Blockchain is being viewed as the best bet for the business world in terms of deciphering the future. For the uninitiated, this could seem quite far-fetched. Let’s explore this further.
As humanity grapples with the new normal following the global healthcare crisis that is the Covid-19 pandemic, it is imperative that we try to look past the negative impact of the pandemic and endeavor to try to find a silver lining to the crisis.
However, this may be easier said than done in particular for small businesses i.e. those with 500 employees or less which have had to bear the worst of the Covid-19 economic brunt.
In the face of this immense adversity, small businesses are leading the charge of the business world in the adoption and use of business intelligence and business analytics to drive their recovery plans.
Over the past few months, the global economy has been rocked by a double whammy in the form of the Anglo-Sino trade war and the Covid-19 pandemic.
Emerging from the tumultuous state of affairs which has resulted in the global economy producing unprecedented statistical facts and figures since the Great Depression, things do look quite dire.
The prevalent state of economic ‘anomie’ which brings with it countless blind spots and widespread uncertainties renders the use of business intelligence and business analytics to be a prime option for those who are looking to recover at a faster rate than the industry norm thereby getting ahead of the rest.
Business intelligence and business analytics are essentially two sides of the same coin whereby one complements the other in a mutually complementary manner.
In simple terms, business intelligence refers to the body of strategies and technologies used by businesses for the extraction and collation of information.
However in this day and age of internet connectivity whereby the web of knowledge literally lies at our fingertips, knowledge becomes power not through sheer accumulation but instead through methodical analysis.
In comes the other side of the coin i.e. business analytics which refers to framework processes that are used for the analysis of information to enable them to be used for the formulation of business strategies.
At a macro level, business intelligence and business analytics form part of the interdisciplinary field of data science.
From a conceptual perspective, the uses of business intelligence and business analytics are primarily based on the operational model of big data which entails the analysis of data sets having the features of volume, velocity and veracity.
As for a technological aspect, it is trite knowledge that blockchain and big data go hand-in-hand when it comes to leveraging data science for the making of predictive analysis as part of the process of formulating business strategies.
From the outset, blockchain with its automated recording feature means that there is a voluminous amount of ready information stored on its distributed ledgers.
As for velocity, speed is very much the essence of blockchain with the network of the industry’s leading platform i.e. Ripple capable of reaching astronomical speeds of up to 1,700 transactions per second (TPS) though it has to be noted that this speed is a representative benchmark as it is one which is top of the lot.
In terms of veracity of information, the immutability of blockchain-based distributed ledgers warrants the reliability and trustworthiness of the information stored on the ledgers.
In sum, it can be surmised that blockchain and big data is a match made in heaven which in turn renders the use of the technology for business intelligence and business analytics to be very much a no-brainer.
If we turn back the clock to July 2019 when the United States’ (U.S) went on a record-breaking run by recording 121 months of economic expansion which is the longest since 1854.
However, no economist could have envisaged that come February 2020 the U.S economy would find itself in a state of recession.
Fact of the matter is, when it comes to envisioning the future we humans have to admit that we simply just don’t know.
In comes the blockchain oracle as a data predictive analysis tool which may be the best bet for the business world when it comes to deciphering the future.
As Albert Einstein once said, “to look to the future we must first look back upon the past. That is where the seeds of the future were planted”.
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