Blockchain Analytics: Unleashing the Power for Data-driven Insights

How important analytics is when it comes to business?
This is a question which you don’t need an answer to. In the era of digitization, be it small,
medium or big, every business soulfully depends on the analytics part strictly.
But as soon as we connected Blockchain to business analytics in our title, you got a little
confused right there. Didn’t you?

Well, this is very natural. Since you’ve always seen the application of Blockchain only when
there is a transaction, it is hard for you to imagine it being used in something like analytics.

But little do you know, just like Superman, Blockchain is a super technology that can do far
more than you can even imagine!

In this blog, we are going to tell you all about Blockchain Analytics and the way it is going to
shape the future of business analytics. Make sure to grab some snacks before you start
reading because it is going to be interesting!

While we are discussing this, we need to tell you a little bit about data analytics and the
types of it.
Data analytics is basically a process of examining data sets to draw a conclusion about the
information they contain. If we take Google analytics as an example, it stores all the data
sets about the visitors who have visited your website and shows you specific information
about them.
There are four different types of data analytics as follows:
1. Descriptive Analytics
2. Diagnostic Analytics
3. Predictive Analytics
4. Prescriptive Analytics
Now, what is Blockchain analytics and which sector of data analytics does it help out? Let’s
have a look.

What Is Blockchain Analytics?

In the last few years, Blockchain has contributed a lot in almost every industry. The
data analytics as well has been blessed with it.
Blockchain analysis is the process of inspecting, identifying, clustering, modeling and
visually representing data on a cryptographic distributed-ledger known as a Blockchain. The
goal of Blockchain analysis is discovering useful information about the different actors
adding additional blocks to the chain.
When it comes to data analytics, Big Data takes the help of Blockchain to play an
extraordinary role.
We all know that Superman, Batman, Wonder Woman, Flash, Aquaman, and Green Lantern
are best in their parts. But how great was it when they formed the Justice League?
Similarly, when these two super technologies team up, there is some pretty amazing stuff
they can do.

Let’s check out few Blockchain analytics use cases of the same field:

Accessibility to Decentralizing Tools:

A few years back, only big organizations could use and leverage big data for their performance. Until recently, few start-ups started using the decentralizing nature of Blockchain Technology and announced the new Blockchain protocol as the Google of predictive analytics.

Want to know how it works?

Blockchain teams up with AI and analytics in such a way that even normal users can ask simple questions and get an accurate prediction.

By 2021, it is expected that Blockchain and Big Data are going to build an entire ecosystem by bringing the data providers, developers, users to keep up with predictive analytics. How cool is that?

New forms of Data Monetization:

You might remember the era before the November revolution in Russia right? When the only rich people were Czars and landowners? They always used to have the ownership of money, food, corps. Then there were middlemen, who used to manage and monitor their belongings. The commoners came last who had to work hard to earn them from the middlemen. Then, with the revolution, democracy tagged along and the Czars and middlemen were not there anymore.

Well, when it comes to business analytics, data is the main asset of that. The main role of Blockchain in business analytics is, along with big data, it can bring democracy in the world of data analytics. Also, it allows you to remove the middleman completely.

Wonder how it’s possible? Simple! Blockchain can place these following features of the new
form of data monetization right on your plate:

• All businesses that are involved in a transaction will have an access to the same kind
  of data. This would motivate data acquisition, data sharing, data analytics and the
  quality assurance of the data.
• All the registered transactions will be stored in a single file and will provide an
  overview of them while eliminating the needs of multiple systems.
• Individuals will be able to control and manage their data and go for predictive
  analytics without the help of any third party.

Smooth Data Exchange:

Another way the Blockchain impact on business analytics is the smooth and fluent flow of data exchange.
You see, big organizations leverage their data to sell the data to the other organizations. Now, what happens to small businesses? Sometimes they take the subscription for the best analytics tool. But that is simply not worth it for them since they don’t possess that amount of data. These high budget tools eliminate the chance for small businesses like digital marketing agencies, research groups to work upon a large amount of data.

According to Forrester, 73% of enterprise data usually goes unused in data analytics. But with the help of Blockchain Transaction Analytics, data exchange can be much more secure and easy, without the association of a truckload of money.

Conclusion:

According to statista, starting from 2019 to the next 5 years, Blockchain and Big Data will have a huge impact on business analytics worldwide.

And to your surprise, there are already some Blockchain analytics tools in the market that can help you out. But if you want to develop your own Blockchain ecosystem in your way, you can easily do that too after gaining a vast knowledge about Blockchain.
So buckle up to do that, before you don’t want to be standing last in the line of people advanced in Blockchain analytics. Right?

Also Read our previous blog on What are the key skills required to be a blockchain developer?