Big Data Challenges : How Blockchain Could Overcome Them?

How Blockchain Can Help In Big Data Challenges

Blockchain  - A rescuer of big data risks and challenges, we have listed around 7 big data challenges above, but the most important challenges are Security, Handling the Quantity and Identifying the Malicious Data. If we can sort out these 3 challenges, then we can easily overcome the other challenges. Blockchain is found to be the remedy for fulflling big data with security, quantity, and dirty data identification.

Blockchain can create fruitful relationship with big data in the following ways

Security - This is the top most asset of blockchain ever. Data’s inside the blockchain are non tamperable

Transparency In Tracking - The another biggest challenge of  data analytics is unable to find the origin of a data. The increased transparency nature of blockchain can easily find from where a data started to flow.

Data’s are Stored in Decentralized Environment - No chance for hacking, as the data’s are stored in a distributed decentralized server. So there is no chance to hack data, without getting validated by each node.

Flexibility In Handling Various Data - Blockchain Doesn’t restrict data in terms of it type, it can store and hold any kind of data.

So by combining all these primary nature of blockchain it could create a fruitful relationship with big data. 

Refer : blockgeeks

Blockchain Use Cases In Big Data

Blockchain is adding kind of characteristic for data while proceeding data analytics process. It results in.. 

• Blockchain generated big data,  which is secured, and can’t be hacked as it is tightened with network architecture. ​
   
• Blockchain based big data, is become more valuable as it can easily differentiate structured and unstructured data.

Refer: towardsdatascience

1. Blockchain ensures Data integrity and hence trust
   
   As blockchain goes through a detailed verification process in order to store a data, it ensures the data quality and integrity .
    
2. Ensures data security
   
   
   It is impossible to possess a data hack in side the blockchain networks, as the entire networks verifies the data with a certain consensus algorithm.
   
   
   
   source : hackernoon
3. Increases Computational power in predictive analytics 
   
   As blockchain integrates structured data in one place, it becomes easy to compute the data and bring better insights.
4. Real Time Data Analysis Become possible
   
   As blockchain provides fast and real time processing access to the data, enterprises adopts blockchain to  proceed real time cross border transactions.
    
5. Provides access to data sharing
   
   As data’s stored in blockchain is accessible for everyone, it prevents data processing teams to proceed data analysis on already analyzed data and reusing them.
   
    

Blockchain in Big Data : Future Statistics

​According to infoworld, The worth of blockchain ledger could be nearly 20% of toal big data market in 2030, and will cultivate a massive $100 billion as annual revenue.

Refer : infoworld

Top 7 Big Data Use Cases in E- Commerce

Big data Use cases in E-Commerce Industry

#1. The use of Predictive Analytics

This analytics can be used to analyze what will be the trend and what will create a buzz in social media by predicting the future with forecasting algorithms. Also, predictive analytics is used to determine what a  customer can buy in future this can be known as sentimental analysis, which will analyze what a customer discussing e-commerce products on social media.

#2. Optimizing the Product Price  

Using real-time analytics in big data can help retailers to enable the best price for goods by tracking through the transactional records, competitors, and other things. So this is why the pricing of a particular product in an e-commerce store often varies. 

#3.Helps to Forecast the Demand

For websites like Amazon, it is very important to execute accurate forecasting on demand, because it is very complex to manage their inventories on shelves. Amazon uses some real time forecasting tools to track the historical data and those tools will have the provision of assessment in demand fluctuations. 

#4.To bring Better Customer Experience 

I. 89% of customers are refused to buy a product in an e-commerce portal, after experiencing poor service with them. 

II. 83 % of customers often require immediate customer support while purchasing a product online. 

Big data lets the business to create a 360-degree view on users in order to bring stressless and optimized customer experience by compiling the previous online/offline transactions, social media discussions, product reviews and etc.

#5.To create Personalized Stores : 

Big data can help e-commerce businesses to create dynamic websites that are filled with the relevant products by tracking the previous purchase history and browsing details of a customer.

#6.To Increase Conversion Rates and sales 

Big data can be used to personalize the purchase by avoiding the cart abandonment. A statistics report that a  huge volume of customers has been failed to make purchases at the last minute, even the product has been listed into the cart.  Businesses and retailers can use big data to offer personalized customer experience in order to prevent such cart abandonment.

#7.Can increase the decision making on micro-moments

Micro-moments are the trend and hot topic on the e-commerce industry last year, and this will be the trend of 2019 and 2020 too. Every customer looks for an immediate solution while purchasing. Around 70% of sales are made through smartphones. So retailers focused to improve the micro-moment decisions by connecting the smartphone technologies with big data analytics. Refer : medium.com

Conclusion

It is clearly shown that big data is directly impacting the increase in sales conversion, increase in customer experience, increase in revenue through advertisements, and finally increase in ROI. As listed above there is ‘N’ number of use cases can be derived while using big data in e-commerce. We have mentioned the top use cases of big data in e-commerce. 

Read more at : how big data can be used in e-commerce industry