Predictive Analytics on Blockchain – How Endor Plans to Bring it to its Users
The first half of 2018 has seen its 36-long surge come to a grinding halt, but rather than lament over the fall in values, the two halves of the year will be remembered as the time when the world got serious about implementing blockchain, with late 2018 being a perfect example.
Why the second half of the year? Because it's the time when a number of core blockchain functionalities and services offered will come to fruition with a significant speed. This is fast becoming known as blockchain's ‘utility wave', and is poised to drastically change our approach towards virtual interactions and even cause a paradigm shift throughout major industries worldwide.
One example of this has been the development and much-anticipated release of the Endor Protocol, which entered its beta phase very recently. This beta phase gave more than 25,000 users the opportunity to engage with the system through the use of its EDR token, allowing users to participate in the platform's analytics.
The Rise of Predictive Analytics.
When we refer to predictive analytics, it generally refers to the way in which big data is called upon for analysis in order to develop predictions, mostly for businesses to become more efficient at answering questions such as customer preferences, market trends, product receptions, etc.
The most common examples of predictive analytics we can see, as consumers, would be Amazon, which continually uses analytics in order to measure the success of products. How critical is it? Amazon, as an example, spends millions on the technology through data science teams, proprietary data, and infrastructure in order to ensure that they understand the markets they're attempting to sell to.
Despite the massive investment, prior initiatives have exhibited questionable accuracy and have, in many instances, lacked merit to justify the costs.
What it shows is that while there is a great deal of value put behind predictive analytics, but the problem is that the metrics for calculating their success remain imbalanced when compared to the money put into it. Largely due to its failure to prove that machines and algorithms are capable of making accurate predictions.
One of the ways that predictive analytics is developed is through machine learning, computers and algorithms are given procedures and models to interpret big data into predictions.
Gary King, Harvard professor and Director of Social Science summarized the criticisms:
“We need to know if you are getting the right answer randomly or you’re getting the right answer because of something you are doing”.
To put it even shorter, can computers be taught to predict future trends?
This is Where Endor Comes in
So how else can we work towards making Predictive analytics better? Approaching it from a new angle is one way that Endor uses. How it does this is through a change in approach, moving away from the machine learning element and focusing on social physics, which it bases its logic on, according to Endor's Co-founder and MIT professor, Alex Pentland.
What Social Physics is, in contrast, situated around the idea that human behavior is not sporadic, but originates from a series of patterns which can be uniform and repeatable, and that computations can be used to predict human nature itself.
This effectively means that instead of allocating resources on infrastructure enabling computational predictions, Endor focuses instead on social predispositions and consistencies seen within society in order to bring forward more accurate predictions of behavior. This social physics approach synergizes quite well with the blockchain-based nature of Endor.
Both of these aspects mean that Endor is well-placed to answer the long asked question of predictive analytics, providing an improving a greater level of accessibility for users. Social Physics would allow for improved accuracy when it comes to making predictions, with far less in the way of time and resources required in order to do it. The presence of blockchain technology means that users will not have a clunky interface to deal with either.
The blockchain-based approach that Endor provides is also a solution to an issue present in predictive analytics. The way the latter goes about interacting with data presents logistical concerns over whether or not it's possible to analyze a large volume of data in a narrow time window. A blockchain-based approach, however, disproves this belief, as data can be analyzed while remaining encrypted.
Whenever the protocol is put to work processing and analyzing data, any sensitive information is kept secure through concealing it behind a hash. In this way, the protocol knows to handle the data, but can ensure it remains secure, preventing others from seeing it. Users deciding to use Endor can choose to allow the protocol to handle their data without the interference from any other party. Meaning that the data is always secured, remains hidden, and is under no threat of being used by a third party.
These factors mean that Endor is a powerful force in the future of predictive analytics, empowering users to through its decentralized analytics solution: automated, scalable, simple, and most importantly, more accurate than ever before.
While these are early stages for its technology, Endor is already recognized by a group of major companies from across the world, including Walmart, Coca Cola, Mastercard, and many more Fortune 500 companies. And while the number of breakthroughs made by blockchain technology remains staggering, no other company has done what Endor has done, allowing them to corner the market.
Accessible to Anyone that Seeks it
Previously, managing a large volume of data in order to create cohesive predictive analytics would be a huge expense, but thanks to Endor, and individual, SMB (Small or Medium sized business) can utilize EDR to interact with the same platform as large scale companies do. Giving these smaller companies all of the analytical knowledge without any of the need for data science.
In order to harness it, users only need to query the machine via EDR, they then receive an automated response which, unlike traditional responses which requires data scientists to provide models, Endor's Social Physics approach means that any number of questions can be asked by any number of users.
No matter what the size of the company, from major organization to SMB's, they each recieve the same high-quality service. When Walmart, for example, uses the platform, their fiat payments are converted into EDR, which is then used to query the protocol. By purchasing EDR and using tokens at the individual level, the experience is democratized.
Endor, while also being subject to critical acclaim by a number of well established, multinational companies, has also been a pioneer of technology by the World Economic Forum in 2017. Along with this accolade, Endor has been labeled a ‘Cool Vendor' by Gartner in the same year.