About Data and Data Analytics
With the potential to disrupt and transform every industry it touches, Blockchain technology is poised to drive the future. In simple terms, Blockchain is a distributed ledger that records transactions in such a way that they cannot be altered. Although best known for powering cryptocurrencies, Blockchain use cases spread across financial services, healthcare, music, governance, cloud computing, and even our identities. Ability to decentralize, and store anything of value in a secure and anonymous system that is controlled by no one entity can revolutionize data management.
Taking third-party
Businesses are now transforming into platforms, which are collecting data and learning from them at scale to make strategic and economic decisions. A machine-learning algorithm can do much better job in making decisions as it can crunch more data. However, the mode of acquisition of data poses a significant challenge for intenders trying to obtain it for various purposes.
Given the nature of big data, it requires high storage capacity servers for efficient storage. These servers are owned by a group of companies or individuals, which leads to a centralized data storage environment. These third-party data providers have the singular privilege to modify and expensively price the data in their possession.