As we enter the digital age, our lives get completely surrounded by a large amount of data. Be it pictures, videos, documents, records, and whatnot. With the increase in the size and amount of data, the need for its organization and maintenance increases.
Big Data refers to huge bundles of information whose capabilities are determined by proper analysis of this data.
Now how can this help the budding world of cryptocurrency?
Big Data Analysis can be used for identifying various patterns that could indicate criminal activities. This could help strengthen security and reduce frauds. Though investors and enthusiastic owners are very well aware of common scams, as the reach of digital currency is increasing its radar, hackers devise new methods such as installing malware or fake wallets. All this would then be prevented by a shield data analysis provide.
Today the buyers are in a sheer gamble with the volatility of cryptocurrency as each step tells a different story. The prices boom and crash without any warning which causes great havoc amongst the investors and thus knitting a series of trouble for everyone involved. Big Data can perform a detailed analysis and provide information regarding further possibilities.
Blockchain may lead to a new world of data monetization because :
As the data is shared amongst all the transactions made and the users access the same data, its quality and analytics are accelerated.
The collective information is kept in a single file instead of multiple files and folders and so accessing complete data is easier.
Users have complete control over their data without the involvement of any third party.
Now let us talk about Big Data Coin. Heard of this term before?
Well, Big Data Coin is a blockchain based smart contract cryptocurrency that enables its users to monetize their own data and works on the person’s e-footprints on various devices. It does not invest in projects neither does it earn profits. No profit-sharing mechanism is available. So it is very different from Bitcoin, Ethereum or other cryptocurrencies as it has absolutely no dependence on the market.
Its mining process is very intriguing as well. This currency is generated by any devices activities and is a function of user population and time passed. No mining servers are required and the only pre-requisite is an electronic device. It is a path-breaking feature that may lead to a new path in the world of cryptocurrency and data analytics.