Blockchain Technology Appeals To The Data Scientists. How?

By ridhigrg |Email | Mar 12, 2019 | 2700 Views

If we see from every department rather be in business administration or a national government has data science as their central part. For running the organization smoothly the main aim is to harvest and manage the data easily.
There is a problem in sharing, securing and authenticating data integrity for the data scientists. 
In regards to bitcoin, blockchains implications to data science are quite thin.  If you want to see that how it is related to the big data analytics, you can have a look on it as a ledger which is publically distributed for the permanent record keeping and a system of contracts. 

Here are some of the many reasons why data scientists are enticed by blockchain:
Fostering Data Traceability
All the peer to peer relationships is fostered by software called blockchain. Any peer can easily review the process and the obtained results if an account that is published explains the methodology.
The transparent channels of the ledger can easily tell you the reliable use of data, as in what the data is and where it comes from and where it is stored and how can it be used in an ethical manner.

Real-Time Analysis
In analyzing the data of real-time, Banks and some organizations face a very hard time. As the real-time ability to monitor the changes is changed.
For a long time, it was considered to be impossible to do that.  Due to the blockchains disturbed nature, there are many companies which can easily detect the anomalies in a database. 

Generating Trust
Trust is becoming a rare quality to find nowadays, especially where many responsibilities are left to biased central authorities. Putting too much power in the hands of systems with a single point of failure has always been regarded as dangerous.
Many companies don't allow other parties to use their data due to a lack of trust. This makes information sharing nearly impossible. With trustless operations of the blockchain, organizations can effortlessly collaborate by sharing a pool of information at their disposal.

Easy Data Sharing
If you want to minimize the setbacks and prevent your business from stalling, data flow can easily help you. Current paper records existing in offices are pretty tedious to work with, especially if vital data is needed somewhere else.
Data scientists are thrilled by blockchain due to its ability to provide many people access to data at once and in real time. This digital ledger is like a big pool with smaller pools where an individual with access is allowed to jump from one sub-pool to another. When information flows unrestricted to all parts, the administration process becomes streamlined.

Blockchain Improves Data Integrity
Over the past few years, many companies have been focusing on increasing their data storage capacity. By the end of 2017, data storage was no longer a problem. Now the concern has shifted to verifying and protecting the integrity of data.
This has become a huge problem for many organizations and companies since they harvest data from several centers. 
Data scientists are now relying on blockchain to authenticate and track data at every point on a chain. Its immutable security is one of the main drivers for its adoption. This decentralized ledger protects data through multiple signatures, thus preventing data leaks and hacks.

Things are more clear with some attributes of blockchain in relation to the data entry:
Encoded transactions: Blockchain employs complex mathematical algorithms to encrypt all transactions. The transactions usually exist as irreversible digital contracts between two parties.
Data lakes: Data scientists normally store organization info in data lakes. When the decentralized ledger is used to track the provenance of data, it's stored in a particular block with a specific cryptographic key.

Confirmed Data Quality
There are multiple nodes where information of the blockchain is stored be it a public or a private. Before adding to the blocks, all the records are analyzed and rechecked and this seems to be the way of verifying the data itself. 

Wrapping It All Up
So here we see that data science is a field which is continuously developing and in future also it will continue to evolve as there are companies and organizations striving to run more effectively with the new methods. Blockchain has helped data scientist in achieving the milestones that were considered to be impossible earlier.  

Source: HOB