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The big data era is upon us. An enormous amount of data is generated every day. Facebook alone has more than 300 petabytes of data, including personal profiles, images, videos and posts of its users. The generation and availability of such a huge data set has led to the introduction of several new domains such as data analytics, big data, etc.
Data collection and data analysis have led to insight into the why, when, who, how and what of human behavior. And this insight has driven innovation and development on many fronts, whether economic, social, political or medical. Big data is undoubtedly a major asset for the global economy.
Big data consists of a huge amount of structured and unstructured data that is so enormous that it is almost impossible for a traditional system to process and analyze it. While companies collect data to provide a better experience for their customers, there are enormous challenges surrounding this data, such as data privacy and data security, to name a few.
There have been many cases of data theft and misuse of personal data that have led to a sense of insecurity and distrust in this ecosystem. But at the same time, the potential of big data to make notable contributions to the development of the global economy cannot be neglected. And therefore, the need of the hour is to develop an ecosystem where the benefits of big data can be reaped without compromising the security and privacy of the users' data.
Enter Blockchain Technology. Blockchain is a perfect complement to big data and can complement these problems.
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