The importance of big data and open source for the blockchain

Data Science   |   
Published March 10, 2021   |   

Digital data and open source technology has changed our daily lives. One of the biggest areas that it has become so vital is the blockchain. Blockchain technology has been applied to everything from cybersecurity to cryptocurrency.
In this article, we will explore how open source and big data are being applied to these blockchain technologies.

What is Big Data?

The accumulation of this data has been so rapid since 2010 that a new term has emerged to define this phenomenon: “Big Data.” Big data refers to massive unstructured data set with such complexity that normal data processing can’t manage them. Tools have immediately taken over to manage them, such as Cloud computing, AI and machine learning.
From these professions were born training courses linked to data, which quickly emerged. We are thinking about the training of data scientists who appear to play a significant role in analyzing and managing data. It is also within digital transformation training programs that we find vital subjects around data.

What is Open Source?

Historically, companies have turned to free software because it is cheaper: 33% of business users consider its total cost of ownership (TCO) to be the main advantage of open-source but open source is being used more and more not because it’s cheaper – although it often is – but because it’s better software.
And 29% are turning to open source despite it gives them ingress to the present-day innovations. For instance, big data, artificial intelligence, and machine learning are almost entirely built on free software.
An additional reason to embrace open source, according to Red Hat, which is a significant player in open source, let’s not forget, is: “For us, this is our way of becoming more agile. Not depend on these proprietary companies. We want these chains to be broken.”
Contrastingly, security remains a concern: 38% identify security as the main limitation of using the open-source. This is because, if you don’t keep control of the open-source code, you m
Might miss security fixes. The best-known case is that of Equifax, which exposed 143 million US credit data due to the failure of Apache Struts to update.
Even with concerns, the use of free software continues to increase, however. Over the past year, 68% of companies surveyed have increased their use of open-source bricks, while only 3% have withdrawn from open source. Looking ahead, 59% plan to increase their commitment to open-source, while only 2% of them plan to move away from open-source.
This is because proprietary programs do not have an adequate response to specific open-source innovations. “Take containers, for example. Like much of what happens in the cloud-native space in general, boxes are almost entirely the open-source collaborative development product. 67% of organizations plan to ‘increase their use of containers over the next year. ”

How Blockchain is Leveraging These Tools

In recent years, Blockchain has been a superior computer technology. It is a cryptographically secure and is a distributed database technology for storing and transmitting the information. Each record in the database is called a block and contains details such as the transaction date and a link to the previous block.
The real edge of Blockchain is that it is decentralized. No one checks the data entered or its integrity. However, these checks are carried out frequently by the various computers on the network. These different machines hold the same information. Depraved data on one computer cannot enter the chain because it will not match other devices’ comparable data. However, blockchains increase the transparency of data analysis. If an entry cannot be substantiated, it is accordingly rejected. The data is, consequently, wholly transparent.
However, blockchains increase the pellucidity of data analysis.  If an entry can’t be verified, it is accordingly abandoned. The data is, therefore, completely transparent. Industry pros are also concerned about the impact of Blockchain and Big Data on the environment.
According to evaluation from various analysts, Blockchain could represent 20% of the total big data market by 2030. It would generate more than $ 100 billion, more than PayPal, Visa, and Mastercard combined.
Big Data analyzes will then be essential to follow transactions and allow companies that use the BlockchainBlockchain to make better decisions. This is why new cryptocurrency exchanges like OKEx are emerging to help financial institutions and governments. Other businesses discover whom they are interacting with within the BlockchainBlockchain and find hidden patterns.
But today, in 2020, we think it’s clear that companies are looking to software as an agent of change rather than just a cost center and open source as a central element of the software periphery.