Blockchain Impact on Data
The Blockchain has the potential to transform data storage, so it’s important to understand the implications of this technology.
- No third-party verification of data required: In Blockchain every node on the network maintains a copy of the ledger and a new transaction is added to the block only after it is validated by the majority of the nodes on the network.
- Smart contracts for transactions: Smart contracts are computer protocols designed to digitally facilitate, verify, or enforce the negotiation or performance of a contract. They are self-executing pieces of code that automatically execute when certain conditions are met (i.e., when all parties fulfill their obligations). One of the most common use cases for smart contracts is real estate transactions where they enable buyers and sellers to transact without any middlemen or brokers involved.
- Immutable data structures: As every node on the network maintains a copy of the ledger, the data is secure and immutable on the blockchain. When the data is changed by an intruder, the change should be validated by the majority of nodes on the network to be added to the ledger.
- The high degree of control over data: Blockchain enables users to have a higher degree of control over data where they store data, which affects the accessibility and availability of the data.
Top 10 Benefits of Blockchain For Data Science
Blockchain is the future of data science. It’s a decentralized ledger that stores an ever-growing list of records called blocks in a secure and encrypted format. These blocks are then linked together forming a chain of links, hence the name blockchain. Blockchain provides benefits such as giving transparency to data in a manner that is verifiable, immutable, and tamper-proof.
The top benefit of using blockchain for data science is that it provides security to data and prevents tampering with records. Blockchain also provides transparency by allowing all participants within the network to see any change made to a record. This allows for the use of it in various industries such as finance, healthcare, education, etc. The article focuses on discussing the benefits of blockchain for data science.
The following topics will be discussed here:
- What is Blockchain?
- What is Data Science?
- Relationship between Blockchain and Data Science
- Blockchain impact on Data
- How Blockchain can help Big Data?
- Top 10 Benefits of Blockchain for Data Science
Let’s start discussing each of these topics in detail.
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