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Blockchain is a digital public ledger in a decentralized form where it has a system which records transactions done across several computers linked to each other on a peer-to-peer network. Blockchain technology was originally developed for cryptocurrency like Bitcoin but recently it is being used for other application too. Blockchain has potential use in analytics.
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Businesses have been getting a lot of benefits from data analytics. Data analytics usage has increased over the years. One category of data analytics which is revolutionary is predictive analytics. It is focused on predicting about future and give great results basis previous data using techniques like machine learning. The huge obstacle in using data analytics services is getting quality data from different sources and then correlating to evaluate meaningful information. Also, the other issue is if there is enough right data. When there is not enough then the result is not trustworthy.
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Blockchain can be taken equivalent to the cloud application of a supercomputer which makes all types of blockchain backoffice process accessible to the small business. Companies that want to use this analysis can rely on the cloud application to present relevant results. Once the blockchain is implemented the costs obtained by the usage of analytic tools used for the different scenario can also be lessened.
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Blockchain technology can fill the gap as the technology is based on connectivity between different or multiple computers. So, the computational power is gained because of the number of connections similarly the computation model can be defined basis huge number of data sets. The technology can be used to analyze different stored data sets on the computers and then they can be combined to provide a meaningful answer.
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As a potential application blockchain technology with data analytics could be used for marketing strategies. The marketing team of any firm can prepare future marketing campaigns with the help of the data gained from the market. The system basis the data available can forecast price fluctuations in the financial market also.
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Business data requires privacy and security too as usually; business data is confidential data going to benefit the organization in the future. But problems like data breach and cyber-attack every common and happens usually when the business data is accessed by the unauthorized people and their misuse.
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Blockchain technology helps the company safeguard their data from any sort of mishap, thereby giving the users peace of mind. As the technology has protocols which are secure and so it makes hacking a very difficult task. This makes it highly reliable for any sort of exchange of important data and analytics. The fusion of data processing services and blockchain technology is expected to grow in the future. There are a lot of companies planning to move their analytics platform to this next level in the coming years. This could provide an opportunity for blockchain to display its potential and continue with this collaboration. The effective use of this combination offers the organization a competitive advantage over the competitors where the analysis and management of data help the business make an informed decision and at the same time reduce the cost and change the business process.
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