Big data is one of the biggest opportunity in recent times. Large corporations from all sectors of the economy are making significant accomplishments in product development, selection, public relations and resultant probability through the use of this technology. However, small and medium-sized enterprises, more commonly known as SMEs have displayed a disturbing inability to integrate this new technology into their operations and as a result, are being left behind. There are many reasons behind this reluctance, but the most prominent is the implied cost and complexity of installation.
Please Note: This is a Press Release
Cryptelo, a new security technology built on the blockchain promises to solve the SME big data challenge. This article will briefly explore how this is possible.
Cryptelo is a decentralized platform and hence no single company or individual has control over the integrity and authenticity of the data updated in the system. The legitimacy of the data is ensured by state-of-the-art cryptography. Cryptelo is leveraging flexibility of smart contract and blockchain as distributed unchangeable ledger to provide shell around every piece of data. Thanks to it, authenticity of any file in Cryptelo could be easily verified, which is useful features for lawyers, financial institutions and medical industry.
This particular feature is also of great importance to all small and medium-sized business enterprises that work with sensitive data. In any event, company who created a sensitive file, could deny access to it. Even though if it was sent out by email or shared by link. Company never lose control – can even monitor every access to the data.
Cryptelo is built on blockchain technology. This means that analytics operations will become faster and secure. Analysts suggest that the blockchain technology on which Cryptelo is built could greatly simplify sharing process of data how we know it today. This makes a colossal impact instantly for many companies. It is also cost-effective for the small or medium-sized business owners because it reduces the cost of operation significantly and covers risks.
Data contained within the blockchain is very valuable. This value is set to increase significantly as the technology is further adapted by micropayment, remittance and banking infrastructure. As a matter of fact, the blockchain ledger could have grown to 20 percent of the overall big data market by the year 2030 with an expected yearly revenue of 100 billion USD. This potential far exceeds what PayPal, Visa and MasterCard have combined. For SME owners, this is an opportunity that must be exploited as it greatly enhances the profitability of big data analytics.
The use of blockchain technology in medical industry, financial sector and automotive would provide enhanced security and transparency. As opposed to current standards, blockchain networks are designed to ignore any entries that can’t be verified or seem dubious. As a result, SMEs would get the opportunity to work with uncorrupted data that is completely transparent. The client doesn’t have to change their processes at all. Everything will just work smoother and with level of security, that is suitable for these days.