Bringing big data analytics to blockchain ecosystem offers serious benefits to both platforms and may be the solution to abandoned data projects.
Since the awareness of the availability of Big Data hit the business world in the early 2000s, more and more organisations have switched to data-driven approaches to everything from hiring to product development. A recent Deloitte survey reveals that 62 percent of businesses already use analytics as a driver for strategic decisions, and the reason is obvious–Businesses that effectively leverage the data they collect outperform the competition. But, Gartner predicts that up to 60 percent of big data projects won’t make it into implementation. That means that understanding the need for analytics isn’t enough. You need to be able to collect data and put it to work, effectively. Bringing big data analytics to blockchain technologies offers serious benefits to both platforms and may be the solution to abandoned data projects.
Decentralizing Databases for Better Big Data
Data quality is a big part of the problem when using analytics to drive decision making. A few errors can mean major problems down the road. In centralised systems, all of the data is stored on your network, but what happens when you need to scale? The introduction of the cloudcomputing delayed the data roadblock, making it easier to scale, but creating a new series of challenges.
That’s where the switch to a decentralised database and analytics comes into play. As an append-only system, the very foundation of the blockchain, these platforms offer the potential to ensure data quality in a remarkably secure platform.
What Crowd Analytics Mean for Blockchain Ecosystems
Internet 2.0, which is a description commonly used for blockchain, depends on the crowd for encryption, computing power, connectivity, and scale. The big challenge in the way of this move is that whole scalability issue again. With 20 billion connected devices likely to hit the market by 2020, data storage and management is a major issue.
Overcoming the Roadblocks to Decentralised Analytics
For better Big Data analytics, businesses need access to scalable data storage that also emphasises security–blockchain technology. To enable scaling, the Ethereum network started testing their storage network SWARM several years ago. But, blockchain can only work for analytics if decentralised databases become part of the arsenal, which is why swarming and sharding are so important to the future of analytics.