Blockchain Big Data Development and Supply chain Development
Blockchain Solutions for Big Data Challenges:
The past few months have seen
unprecedented growth in interest to Cryptocurrencies
Development. Naturally then, more and more industry
experts are taking note of Blockchain and the benefits that they have to offer.
Big Data is one of the fastest
growing sectors in the world as every business wants to get insights into the
usage patterns of their consumers. Blockchain
Big Data refers to massive datasets that are analyzed to
reveal underlying patterns using advanced statistical models and data mining.
Here’s a look at how these two giant industries can benefit from each other.
Challenges that Big Data Faces:
Several
large organizations like Facebook, Amazon, and Google have a vast amount of
data around the world that they need to store. These datasets can reach the
Petabytes range, but with such huge data sets come their own set of problems.
Companies have to make sure that the latest version is synchronized among all
of the data centers in real time and that the data is authentic.
Companies
also have to plan for malicious actors who have access to data centers along
with adverse natural calamities. Blockchain
development can come in handy here as at their core, and
Blockchain are just databases with three essential properties:
Decentralization, Immutability, and Integrity.
Security
The
most prominent advantage of using Blockchain Technology for organizations like
Healthcare providers to secure large data sets is that Blockchain are hack
proof. In 2015, Healthcare providers along with prominent insurers lost an
estimated 100 million patient records due to several data breaches.
If the data were encrypted, time-stamped and appended
to an ERC20
token development like Factom instead, there would not
be any unauthorized access. Physicians would be able to get instant access, and
patients would get a lot of more control over how their sensitive information
is used.
Using blockchain to drive supply chain transparency
New technologies are presenting promising
opportunities for improvement across the supply chain. Using blockchain in the
supply chain has the potential to improve supply chain transparency and
traceability as well as reduce administrative costs.
The blockchain
supply chain is an integral part of how the business
runs. With time it has become complicated and cumbersome. You would also agree
with the fact that the entire process of the supply chain has too many
intermediaries and most of the system still relies on paper. Apart from this,
tracing the products and tracking them is also a tedious task. Friction is
another problem in the supply chain.
There are too many go-betweens. Everybody in the
entire chain ranging from suppliers, manufacturers, providers, clients, etc.,
have to deal with a third-party rather than dealing with each other. Thus, a
simple process of demand and supply gets divided into some steps and too many
intermediaries.
Blockchain
might come to a solution provider to all these problems. We will be here
onwards analyzing the use of blockchain in supply chain management. Go ahead,
and request for a consultation. Crypto
soft India is always ready to serve you.
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