Big data cryptocurrency-Big data market is predicted to reach a total value of $275 bn somewhere around the year 2023. More and more companies understand the importance of big data analytics and its influence on market comprehension, consumer trends analytics, detection of consumer patterns, etc. With cryptocurrency reaching its peak last year and establishing a stable business front it was only a matter of time when people are going to introduce big data into cryptocurrency mining process. The benefits of combining big data with cryptocurrency are numerous; however, we’re going to check out those which seem to be on top of the list.
Identifying fake and dangerous users
Safety and anonymity are some of the perks of cryptocurrency trade. However, doing business in the dark carries an amount of risk that you could end up trading with criminals or dangerous organizations, which could easily get your business blacklisted. With more than 200.000 transactions per day, it’s safe to assume that this risk is more than real, and such a vast trade volume makes it even harder to track down the flow of currency.
This is where big data steps in with pattern recognition across transactions and in-depth blockchain data analytics. Just by using these two simple tools it’s easy to identify dangerous users and avoid doing business with them.
No matter how secure a system may be, it can still leak information or suffer a hack attack. Cryptocurrencies, especially Bitcoin, are very secure and provide a limited amount of public data; however, with the rising tide of data-based hacking and quantum computer technology, the risk of losing all your hard-earned cryptocurrency is very real. You could think that you’re paying for that essay you ordered on aussiewritings.com and find out that it was just a ruse to break into your private information. In order to identify the potential leaks and security hazards, security analysts use big data analysis so they could improve the overall safety and prevent theft.
Since cryptocurrency value depends heavily on trade volume, it’s important to have some sort of advantage over the market if a person wants to make a profit. According to an article published by IBM’s Ralph Jacobson, there is more than 2.4 Exabyte of data being created on a daily level. Such an ocean of information is a valuable source of data which, when carefully analyzed, can show us in which direction the value and trade volume of Bitcoin or any other cryptocurrency for that matter is going to move.