There are a lot of people that believe that “Blockchain and Big Data” will be the wave of the future and all financial institutions will embrace this technology as it can provide huge benefits. However, as there are many misconceptions out there, some of which are being promote by the media. It is important that everyone understands that there are many differences between “Blockchain and Big Data”. This article will explain these differences and offer you a better perspective. On how to use these two technologies to help you make more money with your company.
Since the data has such large data and complicate structure. It can’t be processed easily through the conventional data processing systems. Instead, this data sets are being utilize for predicting market trends and behavioral patterns. The need for analytics of big data is indeed quite high these days. Since the world we live in is becoming more automated. There will be a huge demand for the use of large data sets to help with the decision making process.
One of the biggest benefits of using Big Data is its ability to save a lot of time and money.
For example, with the use of a big database. You will be able to process all of your financial transactions at once. By doing this, you will have the ability to conduct more analysis on them. Because the analytics will become simpler and faster, your business will actually get more profits.
With the use of big data, you will also be able to make better decisions. As they will be able to predict market movements, you can use this knowledge to create more profitable strategies. This will also help you make better investments decisions.
However, one disadvantage of using a big database is that the cost of storing. All of this data is much higher than what it is for small databases. This is why it is advisable that you start small and build your database as big as possible.
Also, you need to remember that the biggest problem when using a huge database is the speed and accuracy. This is why it is advisable that you only work with a smaller database. If you are planning to build a business application. Just like a carpenter who uses the bigger hammer to make the nail to hold the board. You should use smaller hammers for building your database. You want to have an accurate and fast database to help you make more profitable decisions.