Big Data is a blockchain use case in which certified data warehousing solutions, i.e. blockchain technology, are combined with analytical data mining.

Big data is a new term that refers to a large amount of complex data that is growing exponentially. This data is of essential value to companies and organisations as it enables them to discover new opportunities and operate more efficiently, as massive data provides more comprehensive solutions. In other words, Big Data provides the data while blockchain technology validates and records it. Although this concept has already proven that it has a bright future, its fruits are yet to be explored, so in this article we investigate the benefits of its relationship with blockchain technology and three particular potential use cases.

 

Use case 1: Finance

Banks and the financial sector in general are among the first to start taking advantage of these technologies. Especially in terms of security, companies are developing Big Data analytics to identify fraud patterns and, thanks to the implementation of blockchain, they can change their traditional model to a more secure and transparent one where financial fraud does not exist. Instead, they will need to collect a high volume of transaction and customer data.

 

Use case 2: Healthcare

In the case of the healthcare system, the combination of Big Data and blockchain could radically change its structure. Doctors, healthcare facilities, scientists and researchers collect millions of pieces of data every day. This massive amount of data could be manipulated for a myriad of topics, from saving lives to reducing costs. Once all this information is gathered, healthcare workers would be able to diagnose and make much more informed decisions about patients and diseases. This would improve the patient experience and provide a more educated, holistic treatment than today.

 

Use case 3: Industrial Production

The digital revolution has completely transformed the production and manufacturing sector but, with this new technology duo, they can continue to progress. With the secure collection of data through blockchain and the predictive and statistical analysis of Big Data, companies in this sector can improve the efficiency of operations and uncover insights that drive productivity and profits. For example, predictive analytics can predict machine failures and therefore maximise machine utilisation and plan tool maintenance more competently.

 

Finally, this combination of technologies comes with innumerable advantages, but without a doubt, all use cases can be summed up in the same conclusion: the enhancement and optimisation of data quality. Blockchain contributes with Big Data to making data more valuable, as its quality, accessibility and transparency are enhanced. This allows the immense flow of data to be managed and used in an optimal way for companies.

 

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