How Big Data and Blockchain is Changing the World Part 3
The Evolving Big Data Industry
There is a lot of talk about the revolutionary technology called blockchain. In case you didn’t know, blockchain technology is the future of business operations for industries worldwide. Blockchain is driving discoveries and evolving the ways companies use big data. Today I will try and explain why it makes sense client-server database structures are being replaced with blockchain databases.
Before we begin if you’d like to understand more about big data feel free to read Part 1. For why blockchain is good for business click Part 2.
Blockchain Basics
Blockchain based data structures are able to distribute data to peers. Blockchain peers operate nodes on specially programmed computers in order to perform the necessary computations. Nodes form a backbone for performing administrative actions on the blockchain instead of relying on a central server to interact with data.
On the blockchain, data is stored in blocks. Blocks store big data and also technical data about the block’s contents, origin, and fingerprints. Fingerprints, or a hash, keeps a ledger of who * touched * the block and other details.
Cryptography Secures the Blockchain
Did you ever write coded letters when you were young? Maybe you wrote down coordinates to a secret fishing hole and didn't want certain people to find out? In order to read the data you have to know the key right? A fingerprint, or hash, stores these keys in the block. It creates unique digital signatures in the block. Using public and private keys the algorithm is solved confidently and securely.
How Algorithms are Performed
Peers operate nodes on specially programmed computers. Administrative actions on the block and its data are performed only after nodes verify and solve each block. The hash, or digital fingerprints contain the hash data required for the algorithm. After hashing, a new block can be created. This allows data to be updated and shared with the blockchain automatically.
This method of harnessing decentralized computing power proves blockchain can handle big data better than centralized client-server applications because it is peer to peer. Without any central influence authentication with blockchain happens independently . Nodes come to a consensus a block can be trusted after blocks are solved correctly and meet all hashing requirements.
I hope you enjoyed my summary of how blockchain works on a fundamental level. If I misunderstood my research please help me clarify any mistakes. Steemit is for learning! Stay tuned and follow me @beartooth-clark
I haven't went to technical in understanding how steem blockchain works but I guess you are right. Big data on the blockchain probably will be the future. Let's see all the big companies like Google, Facebook, Microsoft and others, all serve their content from multiple servers like nodes on the blockchain. It provides reliability and stability, less downtime, faster responses.
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