The Convergence of Big Data and Blockchain – Disrupting the Business of Data Analytics
This white paper, brought to you by the Brightline Initiative and the Blockchain Research Institute, explores how distributed ledgers will change business models dependent on free big data. The author examines the data challenges of Caterpillar, Skullcandy, and the Avis Budget Group. He also explains what Telstra’s muru-D accelerator is doing with blockchain start-ups. Distributed ledger technology will enable instant payment networks, loyalty schemes, aggregated metadata, multi-jurisdiction processes, and transactions within multinationals, potentially without liability for customer data and in compliance with EU General Data Protection Regulation.
Idea in brief
Big data is eating the world. Slowly we will begin to see the enormous implications of this mega trend. Big data offers organizations enormous possibilities to improve their products, services, and operations.
Big data also results in enormous challenges for consumers, revolving around privacy, security, and ownership, as well as organizations, including changing data-governance practices and the sharing of data among industry players. Not meeting these challenges could undermine the competitiveness of every organization—or worse, directly undermine our democracy.
Blockchain offers us a means of improving how organizations apply big data to preserve consumer rights to privacy and security. If designed and programmed carefully, smart contracts could help share data effortlessly and the mutual benefit of the sharer and recipient.
By using self-sovereign identities, consumers could recover and manage ownership of their personal data and the data they generate online. For consumers to assume better control of their data using blockchain, they will need to be educated on the use of public and private keys.
We live in exponential times, and organizational leaders today should investigate how big data and blockchain will affect their business, if they want to be leading these organizations tomorrow.