Blockchain Analytics — Endless Possibilities In Data Analytics | HData Systems
There are thousands of technologies emerging in the market day by day. Technologies like Big Data and blockchain are becoming conventional with upgrading technologies. It is becoming even greater for everything. Gradually these technologies are changing the way of perspective of the organization which is already using these technologies.
Now, about data science, and why it is used in the Information and technology industry. Although it has its greatest use in the IT and computer science industry. Data science works on finding insights from the unstructured data and raw data which yet has to be built. Data science’s work is to maintain and keep track of assets in business networks.
With the growth of these technologies, the data which has to be stored increases. From the one decade that has been observed by the experts that data science and blockchain technologies are experiencing their peak right now. Now let me tell you the same facts but in numbers, because people always care about numbers.
In 2019 the market size of the blockchain market was observed to be $2.89 billion and it is expected to reach $137.29 billion by 2027. Do you know that if this market grows at this rate and achieves the target the CAGR would be? It would be damn 62.7% which is never expected for any business in the past.
In order to get into deep, we will first have to know what is blockchain analysis?
Introduction to blockchain analytics
The 10-year CAGR of the cryptocurrency market is expected to be 12.8%. In 2020 it was $1.49 billion and it is targeted to reach $4.94 billion by 2030.
“Blockchain analysis is the process of inspecting, identifying, clustering, modeling, and visually representing data on a cryptographic distributed-ledger known as a blockchain. The goal of blockchain analysis is discovering useful information about the different actors transacting in cryptocurrency.”
Well, this long paragraph was not defined by me it is defined by the most trustable platform. At least y’all trust it. It is Wikipedia. Okay if you want to understand it more easily let me tell you this, Blockchain is made of blocks of data in chronological order. The analysis process of it includes understanding, classifying, and monitoring blockchain transactions.
With the help of this analytics, individuals can easily identify the visible trends and investments and make more informed decisions all way long. Now that you know enough about blockchain. now you will have to know what is data analytics?
Introduction to data analytics
As mentioned above data analytics is the analysis of data but unstructured and Raw data only. Data analytics help you find the trend that may help you resolve your business problem very easily. Also, data analytics can be a decision-maker for your business. Basically what data analytics do is it takes insights into structured and unstructured data with help of machine learning and some other methods to analyze the data.
The growth of every organization is dependent on Data. There are numerous business applications that mine, structure and analyze data for various businesses and organizations. If we take an example of the healthcare industry, we know that Data analytics help to track the treatment of patients and the flow of equipment.
What is the relationship between Blockchain and Data Science?
Let’s say that this area is not much discovered by anyone. So it is pretty new in the industry. Well, there is one identical commonness between both the technologies that data has been kept at the center. Blockchain is widely used to record data and it validates the same. The very next thing is done by Data science, it gives meaningful insights for problem-solving and decision-making.
With the interaction of other data segments, both technologies apply algorithms. If we imply everything in a sentence then we can say that data science is used for prediction and blockchain is used for data integrity.
How blockchain will enhance data science?
There are numerous ways in which data science and blockchain can together help. Here are some of them mentioned below.
Enabling data traceability
Blockchain is used to enable the results of the data through transparent channels which guide you from entry to exit. The reliability of data can be analyzed by the user, also the user will be able to store and update the data. Not to mention that it is helpful to find from where the data comes and its usage.
Real-time analysis is made easier and possible with the help of both technologies combined. Blockchain helps multiple people to work on the same kind of information and that too at the same time. If you know that the Spreadsheet has a similar feature and the changes might be assessed and done by the author or the person with whom the content has been shared.
There are 2 nodes in blockchain data. The first one is the private one and the second one is known as public. When the data enter it gets examined and checked completely at entry points. This is called a data verification process.
Smooth Data sharing
The functioning of data the organization can be made smooth if the data flow is smooth. If you are managing the data on paper then you must have found it very tiring and difficult to manage. Blockchain helps a lot in data access and flow. With the help of blockchain, it is easy to view, transfer and access data in real-time.
Improvement in data integrity
We know that there is data authenticity in every kind of organization. It is indeed of a good need. By the end of 2018, the technology helped to get over the challenge to improve the storage capacity. Data can be very unsure, unreliable, and full of errors and duplicates. But thanks to blockchain technology the data is checked at every block of the chain.
Data also get verified and checked at multiple stages of the blocks. The possibilities of data hacking and leaking will be greatly reduced with the help of blockchain technology.
With the way things are going in the world of data analytics, it’s likely that blockchain technology will have a huge impact on businesses for years to come. There are many ways that data analytics and blockchain technology can work together, and the possibilities are endless.