Blockchain for Real World Applications

9 Data Management

9.1 Data Science

Big data and blockchain are mutually exclusive. The have their own distinct directions and uses. Although data science is focused on using data for proper governance, the decentralized ledger of blockchain ensures data security. However, one can reap benefits from a combination of blockchain and data science.

The decentralization of the blockchain makes access to critical data difficult as it is nearly impossible to compromise all nodes. In addition, nodes that behave suspiciously can be immediately expelled from the blockchain, making the system secure. Due to its encryption and rigorous verification processes, blockchain makes data integral, traceable, and transparent.

Data science provides in-depth data analysis, while blockchain allows for real-time transactions. Both these techniques can be used together to provide real-time data analysis. Data science can be used to evaluate blockchain data to disclose data insights and veiled trends.

9.1.1 Challenges for Data Scientists

• Data scientists collect information from a variety of sources, which are susceptible to tampering and theft. The rising value of data has resulted in an alarming increase in data breaches.
• Data confidentiality is the most important barrier for data scientists working with the personal sensitive information of consumers.
• Access to data is becoming a challenge for data scientists, as many countries have implemented data protection regulations.
• Data scientists spend a ...