(Answered) Emerging concepts using Big Data and Blockchain Technology

(Answered) Emerging concepts using Big Data and Blockchain Technology

(Answered) Emerging concepts using Big Data and Blockchain Technology 150 150 Prisc

Emerging concepts using Big Data and Blockchain Technology

The Final Portfolio Project is a comprehensive assessment of what you have learned during this course.
There are several emerging concepts that are using Big Data and Blockchain Technology. Please search the internet and highlight 5 emerging concepts that are exploring the use of Blockchain and Big Data.
Conclude your paper with a detailed conclusion section.
The paper needs to be approximately 6-8 pages long, including both a title page and a references page (for a total of 8-10 pages). Be sure to use proper APA formatting and citations to avoid plagiarism.

Due on 5th December at 4:00 pm (EST).

Sample Answer

Emerging concepts using Big Data and Blockchain Technology

The primary role of blockchain technology is to establish an ecosystem that is creditworthy among the independent participants in a non-trustable distributed ecosystem. The blockchain system has been known for its security and the fact that it is autonomous based on its chain blocks, self-regulated data ownership, and smart contracts that can be programmed. Moreover, it is essential to have devoted credit mechanisms to make blockchain systems creditworthy (Baruffaldi & Sternberg, 2018).  Regardless of the booms or slumps of bitcoin, the applications and techniques of blockchain have been innovated and improved continuously. The existing operational mechanisms, the design, and the models of blockchain are widely accepted. Big data entails the compilation of enormous data sets (Li et al., 2019). The bug data systems are usually large and complicated; hence, the information may not be processed through the traditional methods (Ali et al., 2019).  Data sets like this are utilized in approximating the patterns of behavior as well as the market trends.  Today big data and blockchain have been applied to ensure that the data is processed effectively.  This research explores the emerging concepts used in big data and blockchain technologies, including predictive analysis, data integrity, data sharing management, prevention of malicious activities, and real-time data analytics.

Predictive Analysis

Predictive analysis is the first emerging concept in using big data and blockchain technology, using big data and, at the same time, using blockchain technology.  Blockchain technology application has been established to add a new layer of data to the big data analytic development.  The big data generated through blockchain is measured secure because there is no possibility of forging it because of how the system is designed (Ali et al., 2019).  The data in the blockchain is usually transformed into currency through the key aspect known as data analytics. Blockchain consists of many databases storing transactional data that has individuals. In essence, there is a need to analyze blockchain. The main goal for most companies is to predict the future starting from the management of finance to the process of oncology to marketing (Tariq et al., 2019).    The companies must ensure that all the stakeholders are aware of what is likely to happen. When this happens, massive datasets are involved in extracting the right and accurate data that concerns the preferences of the customers for the products to be offered in the market (Ali et al., 2019. Through this strategy, the data scientists can use the information from different sources; it enables the analysts to learn from various trends after the predictions are made. The data can then be utilized in making informed decisions (Li et al., 2019). Predictive analytics through the use of big data and blockchain technology can also be effective in reducing the used resources and saving time and resources.

Businesses use predictive analysis through blockchain technology and big data to predict the movement of prices for financial markets like cryptocurrencies. Analytics has become among the significant marketing applications. For instance, it is used to forecast each category’s demand by considering internal and external information (Li et al., 2019). To make the right decisions in making the predictions, it is necessary to benefit from the ever-changing information while at the same time making sure that the data integrity is high (Sayadi et al., 2018). When there is inadequate data, the analysis is likely to be high regardless of the level of data sophistication.  Thus, big data can be applied in improving the approach of data collection, storage, security, and data usage.

Data Integrity

Blockchain technologies have been employed in ensuring the improvement of data integrity to the highest levels.  It is designed to make it resistant to data modification (Ali et al., 2019). For instance, the addition of data or any other data changes cannot be the change of edited. Blockchain includes both the data structure and the mechanism for timekeeping to make it easy to report the proof of history. Merkle Tree ensures that there is integrity for the data in the blockchain.  It uses the right components of blockchain users through the use of graphic hash functions (Allam & Dhunny, 2019). This entails the generation of the hash on every block concerning the hash on the block used previously. The chain of blocks created ensures that there security of the data.  Blockchain and big data make it possible to manage access and identity (Li et al., 2019).  This is possible because the system records all the transactions taking place within the blockchain. The existence of a blockchain-based identity and access management system provides enough security by preventing hackers from entering the system. Besides, the immutability nature of the blockchain makes it impossible for hackers to cover their tracks by deleting their access records.