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The big data era is upon us. Every single day a huge amount of data is getting generated. Facebook alone has more than 300 petabytes of data which contains personal profiles, pictures, videos, and messages of its users. The generation and availability of such a huge data set have lead to the introduction of various new domains like Data analytics, Big data, etc.

Data Collection and Data analytics have lead to the understanding of the why, when, who, how, and what of human behavior. And this understanding has fired innovation and development across many fronts be it economic, social, political, or medical. Big data is undoubtedly a big asset for the global economy.

Big data consists of a massive volume of both structured and unstructured data which is so humongous that it is nearly impossible for a traditional system to process and analyze it. Though companies are collecting data for giving a better experience to their customers but there are very massive challenges around this data like data privacy and data security to name a few.

There have been many cases of data theft, and misuse of personal data that have led to a sense of insecurity and distrust in this ecosystem. But at the same time, the potential of big data in making striking contributions to the development of the global economy can’t be neglected. And therefore the need of the hour is to develop an ecosystem where the benefits of big data can be reaped without compromising the security and privacy of the users’ data.

Enter Blockchain Technology. Blockchain is a perfect companion for big data that can complement it to mitigate these issues.