In the era of the Internet of Things, the need for businesses to make data-driven decisions has become critical. The amount of consumer data available for analysis continues to grow exponentially, creating more opportunities for businesses to take advantage of it.
Effective use of big data means better decision-making and therefore profitability and business growth. According to a report from EY, the robust growth of big data is disrupting the way companies compete and operate. Companies that are able to derive value from their data are emerging as leaders in their industries while those that do not do so find themselves pushed to obsolescence.
As Geoffrey Moore, famous American organization theorist, author and management consultant, says, without massive data, companies are blind and deaf, wandering the web like a deer on a highway. But are all businesses using big data today? The answer is no! While most Fortune 500 companies have implemented a Big Data strategy, this is not the case for most small and medium-sized businesses. Indeed, implementing an effective big data strategy requires specialized skills and expensive software that the majority of these companies can not afford.
Presentation of Big Data Blockchain
However, with blockchain technology, companies will now be able to take advantage of large data analysis without having to worry about cost or complexity. But before discussing how blockchain enables companies to implement big data strategies efficiently and at a low cost, let ‘s examine the relationship between blockchain technology and big data first.
While the analysis of large data is to obtain information from large data sets, the blockchain is to allow fully transparent P2P transactions and protect consumer data from exploitation by some thirds. Blockchain technology involves an immutable public registry in which transactions can be automatically verified and information stored securely, eliminating the need for intermediaries.
With this in mind, it is logical to conclude that blockchain systems provide a rich source of data for analysis while ensuring that the data presented is accurate and that sensitive user data is protected. According to VentureBeat, the application of blockchain technology in Big Data and Analysis helps turn ideas and issues into assets. In addition to ensuring data security and accuracy, blockchain minimizes costs through the decentralization of data storage.
Small Business and Big Data Blockchain
But how does the blockchain help small and medium-sized businesses with limited budgets to take advantage of big data and analytics? The answer to this question lies in the decentralization of the process. Blockchain platforms powered by AI and Machine Learning provide organizations with a way to access high quality data and information at a lower cost and without having to buy complicated software or hire data specialists. Through these platforms, consumers and data providers can securely authorize access to their data and, in return, be rewarded in cryptocurrency.
Endor, a blockchain platform developed by MIT engineers, is a good example of how the AI and the blockchain interact to improve Big Data analysis. The platform seeks to become the “Google for Predictive Analytics” by allowing companies to ask predictive questions in plain language and to obtain accurate and automated predictions. To do this, Endor has introduced a new social physics technology, where machines and scientific data can integrate to predict social problems.
Social Physics is a scientific discipline that uses large data, data analysis and mathematics of human psychology and biology to understand human behavior. Consumers who share their data with the Endor platform are paid in EDR that can be converted into other cryptocurrency or currency trusts.
Another promising blockchain project is also shaping the way small businesses treat and use big data. Launched to launch in the 2018 MCW, Wibson will allow users and consumers to sell their data directly to advertisers; create a system in which small businesses can identify their audiences with surgical precision and target an already engaged user base.
Rather than adopting a costly approach to advertising, small businesses will be able to find niches that suit them and will be able to rely on their newly acquired data to guide their marketing efforts.
While blockchain technology continues to impose itself in traditional institutions, its role in analyzing large data can only increase. It is therefore the best time for small and medium businesses to start using the available options and for investors to enter the game.
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