Blockchain-powered big data analytics platform

Abstract

As cryptocurrencies and other business blockchain applications are becoming mainstream, the amount of transactional data as well as business contracts and documents captured within various ledgers are getting bigger and bigger. Blockchains provide enterprises and consumers with greater confidence in the integrity of the captured data. This gives rise to the new level of analytics that marries the advantages of both blockchain and big data technologies to provide trusted analysis on validated and quality big data. Blockchain-based big data is a perfect source for subsequent analytics because the big data maintained on the blockchain is both secure (i.e., tamper-proof and cannot be forged) and valuable (i.e., validated and abundant). Further, data integration and advanced analysis across on-chain and off-chain data present enterprises with even more complete business insights. In this paper, we first discuss a blockchain-based business application for micro-insurance and AI marketplaces, which render blockchain-generated big data scenarios and the opportunity to develop trusted and federated AI insights across the insurers. We then also describe the design of a blockchain-powered big data analytics platform as well as our initial steps being taken along the development of this platform.