Big data was the focal point of development for the past several years, and decentralization is the superstar right now. What could come out of the fusion of these two technologies?
Blockchain is a distributed data system that is verified by each service user, so the data is practically impossible to falsify.
As cryptocurrencies become more and more popular in the trading community and even in the general public, the data and metadata saved on chain rise to enormous levels. The cost of simply preserving these by conventional storage methods can be stupefying. However, the advantage may far outweigh the disadvantage when we explore the potential synergies.
Why are big data and blockchain solving the same problems?
Blockchain identifies the source of data through its ledger, opening the possibility of fully traceable transactions.
Blockchain guarantees that its data are genuine as they have undergone rigorous validation.
Blockchain enables users to exchange data with each other. In conventional network this would create unforeseen problems associated with difference in standards, etc. But blockchain eliminates them all.
The core of blockchain, and the true beauty of it, lies in its consensus mechanism. Any malicious node cannot singlehandedly sabotage the whole system. This means an extra hard time for hackers as they cannot easily break into data silos.
DREP primary and secondary chains can handle different transactions independently. This allows multiple consensus mechanisms to coexist with different data storage, improving concurrency, and are compatible with different applications. Therefore, whether used in a blockchain application, or integration of traditional enterprise software or platform, the corresponding sub-chain can be customized to reduce the entry barrier. After the walls between different data silos are broken down, the synergy between big data and DREP blockchain can reach its fullest potential.
Big Data Analysis
Now that DREP and big data can work together to solve user pain points, but how? The bridge may be unexpected — the DREP dual layer technology. Sure, the key difference of utilizing blockchain is the integration of extra data layers in the system. This feature satisfies the core needs of big data.
On-chain data is tamper proof; it cannot be falsified because of the special structure.
On-chain big data is precious for the reason that distributed ledger is a highly advanced, rich, and perfect source of information.
The recorded transactions can be associated with the financial sector, real estate and many other industries. Thus, the improvements in efficiency in real world applications are enormous. For example, anti corruption, for DREP chain enables the companies and banks to verify trades instantaneously. Currently auditors usually inspect frauds that have cost investors lots of money, but with big data, they will have the ability to prevent the evil doings from happening altogether.
The DREP Chain takes form as a dual-layer structure constituting the main chain and sub-chains to improve scalability and the efficiency of the blockchain infrastructure without affecting security or decentralization. The additional information complexity facilitates big data analysis and enables expert to exert control on company management on a very high level.
Secondly, there is a ubiquitous problem in the tech sector of operability constraint. From project to project and from infrastructure to infrastructure, there is isolation of the user community. This inevitably leads to obstacles in the development of big data. DREP, however, aims to assimilate user accounts scattered across the public chain, even extending this model further to traditional platforms. If user bases can interact with each other frictionlessly, big data analysis would have much higher value and accuracy.
How can blockchain and big data work together and what are the use cases?
Big data is an extremely lucrative industry, and still rapidly growing. The companies generate income of more than 200 billion. Furthermore, by the end of the next decade, the data recorded on chain would take up more than one fifth of the global storage and have yearly revenue of more than 80 billion.
As it turns out, blockchain and big data are perfect partners. The challenge for the future is which project could deliver the best trading models and analytical tools running on multiple layers of the blockchain protocols. The companies that win in this fierce race will attract investment and earn high return for their investors.
DREP is undoubtedly a vanguard in exploring the middle ground between data management and blockchain analysis. In the past, we have consistently made progress in various fields where big data could have the potential to make common people lives better.
The connection of different supply chains are established between companies and their suppliers. Blockchain ensures a viable plan to upgrade logistics by providing unparalleled digital advantages. DREP allows users to authenticate their products by distributed ledger technology. Consumer goods can be managed down to the minute details in the entire life cycle.
Based on the difficulty of corporate financing, DREP designed and developed the alliance chain + private chain solution that serves the financial system of supply chain.
We provide an account receivable financing platform to give full play to the distributed accounting functions of blockchain technology applied to warehousing, logistics, trade, and financial credit. As shown below:
DREP helps to build a credit system inside the enterprises with help of bond and credit, which are the proofs of electronic/digital debts generated in business.
DREP supply chain alliance chain solves the problem of excessive number of enterprises and the high cost of maintaining the account receivable data of individual enterprises.
Certification entails proof and the genuinity of data. Before blockchain, history could be tampered with or falsified. New developments in blockchain technology will greatly improve the power of legal processes. Blockchain guarantees the existence of big data every step of the way.
In addition, where verifiable data ends, contract disagreement could arise. The integration of DREP can create a standard which defines clear legal titles to properties. DREP could stamp the date that the contract was formed, ending any debates about the source.
The synergy of blockchain and big data can lead to a bright future. Together, they can change the whole landscape as data accumulated on chain will gradually become critical to business decisions. These technologies have huge potential, which means that the data collected and verified by big businesses on the blockchain will be critical to companies in the coming years.
DREP token holders interested to participate in the verification of transactions over the DREP network are able to stake their tokens to support nodes in becoming candidate nodes. By actively participating in the network system through staking, token holders enhance network security, safeguard their rights as token holders and receive staking rewards.
As the field evolves, we are likely to witness more improvement in the cooperation of the two technologies. The DREP team has no doubt that our public chain will develop more applications and new ways of doing business will be explored.