How Big Data and Blockchain is Changing the World Part 1
Big Data and Blockchain in The Age of Information
We live in the Digital Age where companies around the world use data to gain an upper hand over consumers and competitors alike. It’s a fact of life these days that your data will be collected and used when you search Google, buy a phone, make credit card purchases, or any digital behavior. We are constantly leaving a data footprint for companies to analyze. Multi-billion dollar corporations like Facebook, Amazon, Microsoft, and many more all do it. This is the big data industry and it’s a big player in what drives our modern world towards more profits.
Big data is used in all major industries.
- Government
- Media
- Finance
- Banking
- Healthcare
- Manufacturing
- Education
- Retail
- Real Estate
- Science and Research
- Information Technology
You get the point. From this list you can see big data helps make the world go round.
Fortune 500 companies thrive on data they collect. Data on customers, competitors, and prospective clients help companies make better business decisions when data is analyzed appropriately. There are many reasons data analysis gives companies an edge in ever changing industries and markets.
Six Advantages to Using Big Data in Your Business
- Predict the future with data. It helps companies understand clients and prospective business opportunities better. Consumers are profiled and their data can be used to predict their future demands. Big data enables companies to meet market demand quickly.
- Products and services can adapt quickly. Products are customized to meet market needs.
- Data is used in strategic decisions. Attracting business, increasing value to the customer, and understanding marketplace changes grant a competitive edge in decision making.
- Gain customers through personal interactions. Advertisements aren’t always random they are purchased to reach a target audience. An example would be an ad on FB showing Hewlett-Packard’s new laptop because you browsed for “Best Laptops”. Your data was collected and used to the company’s advantage because you’re more likely to be a customer than someone who browsed cute kittens.
- Create business goals. Goals are better reached when data can help companies think strategically, track progress, and meet business needs.
- Analyzing data improves business operations and marketing. Data collected on day to day business practices helps companies decide if they will be effective or not.
Where Blockchain Technology and Big Data Meet
Blockchain technology is very similar to big data in how it can be used to benefit businesses. It is shaping global business in the same industries as big data. In my opinion blockchain technology is evolving to fill the gaps big data misses. The compatibility between blockchain and big data allows them to work in tandem, benefiting companies large and small.
Simple data analysis grants a competitive edge but falls short compared to the landmarks blockchain can achieve. With it, companies can do more than just analyze data.
Blockchain has already made exciting developments to benefit people and companies across the globe. Stay tuned @beartooth-clark tomorrow for Part 2 of "How Big Data and Blockchain is Changing the World" to learn what advantages there are to using blockchain in your business.
I feel like an idiot for not buying Bitcoin last year at $700-$800. Makes sense that crypto is here to stay, but not sure if Bitcoin is the Myspace waiting for a FB to come along.