Blockchain and Big Data: Supportive Aid for Daily Life
Awais Khan Jumani, Asif Ali Laghari, Abdullah Ayub Khan · 2021
This Chapter studied both Blockchain and Big data which brings innovative opportunities around the world by changing businesses operations. There is no doubt that this technology has revolutionized finance and many other fields. It places Bitcoin transaction in blocks, and then connects them in chronological order, because each block has the hash value of the previous block. These all blocks use time-stamps and cryptographic techniques to record data in blocks. In order to add a block to the chain, a transaction must be made, verified and stored in the block. After adding a new block to the blockchain, it will automatically update like news feed of Facebook and the block will be publically available to anyone. The purpose of this chapter is to understand the current research challenges, and future directions of blockchain from technical perspective. In this chapter, we will have analyzed the current quality concerns in blockchain implementation (scalability, usability, data privacy, data security, lack of interoperability, lack of understanding and implementation costs), determined the attributes (anonymity, reliability, transparency, autonomy, immutability, data integrity and security), and also defines the concepts of blockchain, smart contracts in industries and type of blockchain (public, private, hybrid and consortium blockchain).