“Securing the high volumes of data is also as important as generating better quality of data for making powerful decisions”
With the ever-increasing humongous volumes of data ,most of which is used in making high-value decisions, it becomes important that the data is not just sophisticated but also secure and trustworthy. Big Data stores large volumes of data in a historical fashion using various sources including data warehouses. The data is not normalized and structured. Such volumes of data need filters using analysing tools. However it’s not only essential to have state-of art data analysing tools,but the data in itself should be worthy and useful. Here is where the blockchain can create its impact.
Blockchain mainly focuses on validating the data and keeping it secure, while data science emphasizes on deriving decision making capabilities on the basis of the data , used for high-end problem solving on the enterprise levels. Both of them together can have a great impact on both data storage and data deriving methodologies. Name any vertical of any industry today,the backbone for it is always the data that is generated. And empowering this data can definitely lead to a progress like never before.Blockchain will exactly help in making that possible.
How can Data science combined with Blockchain prove beneficial:
Easy management of large volumes of data:
Big Data stores a huge volume of data and managing the same is a cumbersome task. As blockchain uses distributed ledgers for storing data, it can help make the data storage way easier. Also managing the data timely, would become easier when data science and blockchain work together, making the best use of their individual advantages.
Cost-effective data sharing:
With data storage mechanism that the blockchain follows, multiple users can share real-time data easily and securely, without hampering its integrity. This way the data administration is streamlined and the data sharing processes become cost-effective to a larger extent. Also, during this data sharing the security and integrity of the data always remains as the priority component.
High level of Data security:
Blockchain is known for its data security and creating trustworthy systems. As the volume of data is very big , security becomes a major concern. Also it becomes difficult to trace the data intrusion and control the corrupted data alteration. Blockchain creates highly secure, immutable data storage which makes the entire system itself secure with powerful data retrieval mechanisms.
Smart contracts ensure, building of the additional blocks in the blockchain only when the respective constraints are met and consensus is acquired from the involved parties of the blockchain network. This ensures that the ownership of data is secured which leads to low to nil chances of frauds hampering the system process.
Improved Data Quality:
Data verification and validation is one of the core processes that blockchain follows. This would allow only quality data to be stored , which can be authentic and useful for further analysis and decision making. Data quality is the most important facet of data science and data storage mechanism.
Real-time Analysis and Decision making:
Once the data quality is maintained, having a real-time analysis of the data which can help in better decision making abilities, becomes possible. High-end data analysing tools can be used on top of blockchain for retrieving the data for further processing into information, significant records and results which can be used for reporting.
Enhanced data integrity:
As blockchain makes the data immutable and secure, the integrity of the data can be achieved to a larger extenet.Data integrity is very important for data storage and sharing it in real-time for multiple users. Large volumes of data are of no use,if the data is not authentic and accurate. Blockchain is the key to keep the data integrity intact.