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    BD Ga Intro

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    Namit Baser

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    © All Rights Reserved
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    BD Ga Intro

    Uploaded by

    Namit Baser
    19 views3 pages

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    bd ga intro

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    19 views3 pages

    BD Ga Intro

    Uploaded by

    Namit Baser

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Block Chain is one of the most significant developments that have happened in the field of

    information technology in the recent years. It is very secure and the quality of data it has is
    considered very high.

    It can be considered as open book with all the details to those who have access to it.

    “Block chain is a system in which a record of transactions made in bitcoin or another


    cryptocurrency are maintained across several computers that are linked in a peer to peer
    network”.

    The above statement is the definition of block chain when google. It means that the data of all
    the transactions would be stored across a lot of computers that are connected to each other.
    Now when a data needs to be accessed as it is stored in multiple places it is validated and the
    right data is shown. The idea is even if one data is corrupted there is a backup of it elsewhere
    and the majority opinion of the network of the connected systems is right. It is highly
    unlikely that the whole network gets corrupted or hacked or modified by someone. This
    results in the security and safety feature that block chain technology offers.

    It can also be defined as a distributed ledger for maintaining a permanent and tamperproof
    record of transactional data. It acts like a decentralised database that is managed by
    computers belonging the network (called as a peer to peer network).
    Considering different types of network as shown above, it clearly shows how the systems
    would be connected. In case of bock chain it would be a decentralized network with multiple
    distributed dataset systems. This means that block chain is immutable which results in the
    information being till the time the network exists and the link to each point isn’t disturbed.
    Consider the individual systems as blocks of data they are all chained together with the way
    they are connected.

    Findings on the internet

    A New level of Analytics:

    Block chain would add another layer to big data as the data through block chain has two main
    features desired by big data and they are Security and data is valuable (complete data).

    Instead of trying to access things post happening in terms of fraud detection the patterns can
    be analysed and can find issues in real time. In cases it could complete before the transaction
    is complete with past data and may prevent it from happening. It is stated that the data would
    be very valuable and as quoted in the article in towardsdatascience.com

      “by 2030 the data contained in the block chain ledger might be worth up to 20% of the
    global Big Data market and generate up to $100 billion in annual income”

    This clearly shows that it is something with a lot of potential and soon it would be a reality
    where most systems would use block chain based technology along with big data, the only
    hindrance is a good AI/ML model operating on top of the distributed transparent and
    immutable data layers.

    Block chain transforming Big data industry?

    The main way in which block chain can help big data is through
    Data retention –it is ensure safety and quality of the data stored on the cloud in block chain
    Data loss – in case of a data breach there is always a back of data on one of the blocks on the
    network so data is not lost even when some of the servers get hacked.
    Data clog – there is a limitation in terms of capacity of centralized and decentralised data
    systems and as block chain is very fast and credible ( it is used for money transactions –
    bitcoin) the scope of block chain is huge with this reason.
    It won’t be surprise when they come together and it is going to be very beneficial to the field
    of big data.
    Introduction to Blockchains & What It Means to Big Data (kdnuggets.com)

    Blockchain and Big Data: the match made in heavens | by Vladimir Fedak | Towards Data Science

    How Can Blockchain Transform the Big Data Industry? - DZone Big Data

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