Big Data Discovery using Blockchain and its Use Cases

Big Data Discovery using Blockchain and its Use Cases

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Introduction to Big Data Discovery and Blockchain

Big Data Discovery is the logical combination of Big Data, Data Discovery, and Data Science. Each of these areas is in explosive growth.

What is Big Data?

Big Data collects data in huge Volumes. It is so large and complex that no traditional data management tools can store and process it—examples of Big Data - Data generated by Social Media, New York Stock Exchanges.


Read more about Data Quality and its Challenges


What are the types of Big Data?

  1. Structured - RDBMS Data, Excel Data
  2. Semi-Structured - XML, Other markup languages
  3. Unstructured - Google Search, Word File

Why is Big Data important?

  1. Determining the root cause of failure and defects in near-real-time.
  2. Spotting errors faster than the human eye.
  3. Detecting fraudulent activity before it affects your organization.

What is Data Discovery?

Data Discovery is collecting and evaluating data from different sources. It is used to understand the trends and patterns in the data. Data Discovery is connected with Business Intelligence; it helps make informed decisions by analyzing data.


Click to explore more about Smart Data discovery


What is Data Science?

Data Science is a field in which we collect knowledge from any Data, i.e., structured, semi-structured, and unstructured, using Algorithms, tools, and Scientific methods. It includes cleaning, aggregating, and manipulating the Data. It uses mathematical theory(Statistics and Probability) and computer tools to process Big Data.

What is Blockchain?

The first question that arises in our mind is how the Blockchain begins, so I start with the Subprime Crisis, which happened in 2008 in the USA. The USA applied Quantitative easing in the market, which resulted in increased dollar supply. The Anarchist group was bored of the Fiat Currency and Bank charges on use of Credit & Debit Card, NetBanking, etc., which resulted in the finding of BitCoin, the first example of BlockChain when Satoshi Nakomoto released a whitePaper on it.

Blockchain Technology is based on the cryptographic hashing technique.- Blockchain is a digital ledger of transactions that is distributed over a network of Blockchain. Each block in the chain has numerous transactions & when a new transaction is done, that is appended to every participant’s ledger.

How Blockchain works?

Understanding how How blockchain works step by step below. before that we must understand two terms below highlighted:

What is Cryptographic Hashing?

A cryptographic hash function is the deterministic procedure that takes an arbitrary data block and returns a fixed-size bit string, the cryptographic hash value. An accidental or intentional change to data will change the cryptographic hash value. The data need to be encoded is often called the message. The message generated by the hash is irreversible.

E.g., Bitcoin uses SHA-256(Secure Hash Algorithm 256-bit or 64 characters). The Algorithm generates random numbers so that it requires a predictable amount of processing power.

What is Consensus Algorithm?

A consensus algorithm is a protocol through which all the parties of the network come together to a consensus on the present state of the ledger and trust unknown peers in a distributed computing system. Consensus allows to add a new block to be added in the Blockchain without compromising the integrity of data in the Digital Ledger.

Working diagram of of Blockchain step by step :elixir-data-working-of-data-discovery-blockchain

  1. Nodes: A decentralized ledger that records all transactions.
  2. Reward: Reward refers to the number of Bitcoins you get if you successfully mine a currency.

What are the benefits of Blockchain?

Blockchain have various benefits in various categories highlighted below:

How Blockchain helps in businesses?

Blockchain helps businesses in every expects as mentioned below:

Enhanced Security

  1. With Blockchain, your business is protected with a high level of security. Blockchain technology has advanced security compared to other platforms. Any transaction done needs to be agreed on consensus method.
  2. Security is also enhanced as each node has a copy of the transaction performed, so if some attacker wants to perform a malicious transaction, the other nodes will reject his request.
  3. Blockchain networks are also immutable, which means the data, once written, can’t be changed by any means.

Reduced Costs

  1. Organisations can bring down a lot of costs used in Third-Parties. Blockchain is not centralized, so there’s no need to pay to any intermediaries.

Organisations that use Blockchain are:

AWS, Oracle, Alibaba Cloud, Hewlett Packard Enterprise, Microsoft,
Nvidia, Samsung, Walmart, etc.

Faster Transactions with Blockchain

Other industries have a lot of intermediaries, such as Advertising, so there is a lack
of transparency. Blockchain technology can improve transaction speed as it cuts down many of the unimportant intermediaries. The shorter the supply chain, the faster the transactions are. e.g., If we compare, NEFT takes 1 hr cycle for a transaction, whereas BitCoin takes 10 minutes.

Transparency in Blockchain

  1. Blockchain is transparent as anyone can join the network and can view all the transactions in that network. Through the encryption mechanism blockchain safeguards transparency by storing information in such a way that it can’t be altered.
  2. The records stored in the Blockchain are encrypted. This means that only the owner of that record can decrypt it to reveal their identity (using public-private key-pair).

The main difference between Blockchain and databases are :

Database

Blockchain

Requires Administrator

No Administrator

Permissioned

Permission Less

Centralized

Decentralized

What are the Challenges, Blockchain can bring in Big Data Discovery?

In Big Data Discovery, the different challenges Blockchain can create are :

Data Immutability

Data Immutability is the ability of the blockchain ledger to be unaltered. This means the data in the Blockchain can’t be changed. Further, each data block, i.e., transaction details in the Blockchain, uses a hash value to keep the data unaltered. Immutability will hurt performance as you can only create new objects but can’t mutate the existing ones.

Low Scalability

Low Scalability refers to the limited capacity of Blockchain to handle large amounts of transactions in a short period. Blockchain works fine for fewer data and users, but when the data increases on the network, the transactions take longer to process.

No Regulation

  1. The technology in the Blockchain allows users to do transactions without any intermediaries. The Bitcoin blockchain is unregulated as data is sent directly to others without the involvement of an intermediary. For that reason, they are outside the control of people & companies.
  2. Blockchain will make the data almost impossible to manipulate through decentralized systems, consensus algorithms, and cryptography because a huge amount of computing power will be required.

Can blockchain security be breached?

  1. 51% Rule: 51% attack in the Blockchain by the group of miners who controls more than the 50% of mining hash rate can control the whole Blockchain.
  2. Quantum Computers: Quantum computers can factor large prime numbers, a critical component of blockchain public-key cryptography.

Explore more about What is quantum computing?


Different Challenges that Blockchain can solve for Big Data Discovery?

With the use of Blockchain, the Big Data Scientists ensure the safety and quality of their data to be intact. By placing their database in Blockchain, they ensure that every user has access to the same information which can’t be manipulated. Blockchain is decentralized, encrypted, and cross-checked, which allows the data to be strongly backed. Blockchain is a kind of
database as it stores data in data structures called blocks.

Data Security

Blockchain uses cryptographic hashing techniques and consensus algorithm to secure data. If some malicious request is received, the nodes will reject that request. Hence, Blockchain is safer than other technologies.

Data Immutability

Data immutability prohibits the in-place change. Instead of overriding existing data, we can append data. Immutability brings a lot of advantages: Easier recovery, data tolerance against human and machine errors.

Use of Blockchain Based Data

Blockchain-based data is secure, structured, and immutable. So we can easily use it in machine learning algorithms. The specific and organized nature of structured data allows for easy manipulation and querying. So we can extract information easily from the Blockchain based data.

Conclusion

Blockchain technology can be quite complementary for the future world by transforming businesses. It revolutionizes the supply chain, financial services, government, and more. Blockchain is a new technology, but it has made a significant impact by developing trust between persons and organizations. Greater confidence leads to greater efficiency, which blockchain provides. The Blockchain market size is estimated to grow from 5 billion USD in 2021 to 60 Billion in 2026, so we can figure out the possibility of more growth in the Blockchain sector and blockchain-based data.

  1. Read more about Data Catalog with Data Discovery
  2. Click to explore Emerging Modern Data Infrastructure | A Brief Study

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