Blockchain and Data Science
While data science focuses on harnessing data for proper administration, blockchain ensures trust of data by maintaining a decentralized ledger.
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.
As new blockchain infrastructures are implemented, data science can help guide their design and development as well as assess the impact of blockchain on business processes.
Emerging blockchain technologies have the potential to improve several aspects of the current data science landscape, ranging from data collection, to distributed computing, to predictive analytics.
Blockchain ensures the control of data to the individuals generating the data, making it an uphill task for cybercriminals to access and manipulate data on a large scale.
Blockchain is of immense use to data scientists due to the following:
1.Data traceability: Possible to trace data on a distributed digital ledger from the entry point to the exit.
2.Real time analysis: Fintech companies need to analyse data in real time to detect fraudsters. Because of the distributed nature of blockchain, many companies can detect anomalies in a database early on.
3.Generating trust: Many companies do not allow other parties to use their data due to lack of trust. This makes information sharing nearly impossible. With operations of blockchain, organizations can effortlessly collaborate by sharing a pool of information at their disposal.
4.Easy data sharing: Data scientists are thrilled by blockchain due to its ability to provide many people access to data at once and in real time.
5.Data integrity: 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.