ABSTRACT
Industries are spending greatly on big data analytics as it helps in strategic investments. Improving the computational efficiency of analyzing complex data sets is becoming significant. As per various forecasts, big data analytics is estimated to be a 103 billion-dollar industry in the coming years. While there are multiple means of data acquisition, data storage is hindered by security means. User-owned systems are constrained in their storage power, and thereby for big data to be stored, the aid of centralized cloud servers is needed. Most cloud servers are owned by private organizations that have control over the users’ data, thereby affecting the privacy of the data. Various critical applications involve the storage and exchange of sensitive data where user control is essential. Thus, an alternate decentralized system that ensures data trust and users’ control over their data is necessary. Furthermore, the inaccuracy in the data input to the machine learning algorithms leads to incorrect training, less throughput and decreased efficiency, and wrong results. Blockchain offers a viable solution to these issues, providing security, privacy preservation, fine-grained access control, and veracity.
