As Blockchain proves that it is here to stay, how can it help big data and how is big data driving blockchain technology? Let’s take a closer look at six big data blockchain projects that are combining the two.
1) Storj
Blockchain is basically a decentralized ledger of transactions that is accessed on a peer-to-peer basis. Every user in the network validates these transactions, so the ledger is secured and maintains integrity indefinitely.
While it’s commonly applied to cryptocurrency transactions and now smart contracts, virtually any data can be securely stored within the blockchain.
Enter decentralized data storage providers like Storj that could provide savings for big data, who are currently forking-out for traditional cloud storage.
According to VentureBeat, a preliminary study revealed that the decentralized approach could reduce the costs of storing data by 90 percent compared to the likes of Amazon Web Services’ Cloud solution.
The main benefits are privacy and security. Data is not open to a single point of attack and the customer is not at the whim of the provider and its data centres.
If the power goes down or a data center is corrupted, the algorithms ensure data is distributed widely enough to maintain high availability.
Storj currently stores over 100 petabytes of data. If you need funds for data storage, you can always use a loan matching service.
2) FileCoin
Similar to Storj, FileCoin has the lofty goal of completely transforming how data is stored and securing and decentralizing the internet. Using the Egyptian government crackdown of the web as an example of existing ‘points of failure,’ the developers envision a truly open blockchain driven internet in the future.
Right now, that means offering data storage solutions and the ability to earn its corresponding FileCoins by using your spare space to mine. The market bidding process ensures competitive pricing.
3) Omnilytics
Omnilytics is a startup that aims to combine the blockchain with big data analytics. It uses artificial intelligence and machine learning as part of this process, with marketing, financial due diligence, auditing, trend forecasting, and many other applications across industries.
They believe that by utilizing blockchain technology they can disrupt the big data giants. “It powers our smart contracts, distributed data fingerprinting, data exchange and other protocols and APIs.”
Data partners can track the performance of their data and pricing remains competitive based on the usage of said data. The inherent openness and honesty of the network offers a new level of trust and transparency.
4) Datum
Datum is a decentralized storage network driven by the Data Access Token (DAT). It puts the focus on the individual, who can monetize their own data in an open and honest marketplace, instead of being exploited by the current data giants like Facebook.
Instead of making corporations money via your tacit agreement to use their services, you have full control and make money yourself. The blockchain also ensures that there are no breaches.
This doesn’t shut the big players out and may actually give them great access, but it will be a fairer and more secure system.
5) Rublix
Rublix aims to unite cryptocurrency investors across the world with a simpler trading platform that verifies the authenticity and credibility of traders and provides access to market information to reduce the current confusion.
The majority of new investors are limited by the desktop and mobile tools they choose and are a victim of a wild-west approach. Rublix aims for an integrated platform that makes use of blockchain secured and verified investment data analytics, with the best tools, services, and information rising to the top.
6) Provenance
Provenance aims to use the blockchain to build trust into the journey of a product. Customers get to know verified information about what the product is made of, where it came from, and its impact on the environment—producers and retailers benefit from better product-tracking and by empowering their customer with this new information.
Over time as the data builds, producers and retailers also get insight into exactly what customers want and can tailor their goods and services accordingly. Provenance’s core is building transparency throughout the supply chain.
Blockchain is the biggest development in information technology in recent history. These are just some of the ways that it’s changing how the world approaches big data.