Blockchain technology and Data Science are among the top most emerging new age technologies said to revolutionise the industries. From healthcare to real estate to IT sector and the government, almost every sector is waiting to be disrupted by blockchain technology. By 2024, the global Blockchain technology market is going to be worth $20 billion. As a consequence, the demand for professionals skilled in Blockchain technology is unstoppable.
During the recent past, the usage of blockchain technology was limited only to Fintech and Banking organisations. However, with evolution of new age technologies in various spheres, the scope has widened to other areas such as product and service enterprises as well. The year 2019 is expected to be a big year for data science professionals with skills in Blockchain technology.
One can also assume that both these terms are mutually exclusive, each having their unique pathway. But on the onset, they’re independent of one another. In this regard, there might be some queries circling your head on why blockchain technology is so important and why it has grabbed the attention of data scientists. Well, the usage of Bitcoin’s popularity and usage of blockchain technology underpins it, making it worth the attention of data science professionals.
Before moving on further, it will be helpful to first understand Blockchain and Data Science.
Blockchain technology
A blockchain is a list of records that cannot be manipulated and is linked using cryptography. This technology fits into enterprises as an emerging and growing capability used to create, record and verify transactions using decentralized autonomous logic says, NASCIO report. In simple terms, it is a database where data gets verified with a piece of an algorithm. Also, any data that is stored on the blockchain cannot be manipulated since they are encrypted. Knowing the capabilities of this technology, now more than ever tech enthusiasts and developers are looking to re-skill themselves and gain knowledge in blockchain technology.
Data Science
Data science is nothing but using the blend of tools to find raw data, making changes through algorithms. Data scientists are the ones that help turn the raw data into business information that can be used for the growth of the organisation. They have skills such as analytic, machine learning algorithms, and statistical analysis such as linear regression, logistic regression and hypothesis testing etc.
The synergy between Blockchain technology and Data science
Blockchain technology is quite familiar in areas such as Fintech, supply chain and healthcare, whereas this technology has not been explored extensively in areas such as data science. To some the concepts are still unclear.
For those who are unaware, both data science and blockchain technology deals with data. While data science is used in analysing data for actionable insights and blockchain is used to record and validate data. Both uses algorithms in order to interact with various data segments.
A common synergy you will notice, data science if for prediction; while blockchain is for data integrity.”
Here are five reasons why data scientists love blockchain technology:
It is a trusted method
Trust is a term that can be unreliable these days especially when there is too much power in the hands of central authorities. Which is why organisations have started entrusting the operations handled through blockchain technology. For example, countries such as Venezuala have been holding blockchained-powered elections in order to avoid vote rigging.
Improved data integrity
Data scientists have found that blockchain is authentic and data can be traced easily at every point of chain. This list of records help protect the data integrity through multiple signatures. Thus, preventing data leaks and hacking. For someone to access the data exact signatures would be required.
Tracking data gets easier
Most data scientists are now relying on blockchain technology to track and verify data, what contributes to this is the changeless security. The precise signature is required for one to access the ledger (list of record) to prevent data leak and hacks.
Provides real-time analysis
Having the ability to analyse information in real-time is of great usage to banks and other related organisations. It gives them the advantage to observe any changes very minutely, which helps track fraudsters.
Verified data quality
The overall information is encoded and stored in nodes in the blockchain method both in private and public sectors. Now each record is then cross-checked and analyzed at every point before it is added to other blocks. This is how the data quality is verified.
In conclusion
Becoming a data scientist is a promising career today and will remain in the nearer future; as the job role continues to rise with implementation of new technologies such as blockchain. Emerging blockchain technologies have a wide potential to improve aspects of data science.
Having said, upskilling is now the trend that is followed by fresher graduates and even professionals looking for a secured career since concepts like ‘data science’ and ‘blockchain technology’ are the hottest skills in the IT industry.
Most organisations are in a hunt for professionals skilled in technologies such as data science and blockchain technology, making their presence felt in today’s IT world. To stay relevant in the industry today, one needs to have the require skill-set that these organisations are looking to hire.
While your degree plays an important role, you also would require to take up certain certification courses to pursue a career in these new-age technologies:
Buying tires is one of the most important decisions for your car’s safety, performance, and… Read More
Toothpaste and toothbrushes play a crucial role in keeping our teeth and gums clean and… Read More
It's good to have a business that is running well, and the sales of your… Read More
There are four different varieties of artificial intelligence, and they aren't all made equal: Some… Read More
It's can be a great way to get the cash you need for a large… Read More
In a time where marketing strategies are increasingly built around social media campaigns, paid search… Read More