Published on May 16th, 2021 | by Bibhuranjan

Data Science and Bitcoin

What is Data Science

Data Science is an emerging field where data is analyzed from a huge pool of structured and unstructured data. The Data Scientists are expected to wade through a pile of data and make conclusions to benefit the companies they are employed in. All multinational companies have employed a team of data scientists who provide them with solutions and newer methods of approach on the basis of data they encounter. The amount of data across the internet has increased to such a great extent that making sense out of them, and employing the data to make changes in the function of the companies have become a humongous task. It is Data Science on whose shoulder the entire market results today. The market forces determine the next actions of the company, based on the data analysts’ analysis.

What is Blockchain?

The Blockchain Technology used primarily in Cryptocurrencies is a series of blocks where essential data regarding transactions is stored. Blockchain ensures that the data thus stored are not tampered with. This technology is of a decentralized nature, which renders it unaffected by any one single authority. It is out there in the public records. However, the data already stored in each block will not be altered. If a single block is being tampered with, it will affect the entire ledger, since it works in a chain format. Also, the complex encrypted algorithm makes it quite a task for any such activity to happen. The data remains secure in the blocks of blockchain technology. There has been an observed rise in the job opportunities of people with blockchain skills. Blockchain is no more limited to the field of Bitcoins. It is expanding its utility to other fields such as voting, and keeping records of various other things. If you want to learn more about bitcoin and its different platforms and exchanges, you can seek assistance from xCoins.

One can understand the workings of Blockchain Technology if they deal in Bitcoins. Check out The News Spy to learn more about it.

How are they related?

If Blockchain and Data Science come together, there will be no scope for data tampering. Whatever data will be received by the data scientists will be devoid of manipulation. Hence, if blockchain technology and data science were to work hand in hand, it would have led to more appropriate solutions. Analysis and reports formed on the basis of such untampered data will lead to more fruitful solutions, more in favor of the companies. Blockchain will be instrumental in validating the data, and Data Science will make analysis on the basis of that.

How will Blockchain enhance data science?

Blockchain will enhance the quality of data received for analysis in the name of Data Science. There are a number of ways in which this can take place.

Enables Data Traceability

Since Blockchain is a decentralized ledger, it is not regulated by any single person or authority. It works on the basis of complex algorithms. Hence, this makes the technology a transparent one. If a data received by the Data Scientist does not explain its sources, or seems unreliable, the transparency of the Blockchain technology will facilitate the tracing of its source to verify its credibility.

Guarantees Data Quality

Amidst the huge amount of data available on the internet, manipulation and tampering are part and parcel of it. Storing and accessing data using the Blockchain Technology would ensure that no incorrect data goes into the system. If a particular data does not seem reliable, there will always be an option to double check it. A data is always verified before making an entry of it in a block.

Improves Data Integrity

With the increasing discrepancy in the data available on the internet, there has always been the threat of inauthenticity. Data comes rushing in from all sources, most of which remained unverified. With the help of Blockchain Technology, this kind of data can be put under scrutiny, and any discrepancy can be nipped off at the roots.

Owing to the encoded data transaction of the Blockchain Technology, and the almost elimination of the chances of rewriting over the data inputted makes the entire system more reliable than it was before. Hence, Data Science and Blockchain Technology can co-exist in a given structure to make analysis more efficient.

Photo by Pierre Borthiry on Unsplash

Tags: Bitcoin, Blockchain, data science, news spy, trading

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.