Big Data, Blockchain and cryptocurrencies are expected many things, and all are good
The cryptocurrencies have dominated the headlines in recent months, especially for its extreme volatility. Although many of the people who negotiate in real time in this new market may not be thinking about the links between cryptocurrencies and big data, the possible results are promising.
Protection against intrusions
Many banks and credit card companies use software based on Big Data to obtain patterns that could indicate criminal activities. In this way, big data could benefit cryptocurrencies, reducing fraud and detecting other instances of use that could potentially encourage illegal practices.
Experienced investors already know the most common cryptocurrency scams, but if public interest in digital currencies continues to rise, crypts will also be a target in the minds of digital crooks, who will constantly look for new ways to break into trading platforms. , devices and digital wallets of users to do their thing.
Big Data-driven applications could take proactive roles by identifying the factors that suggest infiltration attempts are in progress or about to occur, helping to prevent hackers from succeeding in their attacks on someone else's property.
Monitor volatility
The main characteristic of cryptocurrencies, which causes investor stress, is their likelihood to fluctuate drastically in value. Most people have seen stories about how the price of Bitcoin has undergone major changes in short periods of time, both up and down, on a roller coaster that seems not to stop.
Those who decide to put their money in the cryptocurrency game are generally aware of this and choose to accept it. However, most of them would undoubtedly appreciate being able to receive long-term data that would constitute a guide to carry out their movements with greater confidence.
In the same way that people associate cryptocurrencies with volatility, they often link Big Data with the ability to filter large amounts of information. It makes sense, then, why Big Data techniques could be useful to identify trends.
Big Data could analyze an infinity of aspects related to the cryptocurrency ecosystem, build scenarios and then deliver information that would be of interest to those seeking short and long term gains in the markets.
Impulse for new companies
Historically, numerous barriers have prevented cryptocurrency startups from obtaining the necessary funds to become profitable. However, the ideas offered by Big Data are eliminating some of those obstacles.
For example, Big Data is partly responsible for making the blockchain technology, which most cryptocurrencies use, safer. This reinforced security could make investors more willing to commit their funds, of course, also evaluating the other aspects of a project.
In addition, when companies decide to use blockchain technology, Big Data could be one of the keys to discovering information about each transaction. In this way, those in charge of both incipient and well-established companies could make smarter decisions.