CHAPTER 10
IMPACT OF APPLICATION OF BIG DATA ON CRYPTOCURRENCY

Sandeep Kr. Sharma,1 Rajiv Kumar Modanval,2 N. Gayathri,2 S. Rakesh Kumar2 and C. Ramesh1

1 Bannari Amman Institute of Technology, Sathyamangalam, India

2 Galgotias University, Greater Noida, Uttar Pradeshâ^, India

Abstract
The popularity of cryptocurrency lies in its colossal applications and technologically advanced architecture. Cryptocurrency uses blockchain technology which replaces the traditional cryptographic methods. Although there is still a lot of research going on to find its applicability in various other domains, in this chapter we will discuss the workings of cryptocurrency with its key applications in big data and its impact on it. The world is heading towards the information age where “data is the new gold” and with this rapid production of diverse data, its processing and management becomes chaotic. Thus, big data technology comes in handy that is effective enough to deal with such humongous data (from its processing till its storage), after which there is a dire need for security which can be easily handled by blockchain. Blockchain, whose architecture was designed to address some of the primary concerns like decentralization, privacy, identity, trust and ownership of data and its unique architecture provides some superior features that can effectively manage those concerns. This chapter provides an outlook on big data and blockchain individually from viewpoints of various situations in which both big data and blockchain coexist to ensure data quality in various sectors, including web, health, education and government, by means of diagrams, workings and inner implementations. We will also discuss the importance of Blockchain and Big Data in national development with its various aspects in Industry 4.0 and some other future aspects that need to be addressed. This chapter is designed to give insights into various facets of cryptocurrency, blockchain and big data and how they are combined to perform certain operations pertaining to the tasks of any organization or institution that may be private or public. Also, the various advantages of using this combination for the overall development of any business or nation’s economy are discussed.

Keywords: Blockchain, artificial intelligence, smart and sustainable

10.1 Introduction

Cryptocurrency and big data have been trending topics over the past decade so it’s a matter of fact that they have emerged to become one of the greatest centers of interest of researchers, inventors and also developers in the past several years. Cryptocurrency and big data combine enormous technological power and on a global scale they are also attracting investments in values ranging from billions to trillions of dollars. Cryptocurrency uses blockchain technology which is also in full swing, and thus it can be stated that both blockchain and big data are complementary technologies and thus they can coexist. So, using the blockchain technology can add an additional layer to the big data analytics procedure.

The blockchain can act as the heart of all other computer technologies. It is cryptographically secure and robust, and acts like distributed database for processing, transmitting, receiving and storing the data. A record in the database is known as a “block” that contains details of transaction, date, time and a reference to its previous block.

The key component of the blockchain is its property of decentralization [45], in which there isn’t any central party or institution to keep control of the data and its form, although checks are made continuously by many computers on the network. The same data can be held by different machines. Also, corrupted or manipulated data on one machine cannot enter in the chain of blocks as it will fail to match the same data held by the other computers. So, we can simply say that as long as it is connected to the network the information remains in the same state.

Blockchain does not have any centralized ledger to store transactions. In the blockchain network every user verifies the transaction block after which it is added in the chain to process so that data stored is invariant and no one can modify it.

The ledger or records data in the blockchain can be related to trades, real estate and dozens of other such domains. As big data analytics is highly used and practiced in Industry 4.0 (focused on data) and blockchain is transparent, the combination can lead to enhanced procedures for data analysis in a transparent manner. For example, it can be used for market fraud detection and prevention, as blockchain technology allows all the individuals on the same network to capture each and every transaction on a real-time basis. Thus, instead of searching for the fraud records that already happened and analyzing them, the fraudulent or risky transactions can be filtered out so as to prevent the fraud from happening. In this way we can prevent fraud before it happens. There has been a lot of cryptocurrency news lately around fraud and volatility, but the impact of big data and real-time analysis could change that in upcoming days.

10.2 Related Studies

Blockchain and big data are emerging technologies of the 21st century and are so popular that they carry a huge range of applications, many of which are under research in various practical and scientific scenarios. Since these are top trending as well as interesting technologies, there is ample research going on due to which the internet is full of information related to these topics. If blockchain and big data are independently very interesting, then what happens when they converge?

The answer to this question is found in this chapter, in which you will be briefed on some of the case studies and proposals related to cryptocurrency with big data, along with its introduction, how it works, its applications, and its future.

The next big cryptocurrencies will be a combination of big data, cyrptocurrency and blockchain technology working in coordination with each other so as to achieve the common goal with utmost accuracy and efficiency. An interesting application like managing health records and securing them with a keyless signature using blockchain can be found along with its related work in [46].

Some recent reviews in application of blockchain in big data are referenced in [40]. As mentioned in various sources, blockchain and big data are the top topics in their fields and highly efficient alone. So, what will happen if they converged with each other; will the end result be superior or just better? The answer to this question will be seen in the upcoming topics.

Before we start, let’s analyze the following graph. It is pretty clear that there is unconstrained data growth which is seen from GBs to ZBs. This graph is according to AWS Amazon cloud services.

Graph illustrating the growth of big data from GBs to ZBs. Two arrows ascending to the right are observed. The thick arrow is labeled “Exponential Growth is seen from Gigabytes to Zettabytes.”

Figure 10.1 Growth of big data from GBs to ZBs.

10.3 Cryptocurrency

Cryptocurrency is one of the trending technologies of the 21st century which uses blockchain, another emerging technology of this era. It is a digital currency in an encrypted format that uses cryptographic techniques for its security. Satoshi Nakamoto [8] invented the first cryptocurrency named Bitcoin in 2008 and it has been in circulation since 2009. Bitcoin is the most celebrated cryptocurrency on the market since 2009 and has become an icon of cryptocurrency [4].

Cryptocurrency transactions are untraceable, anonymous and have created a barrier for illegal transactions like illegal drug trade and illegal purchases, etc. Because the currency has no central storage, bitcoin accounts and its payment processes have no jurisdiction. For cryptocurrency supporters, the primary strength of this technology is its obscurity, despite the potential for illegal abuse, as it enables the transferring of power from institutions to individuals.

Area graph illustrating the number of bitcoins in circulation on the market and its growth over the last few years.

Figure 10.2 Expected growth of bitcoins based on past data.

Figure 10.2 shows the the number of bitcoins in circulation on the market and its growth over the last few years. Bitcoin was invented in 2008 but has been in circulation since 2009 and is growing every day.

10.3.1 How Does a Cryptocurrency Transaction Work?

In a cryptocurrency transaction, the sender creates an e-coin in a series of hash codes. It is then circulated among the other users (connected using blockchain) on the network. Every user then retransmits the e-coin to another user by digitally signing it with the public key of the next user and hash code of the previous transaction then adds this at the last e-coin. For verification of chain of possession a beneficiary has an option to verify the digital signature. One big problem is that the beneficiary is not able to verify whether a user spends the e-coin two times or not. Here’s a solution to this problem: Cryptocurrency holders can make a central monitoring team which keeps track of all transfers of e-coin for double-spending. When the transaction is completed the e-coin will returned to the issuer or authority for issuing a new e-coin. The e-coins that are only issued by the central authority directly guarantee the misuse of e-coin. This solution leads to a system where all the transactions go through a central authority owned by a company, just like banking systems. We need to find a way in which the beneficiary can check whether the previous user signed on any earliest transaction or not. The only way to verify that the transaction is not present is to have all the sensitive info about all the transactions. In this model, the central authority has knowledge about all the transactions, like which happened first or last, etc. To implement this model without any trusted third party, the ledger is available for the public, and we need to make a system in which all the owners are in agreement on the transaction in the same order of transactions in which they were received. We need to ensure that the time when the first transaction is received and then the maximum nodes are agreed upon. [17]

10.3.2 The Cryptocurrency Market

The cryptocurrency market emerged in 2008 when the economic crisis affected the whole world and forced investors to search for other options that could guarantee that their money was in safe hands. Before 2008, people were investing their money in banks, expecting it to be safe and growing; but the main problem in the banking system is that the banks also invest our money in various places and give loans to other people to earn money. In some instances, banks face terrible losses which they can’t repay or simply declare bankruptcy. In that case, in India investors only get up to 1 lakh including interest from the Reserve Bank of India, and it doesn’t matter how much you invested. Due to all these problems, investors started looking for a new field where they could invest without any risk of losing money. When the cryptocurrency called Bitcoin first came on the market, investors started taking interest in it, which was the key reason for the boost in its growth. Once the market for cryptocurrencies started growing, there was no going back. At the present time, there are 2,322 cryptocurrencies on the market with market value of 349 billion US($); and the top 10 cryptocurrencies having a market value of 282 billion US($). Bitcoin leads the cryptocurrency market with a worth of 203.7 billion US($) (as of July, 8, 2019) [42]. Apart from that, the bitcoin is much more popular than other cryptocurrencies. According to data, at the present time a total of 17,951,237.5 bitcoins are in existence; the number of bitcoins keeps changing every 10 minutes until new blocks are mined, each block having 12.5 bitcoins. According to a report, 144 new blocks are mined everyday. This means that 1800 new bitcoins come on the market every day, with a total of 3,048,762.5 bitcoins left to be mined [41]. Market value of one bitcoin reached 20,000 (US)$ at the end of 2017 and an average value of 8000 (US)$ is maintained at the present time [1].

Many researchers are now looking for the parameters of cryptocurrency and have considered many factors like regulation, ambiguity in policy [18], economic process [19], world uncertainty [20], the price of production [21], user characteristics [22], monetary laws [23], and monetary stress [24].

10.3.3 Future of Cryptocurrency in a Country Like India

The new peer-reviewed commercialism through cryptocurrency in the Republic of India competes for a vital role in encouraging individuals to form investments and earn profits. The monetary services system’s most significant role is the allocation of economic capital between totally different economic activities. Essentially, due to Bitcoin’s commercialization individuals from every financial background have earned a great deal. In India, Bitcoin is one of the types of digital cash. It has been listed as the foremost type of cryptocurrency. This digital cash isn’t controlled or regulated by the central government; however, it is managed and controlled by its developers. Bitcoins have gained quality and a sharp increase in their worth over a short span of time. However thanks to a number of its limitations its future cannot be foretold with certainty. Currently, this kind of digital cash has begun to be accepted with some caveats. Because of its high volatility the Indian government has issued three warnings (in December 2013, February 2017 and December 2017) to individuals not to invest in bitcoins [26].

A statement released by the financial institution (RBI) stated that [25]: “Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others. Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.”

10.4 Blockchain

As its name suggests, blockchain is a chain of blocks which was implemented in 1991 by a group of researchers. It is an increasing list of records or ledgers called blocks. All the blocks are interconnected using cryptography technique, with every block having transaction data, a timestamp and a hash code of the previous block generated using cryptography technique. Blockchain is the trending technology nowadays, and it’s the backbone of cryptocurrency. Satoshi Nakamoto adopted blockchain in 2009 and using this technique he invented bitcoin as the first cryptocurrency. After the implementation of bitcoin, many other organizations adopted blockchain to produce new cryptocurrencies, the result of which is that there are approximately 2,322 cryptocurrencies now being traded with total market value of 349 billion US($) (as of July 9, 2019). The top 10 cryptocurrencies capture 85% of the total market value [8].

Cryptocurrency and its impacts are tightly linked to blockchain technology [10], which governs how Bitcoin works and the basic behavior of the other digital forms of cryptocurrencies. As per reference [9], the distributed ledger technique was adopted by Blockchain that allows buyers and sellers to directly use cryptocurrencies for their transactions, which are permanently stored in the form of a distributed ledger digitally without involvement of any central authorities so as to make it easily accessible to the public. As this technique provides so much transparency it is harder to deny the transaction, also the details of each and every transaction is timestamped (the encoded information in the form of a sequence of characters identifying the occurrence of any event, usually the date, time, etc.) and saved, which makes it nearly impossible to manipulate the content or delete it. So, technically, each and everyone in the peer-to-peer network acts as the authority and their activities are stored in an irreversible way so as to ensure the integrity of transactions and make them least susceptible to damage and tampering [11].

How Blockchain Works

Blockchain is nothing but an increasing list of records known as blocks. These blocks are connected using standard cryptographic techniques, which is a set of processes that are encrypted at the source and decrypted at the destination to guarantee a secure communication of data. Most cryptocurrencies use blockchain technology. Satoshi Nakamoto was the guy who adopted blockchain in 2008 and invented the very first cryptocurrency called “Bitcoin.” As Blockchain uses distributed ledger technique for processing and keeping transactions, the record is distributed among the blocks connected inside the blockchain. Once data (status of transaction) is written, i.e., transaction is complete, then it is not possible to modify the status or manipulate the data. The way in which it works can be seen as an electronic affidavit. In Blockchain, to avoid annealing of information, a timestamp is used, which is nothing but encoded information in the form of a sequence of characters identifying the occurrence of any event, usually the date, time, etc.

Image described by caption and surrounding text.

Figure 10.3 Schematic of how a blockchain works.

As shown in Figure 10.3, if a client wants to initiate a transaction then the client needs to request the block for that transaction, as shown in the second step. The block is then broadcast to all other nodes connected to the network; once the nodes receive the block they certify it, after which the block is added in the chain for execution.

10.5 Big Data

10.5.1 Introduction

Big Data is a field that treats ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing software” [27].

The term “big data” refers to massive amounts of data that are mostly real-time and still growing at an exponential rate without maintaining any proper format. The term, which was popularized by John Mashey, has been used since the 1990s. Big data plays a very broad role in processing and analyzing humongous amounts of data that is not within the reach of any normal software or tool. One more thing that makes this a super-effective technology for dealing with huge data is its ability to process and analyze any type of data whether it is structured, semi-structured or unstructured. It can efficiently do its work. Briefly, big data is so voluminous and complicated that none of the normal tools and software, like database management systems, are capable enough to process it and store it expeditiously. According to a report by Forbes, each and every minute around the world, internet users watch 4.15 million YouTube videos, 456,000 tweets are tweeted on Twitter, 46,740 photos are sent on Instagram, and about 510,000 comments and 293,000 status updates are made on Facebook! Billions and trillions of bytes of data are created daily at a rate which is rapidly increasing. One of the technologies responsible for creation of such data is the internet of things (IoT), in which each and every device connected to the internet captures, shares and processes data in real time at very high rates.

The graph below shows the exponential growth of big data research studies by various people in different formats. As seen from the graph, research has grown higher and higher and continues to be reflected in research papers.

Pie chart illustrating the growth of big data in various fields, with seven segments for research paper, general review, technical paper, conceptual paper, literature review, case study, and viewpoint.

Figure 10.4 Growth of big data research studies by various people in different formats.

10.5.2 Importance of Big Data

Big data in itself has great value, due to which it is basically changing the way we work, think and live. The importance of big data in various fields is described below.

10.5.2.1 Importance in the Development of a Nation

We live in the age of data, where data is the most valuable asset. We conduct about 63,000 Google searches per second. Broadly speaking, the use of IoT devices, internet, emerging IT technology and cloud technology are a great source of data which is being created at exponential rates. To manage and process this much data we need some new types of data structures, the design of which is becoming more complex every day. So, there is the need for deep analysis [44] and utilization of big data, which will lead to the continuous growth of a country’s economy and increase competition among companies.

10.5.2.2 Aspects of Industry 4.0

Industry 4.0 is often said to be the fourth industrial revolution. Data is the focus of this revolution and it is popularly said that “data is the new oil,” which means it is the greatest asset any company has. Also, this version of industry is more concerned about or focused on the technologies that use data as a fuel. For example, in machine learning data is used for training and testing the model, in IOT data is created and processed via the cloud and big data, and lots of other applications directly or indirectly use data as a primary source. Since there’s a massive amount of data, Big Data technology is of great importance as it is the most effective way to play with such amounts of data up until now.

Figure 10.5 below displays the digital transformation of Industry 4.0 and demonstrates how the current version of industry is operating and the percent revenue increase and cost reduction by the use of upgraded methodologies in the industry.

Image described by caption and surrounding text.

Figure 10.5 Digital transformations in Industry 4.0 using Big Data.

10.6 Coexistence of Big Data and Blockchain

Big Data and cryptocurrency converge in mutual ways as a way to coexist. Implementation of big data in cryptocurrency businesses can lead to new possibilities, which is why the latest industry trends are continuously changing. Data has been collected in the past and will continue to be collected in the future, but now is the time to utilize data for predicting the future. New startups and businesses are now harnessing the ability of such humongous data to make choices concerning where the market is heading.

Currently, the world is facing a vast increase in the amount and variety of digital or virtual data that is synthesized by users and machines; and research scientists are actively looking for the most effective ways of storing and organizing data, in which technologies like big data and blockchain will play a vital role. Some of the most common applications like localized management of personal data, virtual property resolution, IoT communication [43], and public organizations, have a need for the benefit that blockchain in association with big data can bring [28].

The era of big data has brought big challenges along with extensive benefits to the world. Progress and innovation in a wide variety of fields have been prompted by the analytics process of big data; examples of some of the fields of application are crime [30], relation analysis [31], power/energy [32], weather forecasting [33], and banking [37]. Hassani et al. describe how big data analytics is helping the banking sector in their security management, risk factor management, client relationship management, and sales, which has considerably optimized their operation potency and profits [37]. As the fastest growing business in the past decade, cryptocurrencies are closely joined to big data in a countless number of ways [34]. Some of the recent reviews of blockchain and its applications in Big Data can be found in [35], in which selective reviews are presented on a couple of applications up until 2016.

10.6.1 Ensuring Data Quality Using Blockchain and Big Data

Cryptocurrencies such as Bitcoin and Ethereum are digital forms of currencies, thus they have digital information associated with them that makes it possible to use them with big data to increase overall quality and security. The digital nature of currency and its transaction procedures are transparent in nature without any centralized institutions that make transactions more secure. This combination can be used for numerous purposes, for instance, let’s take hospitals for example. A hospital can use the technique to make sure the patient’s records are safeguarded with all the privacy intact and up-to-date information. By using blockchain with big data the hospital can maintain the health and disease database to make sure that all the employees have single mode and immutable access to all the records and data. In this way the hospital can eliminate the risk of patients being misdiagnosed or treated incorrectly due to loss or corruption of test results. Also, two different doctors who are treating the same patient have access to his/her entire medical history so as to write proper prescriptions.

Diagram depicting the use of blockchain and big data in health facilities, with nine icons for fitness, pharma, primary care, hospital, genomics, data, health, life, and care forming a circular formation.

Figure 10.6 Use of blockchain and big data in health facilities.

Because of the nature of cryptocurrencies, they can make a great combination with blockchain and big data technology and this combination not only makes it possible to make future predictions but also can be used for enhancing overall system security and work efficiency. The technology has the power to track suspicious data items with utmost accuracy and can predict 51% of the cyberattacks before they actually happen.

The technology powered by bitcoin and other cryptocurrencies and the combination of blockchain and big data has the potential to change the world we live in. That’s why many researchers and scientists are working on organizing large datasets for use with this combination. Some projects like Filecoin, Sia [38], and many others are also working on finding the best solutions for storing vast sets of data that can be accessed efficiently.

10.6.2 Where Can Cryptocurrency with Big Data Be Used?

10.6.2.1 In Education Sector

Universities, colleges, schools and other educational bodies carry huge amounts of data related to their faculties, students and employees which is increasing exponentially day by day, so there’s a keen need to use the latest technology for processing and storage. This is where big data comes into the picture since it is an efficient enough technique to deal with such an enormous amount of data. As the data is stored in the servers, it also requires foolproof security and transparency within institutions in order for higher authorities to prevent data manipulation by any external or internal agents. Data analytics also plays a significant role in analysis of data to improve the operational effectiveness of the educational institutions. Combining the three leads us to cryptocurrency with big data, which can be used to easily store, manage and secure such important data that these institutions possess like students’ information, results, teachers’ information, etc. As security is the pillar of any storage system, blockchain is the best option to easily eliminate the risk of privacy and data misuse cases, like manipulating student results, attendance and class records, etc. The reason behind that much security lies in the workings of blockchain technology that uses the concept of distributed ledger to provide extra security that is far better than other cryptographic techniques [35].

10.6.2.2 In Government Sector for Preventing Corruption and Securing Confidential Information

Corruption is the biggest issue for developing countries as it directly affects the economy of that country. The root of corruption can be broadly spread across the sector if no action is taken. Many countries are suffering from their inaction in this matter and are trying hard to overcome this issue. So, how does corruption happen? In developing countries, data is stored either in traditional filing systems or in an unorganized manner on computers. Even confidential information is stored using traditional methods. As governments store the most confidential information, it must be secured with updated tools and technologies.

So, how can cryptocurrency with big data solve this problem? To solve this problem, first we need to store the data in an organized manner, as the data is so massive that only big data technology can be used to deal with it, in which the data is processed and stored in an effective manner to provide extra security blockchain that can coexist with big data so as to solve the problem of corruption and provide full-fledged security of confidential records. However, it will require some extra effort to access such important information. The method is very simple: If someone wants to access some credential information they need to raise a request which leads to a block, the block is then transferred to all connected nodes. If all of the nodes allow that request then this request goes for further processing. If any corrupt officer wants to approve any file that is related to the public interest, they need to follow the impenetrable process of blockchain.

10.6.2.3 In Websites to Prevent Cyberattacks

With the advancement of technology and digitization, there’s a rapid increase in cyber-crimes. With this increase in crime, there’s a need for some effective solutions that can ensure impenetrable security aspects.

Nowadays, websites are generally hosted on centralized servers, making it easy for attackers to enter and access the credentials of the websites to steal and manipulate the data stored in respective servers. To ensure extra safety with higher efficiency in the storage and processing of such websites the developers can use cryptocurrency with big data, which can easily handle the overall processing and storage of data of websites with an extra layer of security using blockchain.

10.7 Future Aspects of Cryptocurrency with Big Data

Those in the financial sector are continuously looking for the future of different markets and make predictions accordingly. Despite the interest in short-term and long-term goals, effective models are always required that can make future predictions more effectively. As the market is growing, with this growth Big Data has found its own place that is being utilized to gain better insights into the world of cryptocurrency, which is estimated to grow to 6.70 USD billion by 2025 at a CAGR of 31.3%. Doing so would make it another flourishing technology of this century.

In this section we will look at the future aspects of cryptocurrency with big data so as to uncover the secrets lying behind it that can make a drastic change in the current scenario of the market. Predicting upcoming market trends has been of great concern to those in the financial world, so there has been a very rapid increase in building effective models to predict future scenarios in the market. As it continues to grow, so does the use of big data to gain insights into the cryptocurrency market. So, it is true to say that cryptocurrency with big data can itself take a large share of the market with a growth expectancy of 6.70 billion US dollars by 2025 and a CAGR of about 31%. This data is analyzed on the basis of evolvement of tools used for forecasting by the financial technology (FinTech) industries as well as their individual growth. Now, let’s look at the insights of big data being used to predict the cryptocurrency market.

Cryptocurrency with big data, which is the interaction of big data and cryptocurrency, is seen as one of the research topics, which is why there isn’t a clear roadmap to its execution or the adoption of technologies like blockchain [39]. The majority of the research in this field is focused on the use of big data for extracting knowledge, enhancing an extra layer of security by using both technologies together, managing access controls in big data, risk analysis and preventive measures, etc. However, there are many stones unturned in this field that can provide great opportunities to explore more in future research. One of the problems that should be pointed out is the lack of using application programming interfaces (API), due to which transaction records are not fully utilized. Some major drawbacks of cryptocurrency like computational scalability, energy inefficiency of the model, barriers in market entry level, and official or governmental challenges, can find effective solutions by the use of big data analytics in combination with cryptocurrency. Other such aspects can be found in workshops, news, conferences, etc.

We know that the coexistence of cryptocurrencies and big data is generally under research, so there’s no proper information about the use of cryptocurrencies as the mainstream currencies and use of blockchain with it [39]. Some of the topics being researched are the use of big data for knowledge extraction and to understand market volatility; and enhancement of big data management using cryptocurrency and big data for additional security enhancement. There are a lot of possibilities still remaining and can be researched further in future studies. For example, transaction records have not been well explored through cryptocurrency and big data. This may be due to the participants having less interest in these domains or having lesser knowledge about these scenarios. Some of the disadvantages of cryptocurrencies like inefficient energy, entry barriers in markets, scal ability in terms of computation, and various other authoritarian challenges can be solved through the big data analytics process. There are also flaws in academic research on such topics, many of which are due to publication in seminars, media news, workshops and conferences. So, it can be seen as a topic that covers a wide range and can easily find applications in upcoming research.

10.8 Conclusion

So, now we have arrived at the end of this chapter but this journey is not over yet. It’s time to summarize what we have discussed so far. In this chapter, we went through the key findings of cryptocurrency and got to know how it works, along with its applications in the market and its future. Then we discussed the workings of blockchain and its architecture for the implementation of cryptocurrency. We then introduced the concept of big data and discussed its importance in national development and various aspects in Industry 4.0. Finally, we discussed the coexistence of big data and blockchain and how this combination is used to solve some of the real-life problems that are hard to be handled by the traditional techniques, which include maintaining data quality and security for the various sectors of the economy like health, education, government, and websites.

Apart from these, other future work includes the use of big data for extracting knowledge, enhancing an extra layer of security by using both technologies together, managing access controls in big data, risk analysis, and preventive measures, etc. However, there are many stones left unturned in this field that can provide great opportunities to explore more in future research.

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Note

  1. Corresponding authors: [email protected]; [email protected]; [email protected]; [email protected]; [email protected]
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