Wouldn’t it be great if you could predict your customers’ spending trends and increase profitability? With the adoption of technology across all stages of the buying cycle, a retail business can follow a customer’s activity from awareness all the way through to the final transaction—and beyond.
It is a well known fact that big data is an extremely powerful resource for businesses. Big data can help you determine the best time of day to promote a new product. It can also provide insight into the most popular locations to target for a specific product category. Unfortunately, access to such robust information often comes at a hefty cost.
Imagine if there was a way to cut through the red tape and create an easier path to entry—while boosting potential revenue. This is where blockchain meets big data.
The Power of Blockchain
Blockchain is a digital ledger that records information across a peer-to-peer network. Think of it as a distributed database. Since the information is spread across a network of computers, data can be accessed by multiple users simultaneously—making it more secure and decentralized.
The decentralized nature means that the system is built based on what the community wants, not what would benefit a small number of large entities, as there are many types of business you can invest into, like fx trading online which is a good resource for trading.
Remove Barriers to Entry
Far too often, small businesses don’t leverage big data due to the huge financial investment. Storing and processing that amount of data requires not only a massive computing system but the ability to maintain and secure the system.
Big Data Block leverages the decentralized nature of blockchain technology to create a big data processing network that allows companies to efficiently mine and analyze their data. Users from around the world run the data processing engine in exchange for BDB tokens. This drives down the processing cost dramatically as the data processors will only get tokens when jobs are executed. Why pay for systems when you aren’t even using them?
This means that a company can gain access to valuable data about customer behavior and make more informed business decisions—without driving up costs.
Analyze Data Without Expertise
Another deterrent for many small businesses is technical prowess and expertise. Hiring or contracting out a skilled big data technologist or data analyst can be quite costly in today’s market.
Leveraging the infrastructure of blockchain technology allows Big Data Block to eliminate this hurdle. How? We’ve created a user-friendly interface that allows you to easily analyze your data without the technical knowledge of how to set up big data software or systems.
This decentralized system ensures that you get the analysis you need without paying the typical salary of a specialist. The product you receive is insightful, manageable information that you can easily incorporate into you decision making process.
No matter the size of your job, Big Data Block has you covered. Since data is spread across multiple devices, scale is limitless. The beauty of its infinite scalability is that as more computers are added to the network, the speed at which the data can be processed increases. This means that you will have access to the information you need sooner.
By harnessing the power of blockchain technology, Big Data Block provides an avenue for small businesses to break into the big data game—and better compete with their larger counterparts. With access to valuable customer data, real-time decisions become more informed. And since technical expertise is no longer a necessity, your budget and time can be spent on marketing to your customers. The result, increased profits for your small business.