The market has technologies that we have never thought of. Blockchain is the most conventional technology uprising the market on its own. There are some industries and organizations which are using this kind of technology in their daily routine. The technology is definitely changing their perspective although it is changing the perspective of the companies which are willing to adopt the technologies.
Wherever the talks of blockchain development end the talks of data science begins, This technology has its greatest use in the IT and computer industries. Data science is helpful in finding the data and data insights from unstructured and raw data. In business networks, it is very useful to keep track of and record business assets.
But gradually as we are leaning toward these technologies, the data which needs to be stored is rising day and night. So there are some facts that are making numbers going to be on the top for blockchain analytics and data analytics.
Let me take you back to 2019, in that time when COVID was just spreading its head in half of the world, Blockchain was spread more than that and its market value of it was $2.89 billion. Now experts are expecting that by 2027 this market value will be $137.29 billion. The calculated CAGR would be 62.7% by then.
Also Read | Essential Features Of Blockchain Technology
What Is Blockchain Analytics?
Blockchain analytics 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.”
Blockchain is a data structure that consists of blocks of data that are chained together in chronological order. The process of analyzing blockchain transactions includes understanding, classifying, and monitoring them.
Now that you readily know about blockchain analytics now let’s get to know the next part of the article which we call data analytics.
What Is Data Analytics?
Data analytics is the process of analyzing Raw data in order to find trends or patterns that can help solve a business problem. Additionally, data analytics can be used to make decisions for your business. Data analytics takes insights from structured and unstructured data, utilizing methods like machine learning, in order to analyze the information.
Data is the fuel that drives organizational growth. By mining, structuring, and analyzing data, businesses and organizations can glean actionable insights that help them improve their operations. For example, in the healthcare industry, data analytics can be used to track patient care and monitor the use of equipment.
5 Aspects that Can Change Blockchain Analytics with Data Analytics
1) Data Traceability
The use of blockchain provides a way for data to be transparently transmitted through channels that guide users from entry to exit. This allows for the reliability of the data to be analyzed by the user and for the user to store and update the data. In addition, it can be helpful to blockchain users to determine the origins of data and how it is being used.
2) Real-Time Analysis
Real-time analysis is made easier and possible with the help of blockchain technology. Blockchain facilitates multiple people working on the same kind of information simultaneously. This makes it possible for changes to be assessed and done by the author or the person with whom the content has been shared in a much more efficient manner.
3) Data Accuracy
Blockchain data is made up of two different types of nodes, private and public. When data enters the system, it goes through a verification process at entry points to ensure that it is complete and accurate. This helps to maintain the integrity of the data and keeps the system running smoothly.
4) Smooth Data Sharing
Data flow can be a major pain point for organizations, both big and small. If you're managing data on paper, it's probably very difficult and tiring to keep track of everything. Blockchain can be a major help when it comes to data flow and access. With blockchain, you can view, transfer, and access data in real-time, which makes things a lot easier.
5) Improved Data Integrity
We know that in order to maintain data authenticity, every organization requires data that is reliable and accurate. However, data can often be rife with errors and duplicates. Blockchain technology helps to resolve these issues by verifying data at every block of the chain.
This way, data is checked at multiple stages to ensure its accuracy and prevent any possible hacking or leaking.
The usage of blockchain technology is becoming more popular, which in turn is increasing the importance of blockchain analytics. Having transparent access to the ledger transaction with immutable data is now possible, thanks to blockchain data analytics!
The said technology has already been adopted by industries from digital finance to food safety to healthcare to weapon tracking. Other industries will also soon reap the benefits.