Michael G. Solomon

In 2008, Bitcoin was the only blockchain implementation. At that time, Bitcoin and blockchain were synonymous. Now hundreds of different blockchain implementations exist. Each new blockchain implementation emerges to address a particular need and each one is unique. However, blockchains tend to share many features with other blockchains.

Blockchain technology is much more than just another way to store data. It's a radical new method of storing validated data and transaction information in an indelible, trusted repository. Blockchain has the potential to disrupt business as we know it, and in the process, provide a rich new source of behavioral data.

Ethereum is a comprehensive, decentralized application platform that expands the range of capabilities beyond what was possible before blockchain technology. So, what sets it apart from other decentralized platforms? Here’s a bit of Ethereum background. Introducing Ethereum Bitcoin was the first blockchain technology application.

Blockchain technology alone cannot provide rich analytics results. For all that blockchain is, it can’t magically provide more data than other technologies. Before selecting blockchain technology for any new development or analytics project, clearly justify why such a decision makes sense. ©Shutterstock/NicoElNinoIf you already depend on blockchain technology to store data, the decision to use that data for analysis is a lot easier to justify.

The information age offers many new opportunities and just as many (if not more) challenges. The vast amount of data available to organizations of all types empowers advanced decision-making and raises new questions of privacy and ethics. Whether you are undertaking a blockchain data analytics project or engaging with data in any way, there are certain regulation and data privacy laws you should be aware of.

Although understanding the blockchain data available through transactions, events, and contract state is important, you must understand what that data represents before you can make much sense out of it. An important part of any blockchain (or traditional) data analytics project is to align data with the real world.

Blockchain has traditionally been associated with cryptocurrency, but there are use cases for blockchain that extend far beyond that. Many good examples of use cases for blockchain technology exist even today and the possibilities abound. Here, you look at just a few of those use cases. See if you can think of a good blockchain use case in your own organization.

Blockchain technology is viewed as a disruptive technology due to the promise of removing intermediaries and changing the way business is conducted. That promise is a big one for blockchain, but it is possible. Removing even some of the intermediaries in existing business processes has the potential of streamlining and economizing workflows at all levels.

Knowing how to access blockchain data and use it in analytics models are only the first steps toward creating useful results. The next step is to actually do these tasks. Although you can develop models using a simple text editor, having the right tools will speed the process and make you far more productive. The right tool for each part of the blockchain data analytics project can dramatically increase the probability that your results will have value to your organization.