Data scientists and blockchain, a tale of true love story

Ever since bitcoin gave rebirth to blockchain technology, Data Scientists have showered their gratefulness.

We have discussed about what is a block chain and its legalization, now it’s time to hear it from data scientist’s, what’s their take on blockchain technology and why they consider block chain as one of the future.

Before getting into the benefits of using block chain, let’s hear what a data scientist from apple says about block chain,

A blockchain is essentially a distributed database of records or a public ledger of all transactions or digital events that have been executed and shared among participating parties. Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased. The block chain contains a certain and verifiable record of every single transaction ever made. Bitcoin, the decentralized peer ­to ­peer digital currency, is the most popular example that uses blockchain technology. The digital currency bitcoin itself is highly controversial, but the underlying blockchain technology has worked flawlessly and found wide range of applications in both financial and non-­financial world.

 The hard hitting truth is that, benefits of this technology and its applications are controlled within cryptocurrency circle, Data Scientists on the other hand, suggest developers and technologists to see the bright side of this technology, by listing out the following:

Security:

Chances of data theft in blockchain technology are typically low compared to other technologies, Lenovo recently demonstrated the use of blockchain technology to detect fraudulent documents and forms. Result states that it was much easy to process and verify the documents.

In blockchain users are provided with private keys and a passcode for personalization and security. Without any intermediaries blockchain transfer, results in less fraudulent and money laundry chances.

In supply chain management tokenization method is processed, where digital tokens are used for anti-counterfeiting and fraud detection.

Real time analysis:

Some of the major banking sectors across the globe adopt blockchain technology due to the transparency and data tracking records. Encoded transactions and complex algorithms are some of the crucial features of this technology.

Transferring a huge sum of funds across borders in real time without any intermediates and zero data leaks are now possible with blockchain.NASDAQ has announced that they are usingblock chain ledger technology, for private securities purposes and transactions.

Data tracking:

Decentralized networks have paved way to connecting millions of computers with nodes, these network chains helps in tracking the data without losing its information. The future has opened up for vast storage facilities but tracking isn’t one of the factors which are easily accessible but blockchain offers such tracking with its user details.

Considering the cloud and demanding data storage necessity for block chain and data scientists are the next big thing.  To understand and become a master professional in block chain or any sublime course from experienced tutors is an unquestionable thing that goes without saying. Data scientist believe that the use of this technology in various sectors will be a huge game changer and if the experts believe that, so do we.