There’s no question that innovation leads to success. Blockchain technology has business leaders hurriedly analyzing and considering how it might optimize their operations. Is blockchain the future of data science?
To help you get a handle on this emerging technology, here’s a quick summary of blockchain and its potential impact on data science.
What is Blockchain?
York Solutions defines blockchain as “a decentralized database – an electronically distributed ledger or list of records that is accessible to various users.” In other words, it is an automated record keeper that can be commonly used for transactions. Today and future businesses will be exploring how to implement blockchain technology into other record-keeping-required activities.
Why Use Blockchain?
Blockchain advocates have boasted about the many benefits of blockchain. According to Matthew Hooper, former VP of Open Innovation at Barclays and head of Rise New York, businesses will see “greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, and reduced costs.”
Who Will Be Using Blockchain?
Many professionals may find blockchain to be helpful in their operations. For data analysts, blockchain will be a powerful tool. By updating records and providing information more efficiently, they will be able review data, apply knowledge and give insight on actions to take and improve businesses.
Businesses are seeing the potential in this technology and have started to invest. Many companies are already implementing blockchain to take advantage of its benefits. With the addition of investment, blockchain will only see more growth and implementation into expanded operations. In the future, transactions and many more activities are likely to have underlying blockchain technology because of its utility.
Is Data in Your Future?
You can be part of the future of data science. Learn the latest data science practices and new technologies by registering the Data Science Certificate Program. Data science has been ranked as one of the fastest-growing professions with demand for analysts booming. Empower your career!
Writing/Research Credit: Benjamin Kopetsky, UW-Green Bay Marketing Intern