Blockchain Solutions for Big Data Challenges:
The past few months have seen unprecedented growth in interest to Cryptocurrencies Development. Naturally then, more and more industry experts are taking note of Blockchain and the benefits that they have to offer.
Big Data is one of the fastest growing sectors in the world as every business wants to get insights into the usage patterns of their consumers. Blockchain Big Data refers to massive datasets that are analyzed to reveal underlying patterns using advanced statistical models and data mining. Here’s a look at how these two giant industries can benefit from each other.
Challenges that Big Data Faces:
Several large organizations like Facebook, Amazon, and Google have a vast amount of data around the world that they need to store. These datasets can reach the Petabytes range, but with such huge data sets come their own set of problems. Companies have to make sure that the latest version is synchronized among all of the data centers in real time and that the data is authentic.
Companies also have to plan for malicious actors who have access to data centers along with adverse natural calamities. Blockchain development can come in handy here as at their core, and Blockchain are just databases with three essential properties: Decentralization, Immutability, and Integrity.
The most prominent advantage of using Blockchain Technology for organizations like Healthcare providers to secure large data sets is that Blockchain are hack proof. In 2015, Healthcare providers along with prominent insurers lost an estimated 100 million patient records due to several data breaches.
If the data were encrypted, time-stamped and appended to an ERC20 token development like Factom instead, there would not be any unauthorized access. Physicians would be able to get instant access, and patients would get a lot of more control over how their sensitive information is used.
Using blockchain to drive supply chain transparency
New technologies are presenting promising opportunities for improvement across the supply chain. Using blockchain in the supply chain has the potential to improve supply chain transparency and traceability as well as reduce administrative costs.
The blockchain supply chain is an integral part of how the business runs. With time it has become complicated and cumbersome. You would also agree with the fact that the entire process of the supply chain has too many intermediaries and most of the system still relies on paper. Apart from this, tracing the products and tracking them is also a tedious task. Friction is another problem in the supply chain.
There are too many go-betweens. Everybody in the entire chain ranging from suppliers, manufacturers, providers, clients, etc., have to deal with a third-party rather than dealing with each other. Thus, a simple process of demand and supply gets divided into some steps and too many intermediaries.
Blockchain might come to a solution provider to all these problems. We will be here on-wards analyzing the use of blockchain in supply chain management. Go ahead, and request for a consultation. <Business Name Hidden> is always ready to serve you.
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