The Convergence of Blockchain and Big Data In Healthcare (Infographic)
If you are a company who is looking to reduce operational risks and oversee the cost of your compliance, then Blockchain and Big Data would be the right choice. Nowadays 75% of the businesses reply upon Blockchain and Big Data to bring the practical results for both consumers as well as the business.
Apart from cryptocurrencies and online transaction, Blockchain has multiple actions to deal with, they can safeguard your valuable data without any theft as they are developed to be entirely encrypted. Choose Blockchain especially for payment mechanism and for the effective communication.
A competitive business should make use of the Big Data to improve the efficiency and speed; this also reduces your cost as well as increases the profit of your business in a more natural way.
Big data can be termed in eight V’s namely Volume, Value, Veracity, Visualization, Variety, Velocity, Viscosity, and Virality.
Volume: The total amount of data getting uploaded or processed, for example, more than 300 hours of video are getting uploaded to Youtube every minute.
Velocity: The speed of data produced, refreshed, generated or created, for eg: In Search Engines, more than 4 billion searches are made in a day.
Variety: Big Data handles structured, semi-structured, unstructured, click data, log files, sensor data and much more.
Veracity: It’s the reliability of the source data and information.
Visualization: How challenging the data can be visualized to showcase in a better and clear way.
Value: Different values like a better understanding of the customers, process optimization, the right target, enhancing business or machine performance.
Viscosity: It’s the volume of the data measured, the resistance flow can be from integrated data, various data sources etc.
Virality: The speed at which the data gets viral from people to people (P2P) along the network.
The convergence of Blockchain and Big Data in Healthcare
The three important components of Blockchain and Big Data includes Distributed Network, Shared Ledger, and Digital Transactions. The healthcare industry at present is not able to manage or handle the tweaks in data or information exchanges. In this case, Blockchain would be the right choice and are considered to match up the expectations according to the Gartner Hype Cycle.
The Blockchain and Big Data will bring the following benefits to the Healthcare industry.
Both Big Data and Blockchain is considered to be a valuable asset in the spectrum of technology and their success is 100% based on the security they provide to the business transactions and other deals.