Big Data and Blockchain: Boosting profits for small businesses

The pairing of Blockchain and Big Data has been undoubtedly successful in particular when applied to small businesses, it appears to be the case that it has effectively increased both efficiency and cut costs for small business owners. Unfortunately not all business owners are able to effectively implement Big Data strategies by themselves so this article will discuss how technology is bridging the gap to Big Data implementation in small businesses.

What are the benefits of Big Data in Smaller Organisations?

With the topic of Big Data becoming ever more prevalent in the technological market from every industry, the benefits are undeniable, not only has it enabled businesses to create a more customer centric approach and nurture customer relationships, it is also aids in raising product quality by knowing the demands of your customer base. It can be utilised as a marketing tool to enable more effective marketing decisions and also allow for quicker competitor checks which consequently helps business leaders to better position themselves in the market place.

Combining Blockchain and Big Data: How do they compliment each other?

“Only 23% of organizations have a big data strategy”, reported by IBM Big Data & Analytics Hub. So if larger organisations are themselves struggling to implement big data strategies then the challenge is surely multiplied in smaller businesses with less resources and smaller profit margins. The problem many companies have isn’t the collecting of data; it’s the analysation of the data and then implementation of data strategy. “New unknown-potential data sources emerge, new hardware innovations drive new capabilities, new data management tools and techniques evolve, new open source advanced analytic tools pop out of universities, new edge analytic architectures become scalable” Bill Schmarzo, Chief Technology Officer, IOT and Analytics, Hitachi Vantara. So enters Blockchain technology an innovative solution which is cost effective and user friendly. Artificial and Machine Learning Platforms also remove the need for in house IT Experts and shareable between multiple users. Blockchain becomes a true, current and verifiable record of any and all transactions made through the system as new information updates the system per transaction noted on the system.

Where to next for the Ultimate Tech Partnership?

There are new real world collaborations of Blockchain and Big Data for example a company coupling blockchain technology with big data is Storj, “by distributing big data over a decentralised network, they have made big data storage safer and far cheaper”. Jeremy Epstein wrote in VentureBeat when Storj was testing last year, “One enterprise pilot phase roll out indicates this decentralised approach could reduce the costs of storing data by 90% compared to AWS.” It is an increasingly popular trend that many companies of all sizes will be eager to adopt and we will no doubt see many more collaborations of this sort in the future.

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