Blockchain and Big Data: the match made in heavens
One way that data analysts can harness blockchain-related information is by validating transactions and making sure transactions and transaction participants are legitimate and trusted. Without verifying the identity of blockchain participants, it could be hard for businesses to adhere to increasingly strict regulations surrounding cryptocurrency and not sell to criminals or other characters with untrustworthy intentions. This kind of identity verification would be made possible by in-depth analysis of data produced by blockchains and pattern recognition across thousands of transactions.
Through such analysis and pattern recognition, pernicious users can be identified and dealt with accordingly. Data analytics can also help cryptocurrency by deterring the theft of cryptocurrency or fraudulent use of them.
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- How Big Data Analytics Benefits Bitcoin & Other Cryptocurrencies | 7wData.
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Though many cite cryptocurrencies like bitcoin as being very secure, the rise of quantum computing and data-based hacking leads to the potential for data leakage and ultimately theft. Using data analytics, analysts can identify potentials leaks and cases of theft, which will be critical moving forward in ensuring that transactions remain legal, safe, and secure.
Though many want to make predictions using blockchain data, others still look at elements outside the blockchain to understand things that may impact concerns, such as cryptocurrency prices. For example, analysts analyzed social media after the shutdown of Mt. Gox, once the largest bitcoin exchange, in early For the conventional monetary system, using big data to predict consumer behavior could be tricky.
Most financial instruments depend on various factors which make it difficult to predict the direction in which the market will move. However, for the cryptocurrency, this is not the case because, as we said earlier, demand depends solely on supply.
The demographics related to social media and cryptocurrency trade are the same, the trade relies on individuals more than on large companies, and all the events that can affect cryptocurrency are predominantly first, and in the largest scale published on social networks. The use of big data made cryptocurrency much safer, which made investors feel more secure in placing their money with cryptocurrency-based startup companies. Additionally, the ability to track transactions and analyze them allows startups and large businesses to establish a more profound and long-term collaboration.
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Implications of blockchain In data science
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