The rise of cloud storage has helped companies collect and manage massive amounts of data. Data comes from corporate systems, Internet of Things objects and unstructured sources like online forums. New analytics tools like Hadoop help companies make sense of that data.
Yet simply having data and analysis tools doesn’t mean the results of an analysis are meaningful. Getting true insight from data depends on the data being correct. With the many sources that feed into data lakes and the many transformations big data goes through to be processed, there are many possible ways for errors to be accidentally or deliberately introduced. It’s no surprise, then, that one survey found only a third of executives trust their analytics programs.
This lack of trust in the data not only limits its use within the enterprise that collected it but also limits the potential for companies to monetize their data by sharing it with others.
The solution to these problems may be found in an unexpected source: the blockchain technology that supports cryptocurrencies like Bitcoin.
Blockchain and Data Quality
As a technology, blockchain became famous along with Bitcoin, and most companies probably think its relevance, if any, is as another payments technology.
The right way to view blockchain, …