Today information and data are everything. It is changing the world for the better and also has the potential to create a new world that entirely operates digitally. Every one of us transfer and store different kinds of data on a day to day basis. For example, when we book cabs through on-demand taxi apps, various information like our contact information, location, etc. are transferred between the rider’s app and the driver. Data scientists constantly strive hard to integrate and authenticate data to the maximum extent. This is made easier with blockchain data science projects.
Today data scientists are trying to figure out how to analyze blockchain data and how blockchain will revolutionize data science as we know. Handling different kinds of data is one of the most important tasks of all and any business. Data cleaning, clustering, splitting, etc. all these processes ensure the data quality in such a way that they are honest and authenticate. Blockchain with its features of operating in a decentralized network, provides even more authentication to the data and ensures transparency and trust in the data stored or recorded.
Decentralized ledger system of blockchain allows data to be stored in encrypted format which in turn ensures safety and security too. This article will help you realize why data scientists favour usage of blockchain networks.
Blockchain use cases in data science
Data scientists traditionally faced challenges in sharing and transferring data safely and securely. Blockchain can potentially break down this challenge by providing data scientists with the ability to operate on a decentralized network. This allows data scientists to transfer and transact various data with high security.
Provides ability to track
Blockchain provides the ability to have a strong and comfortable peer to peer connectivity. Since blockchain is a digital decentralized platform, it has the features and attributes where the peers involved in the transaction can track every data and the source of a particular data too. This ability exists because there is no central authority monitoring over the network which traditionally influenced the network and may hide data from peers involved.
The channel of data transfer is transparent to all parties involved in the operation and thus it provides a sense of reliability and trust of authenticity over the data stored and shared. With blockchain, data scientists are able to identify the source of data as to where the data has originated from, who is maintaining the data or where is the data stored, etc.
Ability to make real-time decisions
Different institutions and business organizations handle different kinds of data that they refer or verify to make better and smarter decisions. In traditional systems, it was difficult to verify or refer back to a data or document or any other agreement contracts. This is because the data and documents were either stored as hard paper or there was a third party that made the respective individual or business department to wait for approval to transfer these data.
Blockchain allows data transfer anytime, anyplace and any quantity of data too. There is now queueing or waiting time to transfer data. Thus, the real-time transfer of data also add value to the data ensuring quality.
Ability to make or perceive patterns between data
In the current world, different data are stored and transferred. We barely notice that, each and every data might be linked with one another, which in turn would give us a better meaning of how we handle data. Unlike usual people, data scientists have discovered that there is an interlinking pattern between all data in some way. Data mining is concerned with ensuring that the data pattern makes better sense and is quality assured too.
With blockchain, all data is recorded in a systematic long list of encrypted order. This allows searching and verification of data to take place faster and easier. For example, the pattern between the number of times a user ordered a particular food from ondemand app and the time taken to deliver the food to them is recorded. With blockchain, different data can be integrated which also allows the data scientist to establish pattern between different data.
This paves a path to mine the data and cater them to the desired requirement. Thus, allowing the data scientist to make efficient and effective decisions.
Increases the integrity value of data
The traditional way of maintaining data always faced challenges due to heavy storage or longer processing time periods. With blockchain the storage is not a challenge anymore. The data is stored over a decentralized platform which allows limitless storage and accessibility. When data scientists prefer using online servers with blockchain, it increases the storage even further. For example, the integration between amazon warehouse services (AWS) and blockchain.
Blockchain increases the accuracy of results in an operation as data stored are honest and authenticate. Thus, the chances of malpractice or false report is also reduced.
In blockchain, the data stored is in the form of blocks and they are encrypted too. Thus, no data can be edited, modified or changed. In order to change a data, the whole operating system has to be shut down and changed entirely, which is almost impossible. The data stored in blockchain before storage and encryption, undergoes a series of validating process to authenticate which ensures reliability and trust in the data.
A trusted data also provides a good public image for the data scientist and their business organizations. Trust in the data also fosters the data scientists to forecast and predict future results of any particular operation or studying some event in detail to eradicate malpractices, etc..
Data science is evolving
The world is evolving every day with new technologies and trends towards a world of digital market that is comprised of digital products and service. The next generation people will have accessibility to connect all their devices with each other and probably connect their physical actions with technology too. In such scenarios, various data are stored and transferred. Blockchain makes the process of this connectivity between different data even more interesting for data scientists.
If you are a data enthusiast, go explore enterprise blockchain technology and its possibilities. If you are a data scientist, good luck to you for making the world a better place by integrating data science and blockchain. Let us know, what other reasons do you think will favor data scientists to use blockchain.