It seems that every single day we are faltering into more and more use cases for blockchain technology.One of the many areas exploring symbiotic association with blockchain is big data. In this article, we are going to explore this bond. Before we move on, let's understand what blockchain and big data mean.
https://i.redd.it/f6gtz0omjtu31.png
We have talked a lot about the basics of blockchain before. Therefore, to give you a brief description, a blockchain is, in the simplest terms, a time-stamped series of immutable records of data that is managed by a group of computers owned by a single entity.
The reason the blockchain has received so much praise is because:A single entity does not own the data stored inside the blockchain.The data is stored cryptographically inside the blockchain is immutable, so no one can tamper with the data that is inside the blockchain. Blockchain is transparent so they can track data if they wish.
What is Big Data?
Big data, as the name suggests, relates to a large amount of data. Even with modern progress, the fact of the matter is that the sheer volume of just rotating figures is increasing rapidly. For example, it becomes very difficult to store all data safely
Since the volume of data is so large, fraud detection is a very difficult task in cleaning data. Data scientists spend a large part of their time cleaning up data.
Keeping up with big data technology has been a constant challenge since being incredibly innovative.
The reason why big data and blockchain can have a very fruitful relationship is that blockchain can easily cover the drawbacks of big data. There may be three reasons for this partnership to result:
Security: The biggest asset of a blockchain is the security it provides to the data stored inside it. Remember, all the data inside the blockchain is non-tampering
Transparency: The transparent architecture of the blockchain can help you trace data back to its original location.
Decentralization: All data stored inside a blockchain is not owned by a single entity. So, there is no possibility of data theft if that entity is compromised in any way.
Flexibility: Blockchain can store all types and data.
According to Wikipedia, "Big data is a term used to refer to data sets that are too large or complex to handle adequately for traditional data-processing application software. Data with multiple cases (rows) Provide more statistical power, while data with higher complexity (more features or columns) can lead to higher false discovery rates. "
So, how do you characterize big data? For that, you use something called Six vs. Big Data:
Volume
Velocity
Variety
Veracity
Value
Variability
Volume: As the term implies, with big data you have to deal with a lot of data. Mostly, this data consists of high-volume, low-density, and unstructured data. Most of the time, companies deal with terabytes and even petabytes of data, some of which may be of unknown value.
Velocity: Even though these companies deal with huge amounts of data, they need to work on it fast. Velocity is the rate at which data is received and processed. Some industries are required to operate in real-time or near-real-time scenarios, which will require higher velocities.
Variety: In big data, a large variety of data is available. This was not a problem before with traditional data types. Traditional data types can be easily structured and fit into databases. However, big data is highly unstructured or, at best, semi-structured. This is why, more often than not, large data requires a lot of additional pre-processing due to the Kinnear variation.
Veracity: According to the dictionary, veracity means "the ability to be true or honest". Since big data models collect high volumes of diverse, raw data from multiple sources, it can be extremely difficult to know how accurate the data really is. This is important because bad data can cause inaccurate business analytics and is, as you can imagine, extremely problematic. For companies that need to deal with too much data, in order to achieve accuracy, they need to trace the data to its source to fix all issues.
Value: In the present era, data is money. The more data a company has, the more value it can generate. To generate that value, one thing must be kept in mind, data must be mined and processed. As we have previously mentioned, all the data collected has no intrinsic value and can cloud the results provided by an incorrect data analytics operation. To get the most out of the data, organizations must use data cleansing techniques.
Variability: The sixth V of big data in variability. There are many definitions of variance in the context of big data. First, variability refers to the number of discrepancies found in the data. These discrepancies can be detected by various external methods. Low variability leads to more meaningful analysis. Another reason why data sets can have high variability is sheer variance in data types and sources.
Benefits of BIG DATA:
Now that we have gone through the use-cases of big data, let us see why we should go through the trouble of analyzing big data in the first place. Let's look at the benefits of big data analytics.
Save time
cost efficient
Helps in product development
Helps in understanding market conditions
Helps in sentiment analysis to understand the company's online reputation
If you consider all these factors, the conclusion we can draw is that whatever data comes from the blockchain is valuable, it has already been cleaned up and is fraud-proof. It is a potential gold mine that many companies want to exploit.
What exactly are the qualities of blockchain technology that enable this relationship?
Decentralization
Transparency
Fixed position
# 1 Decentralization
Before we came up with Bitcoin and BitTorrent, we were more used to centralized services. The idea is very simple. You have a centralized unit that stores all the data and you will have to fully interact with this unit to get all the information you need.
Another example of a centralized system is banks. They deposit all your money, and the only way that you can pay someone is by going through the bank.
When you do a Google search for something, you send a query to the server which then returns to you with related information. It is simple client-server.
Now, centralized systems have treated us well for many years, however, they have many weaknesses.
First, because they are centralized, all data is stored in one place. This makes them easy target spots for potential hackers.
If the centralized system undergoes a software upgrade, it will stop the entire system
What if the centralized unit is shut down for any reason? That way no one will have access to the information that they have
Worst case scenario, what if this unit becomes corrupt and malicious? If this happens, all the data inside the blockchain will be compromised.
So, what if we just take away this centralized entity?
In a decentralized system, information is not stored by a single entity. In fact, everyone in the network owns the information.
In a decentralized network, if you want to interact with your friend you can go directly through a third party. She was the main ideology behind bitcoin. You and only you are in charge of your money. You can send your money to anyone without going to the bank.
# 2 Transparency
One of the most interesting and misunderstood concepts in blockchain technology is "transparency". Some people say that blockchain gives you privacy while some say it is transparent. Why do you think that?
The following snapshots of the Ethereum transaction will show you what we mean:
Therefore, when the person's real identity is secured, you will still see all the transactions that were done from his public address. This level of transparency had never existed before within a financial system. It adds that the additional, and much needed, level of accountability that is required for some of these largest institutions.
Speaking purely from a cryptocurrency point of view, if you know the public address of one of these large companies, you can simply pop it into an explorer and see all the transactions they have engaged. This forces them to be honest. Something they have never had to do before.
However, this is not the best use-case. We are pretty sure that most of these companies have not transacted using cryptocurrency, and even if they do, they do not do all their transactions using cryptocurrency. However, what if blockchain technology was integrated into… say, their supply chain?
You can see why something like this can be very useful for the finance industry?
# 3 Inevitability
Irreversibility, in the context of blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.
Can you imagine how valuable this would be for financial institutions?
Imagine how many embezzlement cases can be put into the bud if people know they can't do "book work" and fidelity with company accounts.
The reason why the blockchain gets this property is the cryptographic hash function.
In simple terms, hashing refers to taking an input string of any length and giving an output of fixed length. In the context of a bitcoin-like cryptocurrency, transactions are taken as inputs and run through a hashing algorithm (Bitcoin uses SHA-256) that returns an output of a fixed length.
Let us see how the hashing process works. We are going to put in some inputs. For this exercise, we are going to use SHA-256 (Secure Hashing Algorithm 256).
As you can see, in the case of SHA-256, no matter how big or small your input is, the output will always have a fixed 256-bit length. This becomes important when you are doing huge amounts of data and transactions. So basically, instead of memorizing input data that can be very large, you can just remember and track hashes.
A cryptographic hash function is a special class of hash function that has various properties that make it ideal for cryptography. There are certain properties that are required to consider a cryptographic hash function to be secure. You can read in detail about those in our guide on hashing.
Just a property that we want you to focus on today. This is called the "avalanche effect".
what does this mean?
Even if you make a small change in your input, the changes seen in the hash will be very large. Let's test it using SHA-256: 's
do you see that?
Even if you have changed the case of the first alphabet of the input, see how much the output hash has been affected. Now, back to our previous point when we were looking at blockchain architecture. What we said was:
The blockchain is a linked list containing data and a hash pointer that points to its previous block, hence creating a chain. What is a hash pointer? A hash pointer is similar to a pointer, but it also contains a hash of the data inside the previous block instead of the address of the previous block.
It is a small tweak that makes the blockchain surprisingly reliable and trailblazing. In fact, this is why data extracted from the blockchain is 100% reliable. You certainly know that no one has tampered with the data in the first place.
MACHINE LEARNING: According to Wikipedia, Machine learning (ML) is the scientific study of algorithms and statistical models that computer systems use to perform a specific task without using explicit instructions, relying on patterns and drawing conclusions instead. It is seen as a subset of artificial intelligence. Machine learning algorithms build a mathematical model based on sample data, known as "training data", to make predictions or decisions without being explicitly programmed to perform the task. [1] [2]: 2 machine learning algorithms are used. A variety of applications, such as email filtering and computer vision, where developing a traditional algorithm to perform the task effectively is difficult or inflexible.
Machine learning is closely related to computational statistics, which focuses on making predictions using computers. The study of mathematical optimization distributes methods, theory, and application domains in the field of machine learning. Data mining is an area of study within machine learning, and a focus on exploratory data analysis through unintended learning.
Machine learning is currently the second hottest topic in the world. The reason for this is that it allows machines to create models based on the working data it is fed. You can see why accurate big data can be useful in this context.
Product Development: It is possible to use big data, tell the customer in advance about their needs and predict their needs. The model is constructed by an assortment of key features of past and present products.
Predicting Fraud: There may be teams of experts who are trying to take them down. Big data can help these companies identify patterns to help predict fraud.
Predictive Maintenance: By identifying certain indicators and patterns one can easily predict the occurrence of faults. Big data analytics can help companies save millions of dollars by deploying cost-effective maintenance.
Improvements in company operations: One of the biggest use cases of big data is improvement in company operations. Using big data, customers can analyze various parameters such as feedback, returns and various other factors so that decision making is improved and in line with current market demand.
Improve innovation: Big data can help to study relationships between humans, institutions, and various other institutions. These information can help companies to innovate and create new products or strategies to gain their competitive edge.
DXCHAIN is one of the best example of big data and machine learning. HOW? get the answer below.
DXCHAIN: It is the World's first decentralized big data and machine learning network powered by a computing-centric blockchain.In other words, DxChain is a public chain, aims to design a platform to solve computation of big data in a decentralized environment.For simplicity, we could use DxChain to store and trade big data, so as to make data more valuable with the computation.
https://i.redd.it/948jnsfkktu31.png
To know more about dxchain visit the website below.DXCHAIN WEBSITE: https://www.dxchain.com/
To get the latest updates and development progress of the project do follow all the social media plateforms of dxchain.Links are given below.
No comments:
Post a Comment