Introduction to Blockchain and What it Means to Big Data

Using the Blockchain development technology for storing Big Data can be cost saving for companies..Blockchain has the capacity for storing vast amounts of data, and that took over long periods of time..Companies can opt for storing the data on a decentralized network structure with the use of Blockchain..Owing to this technology, enterprises will not have to incur costs for data storage platforms..An additional benefit of using the Blockchain to handle Big Data is the application of Smart Contracts functionality..By coding the necessary information, the smart contracts can perform transactions automatically..This can have a major impact on reducing the transaction costs..Real Life Scenario of Blockchain and Big Data One of the real-world instances where Blockchain and Big Data were used hand in hand was in the banking sector in Japan..Approximately 50 Banks formed a consortium and arranged with Ripple..Ripple is an open sourced network built on the Blockchain technology..Globally, Ripple ranks the third in market capitalization..This alliance was entered with the intent to use the Blockchain technology for risk-free and low-cost transactions.. More details

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