Data Science and Blockchains: The Growing Use of Distributed Ledger Tech in the Data Industry
Blockchains have taken effect in several disciplines in today’s world economy including health, global trade, and finance, remittance payments among others. In as much as these sectors of the economy benefit greatly from the cryptographic decentralized ledgers, one benefits directly from blockchains – Data industry. In this article, we focus on Data Science and how the industry stands to benefit from blockchain technologies.
Data science is an industry that cuts through computer science & I.T, math & statistics and domains/Business knowledge. The three areas are data intensive requiring efficient methods to extract knowledge and insights from data in various forms whether structured or unstructured. Blockchain technology is structured to make data more secure, easy to share and permanent records of the activities and transactions.
Here are the five ways that blockchain is set to improve the Data Science industry.
Blockchains consist of a peer to peer network that allows each participant to record data and trace the origins of the data. This enables data scientists to foster data transparency and to validate the data by ensuring the data is correct and reliable for use to make policies.
Blockchains Are Trustworthy
Blockchains are a peer to peer decentralized system that is trustless in nature ensuring corporations, universities, and other industry players can share data across the platform. Companies dislike offering data to other players making sharing data almost impossible across the field. However, with blockchain technology, they will be able to share the data in a trustless environment solving the distrust problem.
Analyzing The Data In Real Time
Dana analytics in fraud detection, for example, has suffered in the past through retrospective detection instead of real-time knowledge. Blockchain technologies will enable such an industry to access the information in real time. Unlike previous algorithms, the blockchain technology rejects any input that it can’t verify and is deemed suspicious.
Mass Sharing Of Data
Blockchains are decentralized ensuring every node across the network stores a copy of the data on the chain. This makes data easier to share than traditional methods and reduces the hustle between businesses to share data.
Data Validation And Integrity
Last but not least, blockchains promote data integrity across the platform as it is public and transparent to the users. The mass amounts of data and better collection techniques have made the industry to be one of the most susceptible to integrity issues. While having various sources of data validation and verification of the data is a key issue that the industry requires.