtained from various sources that positively affect a business. The data is analyzed systematically to give information that will help in making strategic business decisions. Companies incorporate the available necessities and technologies, which will make the business environment better, increasing the profitability of a business. Usually, the data available can be structured, semi-structured, and unstructured.
The process of extracting information from big data is known as data mining. It’s managed here, analyzed, and presented to the user. The user then analyzes raw data so that one can conclude the given information. The conclusion made is usually used to increase the effectiveness of a business or a system in smart cities (Bhushan, 2018).
Most of the businesses nowadays have been digitized to take advantage of the data available on the internet, which helps boost the expansion of business by improving customer services, hence increasing profit.
Information and communication technologies help a business obtain and store large volumes of data cost-effectively. Companies use systems like computers, laptops, and tablets to automate business processes. It helps increase manufacturing productivity by reducing the time needed to set up manufacturing procedures and improve accuracy, allowing employees to spend less time making and reworking on inaccurate products. It also reduces wastage of raw materials used to manufacture by reducing product reworking (Jafar, Asma, Ramzan, & Muneeb, 2014).
References
Bhushan, A. (2018) How Big Data Impact Smart Cities
Irina, B., Adriana, D., Oana, G. (2019) corporate attitudes towards Big Data and Its Impact on Performance Management
Jafar, R., Asma, S., Ramzan, T., Muneeb, N. (2014) A Review on the Role of Big Data in Business
Maryam, G., Khaled H., Ofir, T. (2015) Impact of Big Data Analytics on Organizations
Nicky, L. (2018) The Socioeconomic Factors Affecting Small Businesses