IMPACT OF APPLICATION OF BIG DATA ON CRYPTOCURRENCY
Sandeep Kr. Sharma, Rajiv Kumar Modanval, N. Lakshmi Gayathri, Sandeep Kumar, Chitra Ramesh · 2020
The popularity of cryptocurrency lies in its colossal applications and technologically advanced architecture. Cryptocurrency uses blockchain technology which replaces the traditional cryptographic methods. Although there is still a lot of research going on to find its applicability in various other domains, in this chapter we will discuss the workings of cryptocurrency with its key applications in big data and its impact on it. The world is heading towards the information age where “data is the new gold” and with this rapid production of diverse data, its processing and management becomes chaotic. Thus, big data technology comes in handy that is effective enough to deal with such humongous data (from its processing till its storage), after which there is a dire need for security which can be easily handled by blockchain. Blockchain, whose architecture was designed to address some of the primary concerns like decentralization, privacy, identity, trust and ownership of data and its unique architecture provides some superior features that can effectively manage those concerns. This chapter provides an outlook on big data and blockchain individually from viewpoints of various situations in which both big data and blockchain coexist to ensure data quality in various sectors, including web, health, education and government, by means of diagrams, workings and inner implementations. We will also discuss the importance of Blockchain and Big Data in national development with its various aspects in Industry 4.0 and some other future aspects that need to be addressed. This chapter is designed to give insights into various facets of cryptocurrency, blockchain and big data and how they are combined to perform certain operations pertaining to the tasks of any organization or institution that may be private or public. Also, the various advantages of using this combination for the overall development of any business or nation's economy are discussed.