Deepika Chawla
<p>Blockchain and data science are among the top emerging technologies tipped to revolutionize several industries radically changing the way the business and organizations run.</p> <p>Blockchains is basically a distributed ledger that records economic transactions in such a way, that they cannot be manipulated. This technology came into light as a result of emerging interest in bitcoin and cryptocurrency in general but since then found relevance in recording not just cryptocurrency transactions but anything of value.</p> <p>Just like the increasing demand of projects working on different applications of blockchain, the demand for blockchains developers has also swelled in the last few years,</p> <p>We can also say that blockchain technology ensures the security and privacy of data. Most data are stored in centralized servers that are often the target of cyber attackers. Block chain on the other hand restores 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.</p> <h1>ADVANTAGES OF BLOCKCHAIN:</h1> <p><strong>ENSURING TRUST (DATA INTEGRITY): </strong>Data recorded on the blockchain are trustworthy because they are gone through a verification process which ensures quality. It also provides for transparency as the activities and transactions that take place on the blockchain network can be traced.</p> <p>Most times data integrity is ensured when details of the origin and interactions concerning a data block are stored on the block chain and automatically verified before it can be acted upon.</p> <p><strong>Preventing Malicious Activities:</strong> Blockchain uses consensus algorithm to verify transactions, it is impossible for a single unit to pose a threat to the data. A unit that begins to act abnormally can be easily identified and expunged from the network. </p> <p><strong>Predictive Analysis:</strong> Block chain like any other data, can be analysed to reveal valuable insights into the behaviours and as such can be used to predict future outcomes. Due to its distributed nature and huge computational power available through it, data scientist can use as a cloud-based service to analyse social outcomes in a scale which would not have been otherwise possible.</p> <p><strong>Real Time Data Analysis:</strong> Several Banks and fintech innovators are now exploring block chains because it affords fast and real time settlement of huge sums irrespective of geographical arrears. With blockchain, banks and other organizations can observe changes in data in real time making it possible to make quick decisions- whether it is to block a suspicious transaction or track abnormal activities.</p> <p><strong>Manage Data Sharing</strong>: In this regard, data collected from the data studies can be stored in a blockchain network. This way project team do not use data analysis carried out by other teams or reuse data already been used.</p> <p>Blockchain is in its preliminary stage, though it may not appear due to hype in the technology. One would expect that as the technology matures more concrete useful cases will be identified and explored.</p>
Blockchain Technology
Financial Management consultancy