Implementing Blockchain Analytics in Business
IN THIS CHAPTER
Identifying how analytics satisfies business goals
Incorporating analytics into business practices
Setting up your own blockchain node
Building a blockchain analytics lab
Understanding how blockchain data gets stored and how to get to it is only the beginning of the analytics process. In fact, a good analytics process starts before that point. To find value in data of any type, you first must determine what you’re after. Setting analytics goals helps you to avoid wasting time and effort (and most importantly, money) in the analytics process.
Always remember that technology exists to solve problems. A cool new gizmo isn’t worth much unless it addresses a need. Data analytics is the same. If your analytics results do not meet a business need, your effort will be wasted. To avoid that situation, the first step towards launching any analytics project should be articulating a clear statement of the business justification and goals. Ask what information you're looking for and how it will benefit the business.