There are quite a lot of different benefits to the proper utilization of data within your business practice, such as:
There are two types of data that you can collect through different means, quantitative and qualitative. While the quantitative data is the bulk of data you gather through a data collection process, it's virtually useless without refinement.
Quantitative data is the collection of raw data, which entails all transactions. You get raw data from databases and all available sources.
While you can later convert quantitative data into quality data, the raw data by itself is hard to make use of. Quality data, on the other hand, can give you some critical insight. This insight will later help you make important business decisions.
What is Data Mining?
Data Mining might sound like the process of gathering raw data, but it's not. Data mining is the process of discovering patterns within already existing and collected raw data to refine it.
This is not the final form that data takes, though, as its filtration properties are virtually infinite — recognizing patterns within raw data to extract into a more reliable state. This data can be utilized by itself or refined further through a process known as Data Processing.
What is Data Quality?
Data quality is the general quality of the data that is stored within a database. Different factors determine data quality:
What is Data Processing?
While data mining is a form of data processing, data processing is its practice. Data processing is the process of further refinement of your data. Data processing is the final, and therefore longest step of data refinement and is the last step you take before you're presented with valuable data.
There is an abundance of different ways individuals and corporations can process their data. The technology itself is young, new-coming, and relatively complex, all of which contribute to its currently high price.
The sophisticated technology that is used to filter and process data is relatively expensive, which is the main reason that corporations strive to outsource their data processing needs.
Several corporations that offer Data Processing Services at an affordable price, and they're currently the main driving force behind the technology itself.
What is Blockchain technology?
Blockchain is a revolutionary new technology that has found its use in numerous different industries. It has been popularized mostly by cryptocurrency, of which it's one of the pillars.
Blockchain technology is virtually a list of data records that are stored in "blocks." These blocks are then linked together through cryptographic means, preventing them from being edited and corrupted.
Each one of these blocks contains a cryptic timestamp, transaction data, and information of the block before it, ensuring maximum possible protection from any malicious intent.
Why is Blockchain so important?
Blockchain is a safe method of storing data, as its core idea makes it impervious to modification of the data stored within it. It's a ledger that can record and maintain transactions between two parties in a safe, permanent, and unmodifiable way. It's why it is one of the building blocks of cryptocurrency.
Blockchain is managed by a P2P network that coheres to an internode protocol, which is used to create new strings of data.
The decentralized algorithms that run blockchain validate data in such a way, which makes it almost impervious to any manipulation or malice.
How are Blockchain and Data related?
Data technology has been revolutionized since the introduction of blockchain. Blockchain has provided the market with instrumental ways of keeping and improving data quality, which in turn offers corporations with better data.
Data is integral in any business, and data refining is one of the most significant driving forces of any business decision. Business decisions are made through market analysis, business statistics, and consumer habits, all of which are available through data mining.
Data quality is important. As businesses and corporations can't benefit much from the raw data itself, gathering as much quality data is always preferred to gather as much data.
Blockchain is not revolutionizing data itself but is changing the way information is being stored. With more efficient storing comes numerous different benefits which further enhance the field of data science.
With better-storing data, analysts and programs can access and inspect large amounts of data in a much quicker manner, significantly cutting down on costs of operation. This increases ROI by quite a hefty margin.
While in the past, data has been stored within something known as data warehouses and vast company databases. This form of storage has been the industry standard for quite some time yet is riddled with numerous privacy and accessibility issues.
The bullet-proof design of blockchain technology removes these problems, as blockchain ensures privacy, security, and optimizes the speed of which the data can be processed.
Privacy and security are extremely important when it comes to data, as data leaks can ruin a business faster than anything else.
Everything is considered data, such as financial information, private information, or important business secrets. Leaking this can not only be financial suicide but can provide an abundance of legal issues as well.
The added safety that blockchain provides and will keep on providing is going to change the way data is viewed. Blockchain is the next logical step within data analysis, storage, and processing.
What does the future hold for this combination?
While blockchain is a relatively new technology, data science isn't. Data science has been advancing ever since the 50', in one way or the other.
Blockchain has changed numerous different industries since its widespread implementation, data analysis, storage, and general science being one of them. While blockchain has it's own evolution to go, though, data science and improving data quality is just another step for the technology.
The marriage of these two technologies is bound to improve both of them in one manner or the other, providing data science with a safer, faster, and optimally better modus operandi, and bringing blockchain more popularity, spreading its influence.
Blockchain Technology for Data Quality entails the new dawn of technological advancement, and it's only improving by the day.
Carla Miranda is the Business Development Manager of Data Entry Outsourced and has a great experience of 10 Years and Provides the best outsourcing service to clients across the world. She is confident in her work and assures the safety of data and grantee to keep it confidential, by utilizing proper protocols with the use of updated technology. The main goal is to provide Client Satisfaction and helps to evolve through the improvement of Data Entry Management.