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While big data is all about understanding consumers and what they really need, blockchain is more about enabling transparent point to point (P2P) transactions ensuring that the consumers’ data are protected from exploitation by third parties. This is done by registering transactions in an immutable public ledger which automatically verifies and stores information. Application of blockchain technology in big data can change the way business run and can bring in huge profits by minimizing costs through the decentralization of data storage.
Apart from minimizing the cost and guaranteeing data security and accuracy, there are several other benefits that big data and blockchain bring in for small-scale industries including smart contracts, decentralized cloud storage, flexibility, simplicity, and digital identity. By automating processes such as payments, blockchain allows small businesses to bypass complex regulations eliminating the need to rely on any other intermediaries. This not only provides faster but also accurately filled forms. All documents can be cryptographically encrypted with blockchain. The decentralized blockchain-based storage ensures that documents are managed via the internet; this subsequently provides accessibility, security, and eliminates expensive storage plans.
However promising big data and blockchain may appear for small businesses, they still struggle to reach its full height if not pre-planning for an adoption. Industries may have to invest time in recruiting new staff, who can understand the technology, holding conversations with industry peers, and analyzing the scalability of their pre-existing infrastructure.
In a nutshell, minimizing costs and paving space for maximum benefits, blockchain, and big data can win the hearts of small and medium-sized industries.