Like many of the technological shifts of the past two years, the world of big data has marked a paradigm shift in how information is collected and stored across the world. Not surprisingly, legislation has fallen behind technology in this regard, but it’s aiming to catch up with the latest round of EU regulations, which are set to change the way client data is being handled not just across Europe, but in every significant market on the planet.
As currently drafted, the new legislation will force companies to require consent and be transparent with regards to their intentions when it comes to collecting data from consumers. While this law is necessary for many respects, it will certainly result in extra costs and will require each company to invest substantially in their data collection and consumer abuse departments. What’s more, the many gray areas that still remain in today’s legislation will make it hard to tell if a company is playing by the rules or bending them to their advantage.
Given the situation, it’s clear to see why the need for a better and transparent system has emerged. Luckily, that buzziest of today’s technologies – the blockchain, may provide significant aid in overcoming some of the most glaring issues plaguing big data management in the present. To that end, here are just three of the main ways through which blockchain technology can make a positive impact:
At its core, blockchain technology revolves around the idea that a decentralized, trustless system is not only inherently incorruptible, but also faster and easier to maintain than a traditionally centralized one. By putting big data on the blockchain, you’re ensuring its ultimate transparency for all parties involved. Shady behind-the-curtains dealing is completely eliminated, as is the need for the kind of costly maintenance that a centralized system typically requires.
Another defining characteristic of blockchain technology is its inherent immutability. This means that once a transaction or an operation has been made, it cannot be rescinded or returned. While this principle may have its drawbacks in some areas, in big data it leads to more confident levels of testing data and creating models that work.
Finally, and perhaps most importantly, the democratic nature of a blockchain will help shift the power of personal data back to consumers. Nowadays, people are unaware of just how much their data is worth, since it’s mostly being controlled by large corporations with little to no incentive in sharing the wealth. However, on the blockchain, a person can choose whether to share their data and with whom, and that may very well help users earn an income through the sharing of personal data alone.
As you can see, blockchain technology holds much promise with respect to big data, especially in the face of stronger restrictions, the kind that will likely become the new norm within the next several years. Still, taking full advantage of this fairly new and as-of-yet not all that developed technology will require enterprises to take the time to adequately gather the resources they need in order to make the transition as smooth and as graceful as possible.
To that end, hiring a quality software development company with a proven track record in the blockchain niche is a good start. However, finding one is not an easy task – Google only lists one blockchain developer on the first page, rest are informational and news resources. Good developers who are fluent in blockchain-adjacent technologies are few and far between, and may come at a high price. Likewise, finding insightful people to enlist as advisors may also prove to be a challenge, since the biggest players in the industry are highly sought-after for their consultation skills. Lastly, building a strong enough community to generate interest in any given blockchain-related project and help educate the masses is also essential.
No matter the struggles and hurdles that are sure to materialize, it appears that blockchain technology is here to stay. Whether we’re talking healthcare records or property deeds, the correct handling of data will be paramount in the coming years if one wishes to prevent any unpleasantly dystopian scenarios from coming true. Blockchain technology is not perfect, and still has ways to go before it is completely applicable, but it has so far shown immense promise for a variety of big data concerns, and is definitely deserving of further study on a global scale.
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