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Can Blockchain Change The Game Of Data Analytics And Data Science?

June 1, 2022 | 265 views

Can Blockchain Change The Game Of Data Analytics And Data Science?
Blockchain has been causing ripples across major industries and verticals in the recent couple of years. We are seeing the future potential of blockchain technology that is scaling beyond just cryptocurrencies and trading.

It is only natural that Blockchain is going to have a huge impact on Data Analytics, another field that has been booming and seems to continue in the same trajectory for the foreseeable future.

However, very little research has been done on the implications of blockchain on Data Science or the potential of Data Science in Blockchain.

While Blockchain is about validating data and data science is about predictions and patterns, they are linked together by the fact that they both use algorithms to control interactions between various data points.

Blockchain in Big Data Analytics

Big Data has traditionally been a very centralized method where we had to collate data from various sources and bring it together in one place. Blockchain, considering its decentralized nature can potentially allow analysis of data to happen at the origin nodes of individual sources.

Also, considering that all data parsed through blockchain is validated across networks in a fool proof manner, the data integrity is ensured. This can be a game changer for analytics.

With the digital age creating so many new data points and making data more accessible than ever, the need for diving into depth with advanced analytics has been realized by businesses around the world. However, the data is still not organized and it takes a very long time to bring them together to make sense of it.

The other key challenge in Big Data remains data security. Centralized systems historically have been known for their vulnerability for leaks and hacks.

A decentralized infrastructure can address both of the above challenges enabling data scientists to build a robust infrastructure to build a predictive data model and also giving rise to new possibilities for more real time analysis.

Can Blockchain Enhance Data Science?

Blockchain can address some of the key aspects of Data Science and Analytics.

Data Security & Encoding:

The smart contracts ensure that no transaction can be reversed or hidden. The complex mathematical algorithms that form the base of Blockchain are built to encrypt every single transaction on the ledger.

Origin Tracing & Integrity:

Blockchain technology is known for enabling P2P relationships. With blockchain technology, the ledgers can be transparent channels where the data flowing through it is validated and every stakeholder involved in the process is made accountable and accessible. This also enables the data to be of higher quality than what was possible with traditional methods.

Summing Up

Data science itself is fairly new and advancing in recent years. Blockchain Technology, as advanced as it seems, is still at what is believed to be a very nascent stage. We have been seeing an increasing interest in data being moved to the cloud and it is only a matter of time when businesses will want it to be moved to decentralized networks.

On the other hand, blockchain’s network and server requirements are still not addressed and data analytics can be very heavy on the network, considering the volume of data collected for analysis. With very small volumes of data stored in blocks, we need viable solutions to make sure data analysis in blockchain is possible at scale.

At Pyramidion, we have been working with clients globally on some exciting blockchain projects. These projects are being led by visionaries, who are looking to change how the world functions, for good. Being at the forefront of innovation, where we see the best minds working on new technologies, ICOs and protocols, we strongly believe it is only a matter of time before the challenges are addressed and Blockchain starts being a great asset to another rapidly growing field like Data Science and Data Analytics.

Spotlight

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Exponentia DataLabs is a big data analytics company offering end – to – end data analytics services for clients across financial services, retail and healthcare. Our team comprising of domain experts, business analysts, data scientists and technology experts aims to institutionalize data based decision making by: Providing analytics based solutions targetted at revenue growth, operational excellence and problem solving, Integrating the solutions into client's processes to ensure institutionalization, Our solutions which guarantee improved RoI for our clients are built around our core service areas (Big Data Analytics, Analytical Problem Solving and Data Discovery). We are a part of Systems-Plus Group, a leading IT services provider spread across five locations globally. For past 25 years, Systems - Plus has been successfully catering to the requirements of several Fortune 500 clients such as Pepsi Co, Orange, Reid & Taylor, Bausch & Lomb, and Ingersoll Rand.

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Yugabyte Supercharges Developer Productivity While Boosting Performance with Enhancements to YugabyteDB Managed

Businesswire | March 28, 2023

Yugabyte, the leading open source distributed SQL database company, today announced key updates to YugabyteDB Managed, including the launch of the YugabyteDB Managed Command Line Interface (CLI). The new CLI delivers a better developer experience by increasing productivity and allowing users to enjoy the benefits of automation without needing to learn new skills. Additionally, new integration with AWS PrivateLink, 2x faster scaling, and over 125 new observability metrics further enhance overall security and operations. “At Yugabyte, we're dedicated to empowering developers to focus on building without getting bogged down by database limitations,” said Karthik Ranganathan, CTO and co-founder, Yugabyte. “The launch of the YugabyteDB Managed CLI takes automation and productivity to the next level. Developers of all levels can easily create and manage clusters from their terminal or IDE and make use of the most advanced set of tools available for optimizing database performance and driving the business forward.” YugabyteDB Managed CLI includes support for multiple platforms, open-source availability, easy installation and upgrading through the Homebrew package manager, built-in documentation, and auto-completion for commands and flags. The update provides automation for developers while allowing them to use their trusted and familiar environments. The enhancement to YugabyteDB Managed includes the new CLI and a series of other new innovations that together allow users to: Enjoy enhanced automation with the YugabyteDB Managed CLI; Users can now create and manage clusters hosted in YugabyteDB Managed from their terminal or IDE without requiring REST API or Terraform skills. The auto-completion feature makes it easy for users to discover and use new features quickly. The YugabyteDB Managed CLI makes day-to-day tasks easier for everyone, from app developers, to database administrators and DevOps engineers, by simplifying how they interact with YugabyteDB Managed resources. Leverage enterprise-ready, secure networking with AWS PrivateLink support; available now as a preview, AWS PrivateLink is the latest addition to the range of network access management options. This feature is available for dedicated clusters created in YugabyteDB Managed on AWS (as an alternative to VPC peering) for secure access to your databases over a private network. Scale databases 2x faster with dynamic infrastructure resizing; YugabyteDB Managed is even more responsive with vertical scaling operations on dedicated clusters providing a 2x performance boost. Users can now rapidly adjust to dynamic business needs and always be ready for planned or unplanned spikes. Enhance database performance with next level observability; The latest YugabyteDB Managed observability enhancements add over 125 new SQL and storage layer metrics. The greatly expanded set of metrics gives users deeper insights to the database performance and helps with consistent performance fine tuning. The cloud-based user interface includes new visualization options to reorder metrics for a custom dashboard and new synchronized tooltips in charts for easier troubleshooting. “At Admiral, we deliver a leading platform that helps publishers strengthen visitor relationships and grow their revenue. In order to handle our growing customer base and expanding feature set, we needed to enhance our Visitor Data platform service with a modern, distributed database that offers high availability, speedy lookups, and flexibility across our global deployment,” said James Hartig, Co-Founder, Admiral. “We chose YugabyteDB Managed as our database backend of choice to power our deployment, which spans 5 countries and 3 continents. The continued stream of new innovations to YugabyteDB Managed helps us minimize our operational overhead, deliver end-to-end encryption, and easily monitor our geo-distributed database.” YugabyteDB users can also now get access to YugabyteDB Managed through a free, full-featured trial. Once approved for the trial, users can access a dedicated cluster and experience the full benefits of a cloud-native, distributed SQL database for transactional applications. Join over 5000 active users across paid and free tiers, spanning over 4500 clusters in 40+ cloud regions globally. No credit card is required to sign-up. About Yugabyte Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global, cloud-native applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance and cloud-native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail, e-commerce, and other verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners, 8VC, Dell Technologies Capital, Sapphire Ventures, and others.

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