Why Data Scientists Love Blockchain Technology?

Why Data Scientists Love Blockchain Technology?

Data scientists manage a big load of unstructured and structured data with their knotty skills in mathematics, statistics and programming. They clean it and organize it to make it understand. These skills come from data science. It is happening virtually happening everywhere like from business administration to running local and national governments. You can say that the aim of data science is to harvest and manage the data in a way so that the organizations can understand and operate it smoothly to get better result.

Data scientists were unable to understand the data literally for quite some time, but, bitcoin happened in between and its blockchain technology attracted them in a big way. This technology provides a ledger where each and every entry is transparent. It cross checks them, so, there is no need to verify any calculation.

Data scientists were fascinated to blockchain method due to the following reasons:

Data can be traced back

Blockchain method describes and increases relationships, for example, any entry can be traced with full authenticity. The ledger is so much transparent that anyone can trace the beginning as well as its end.

Real-Time Analysis

Banks and other financial organizations find it hard to analyze the data in real time. However, it is said that real time analysis is the best way to detect frauds. But, blockchain technology is helping many organizations to detect the problems at an early stage. This method permits two or more persons to cross check the same piece of information at a time.

Trusted Method

Trust is a rare quality to find these days and too much power in the hands of biased central authorities is always dangerous. So, the organizations have come to trust the operations handled through blockchain technology. Even countries like Venezuela have been holding blockchain-powered elections to avoid rigging.

Smooth Sharing of Data

Data scientists feel it very convenient when many people can access data at once and in real time due to blockchain method. This digital ledger streamlines all the information flow and the administration process becomes smooth.

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Data Integrity Improvement

As the big data started coming with the Internet of Things, many organizations were having problems of its storage as the data was coming from several centers. That data may be accurate as well as may be inaccurate, especially social media data may have errors. Now the problem has shifted to its verifying and protecting the integrity of data.

Data scientists have found blockchain to authenticate and track data at every point on a chain. Its strong security is the main pillar for its adoption. This ledger protects data through multiple signatures. Thus, it prevents data leaks and hacking. Exact signatures must be provided, if anyone wants to access any information.

  • Blockchain method requires mathematical algorithmsto encrypt all transactions. The transactions are the digital contract between two parties.
  • Data is stored in a block with a specific cryptographic key in the organization. So, whenever the data is required, one must have the right key from the data originator and that proves that the information is genuine, accurate and of good quality.

Verification of Data Quality

The information is encoded and stored in several nodes in the blockchain method both in private and public sectors. Each record is cross-checked and analyzed at each point before being added to other blocks. The data is verified this way.

Conclusion

As new ways are evolved to run organizations efficiently, the more stronger data science will become. Blockchain will help data scientists revolutionize the working and will set many milestones.

Vishwadeep Mathur is a technical writer with Systweak. He covers new technology. He is a lifetime learner and is an avid reader. He enjoys exploring new places and culture.

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