Learning Objectives

By the end of this chapter, you will be able to:

  • Define Big Data and its key characteristics (the Vs).
  • Define Blockchain and its core concepts of decentralization and immutability.

Big Data

Big Data refers to the extremely large and complex datasets that cannot be easily managed or analyzed with traditional data processing tools. It is often characterized by the “Vs”:

  • Volume: The massive scale of the data.
  • Velocity: The high speed at which the data is generated.
  • Variety: The different forms the data can take (structured, unstructured).

Blockchain

Blockchain is a distributed and immutable digital ledger. It is the technology that underlies cryptocurrencies like Bitcoin.

  • Distributed/Decentralized: The ledger is copied and spread across a network of computers. There is no central authority.
  • Immutable: Once a transaction (a “block”) is added to the chain, it is extremely difficult to alter or remove.

This structure makes blockchain very secure and transparent.

Summary

Big Data and Blockchain are two of the most talked-about trends in technology. Big Data refers to the challenge and opportunity of working with massive, fast-moving, and varied datasets. Blockchain is a revolutionary technology that provides a secure, decentralized, and immutable way to record transactions, with potential applications far beyond just cryptocurrency.

Key Takeaways

  • Big Data is characterized by its volume, velocity, and variety.
  • Blockchain is a distributed, immutable ledger.
  • Blockchain is the technology behind Bitcoin.

Discussion Questions

  1. What are some of the sources that generate “Big Data”?
  2. What are the main advantages of a decentralized system like blockchain compared to a traditional centralized database?
  3. Besides cryptocurrency, what is another potential application for blockchain technology?