Leveraging the power of Blockchain with Data Science

Posted By : Priyansha Sinha | 16-Aug-2018

Power of Blockchain with Data Science

Data Science is an integral element of virtually everything- from running local or national government to any large-scale business administration. The essential motto of the subject is to harvest and manage data efficiently so that the organizations can function smoothly. However, with the arrival of Blockchain, the technology has witnessed the biggest breakthrough ever and has naturally become the most favorite innovation in the tech scene. And with the special interest of Blockchain in the field of data science, businesses are exploring the vast possibilities that it can hold in the future. Let us see how blockchain technology can benefit data scientists in the long run.

 

Also Read Introduction to Data Science

How can Blockchain data become valuable for the industries?

As it is a digital ledger, blockchain encompasses a large amount of transactional data which can be evaluated to extricate the patterns and prevalent trends. This could be very beneficial for anticipating sales progression, studying social event or even curbing the fraudulent activities.

 

Reinforce Trust

If once a block with some information is added to the ledger, it is impossible to change or modify it as it passes through a thorough verification process and offers a seal of trust and reliability. Having a public nature, blockchain furnishes everyone the opportunity to track and trace any particular transaction or every possible activity of all the participants. This aspect could be utilized to give scores to the industrialists and merchants and to put on public display the reputation and image of the vendors.

 

Reveal Patterns

In the era where data is taking the form of a currency, any blockchain can be taken into account as a vault. As per the studies, the estimations are speculated to go as high as $100 billion in terms of annual revenue by the end of the year 2030. The only way to get the information out of the raw recordings is to encourage individuals to indulge in data mining.

 

For instance, there is even a crypto coin known as SpreadCoin that specifically targets to reinvent bitcoin mining to data mining. The purpose behind the whole idea is to create a “Big Data Market” which is basically a layer built on bitcoin mining.

 

Knowledge Sharing

Machine learning algorithms require data to acquire knowledge from. This technique fastens up the development process and prohibits the enterprises to commit the same mistakes twice. If a set of data is used to solve a problem, the formula can further act as a base for the future advancements. Groups that possess data can leverage selling it on a platform and get back proper compensation on behalf of it.

 

Also Read The Arithmetic Behind Blockchain

Stimulating Data Traceability

Blockchain is basically a technology that fosters P2P (peer-to-peer) Networks. The transparent channels of the digital and distributed ledger can help the participants to understand where the data came from, how to store it, if it is reliable or not, who does the updating, and how to implement it to the works in an ethical manner.

 

In simple words, it is very much possible and convenient to trace and track information on a decentralized digital ledger from the entry level to the exit.

 

Overall, data science is a forever-evolving field and will continue to transform more in the near future as the newer technologies sweep in. Together with Blockchain, data scientists are expected to explore vast possibilities in the core area. What are your thoughts about it? Let us know by writing in the comment section below.

 

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Priyansha Sinha

Priyansha is a Content Developer and Writer with almost 2 years of experience. Besides, she is a trained vocalist and pianist with an enormous love for photography.

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