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Demand for quality data seems to have increased with signs of a digital revolution incoming. Now, the question being asked is how technologies such as blockchain can contribute towards it. From what its understood, blockchain-backed data science can be key in validation of data sources. I believe blockchain can hold a position in data science as it offers a decentralised ledger for data storage and verification. In an era where data is considered invaluable, blockchains role in data science is believed to be paramount, Alankar Saxena, co-founder and CTO, Mudrex, a crypto-investing platform, told FE Blockchain.

Market studies suggest that blockchains influence on data science can tackle issues through application of statistics and machine learning. According to Medium, an online publishing platform, blockchains backing of data science can ensure benefits such as traceability, incorporated anonymity, large data scales, high data quality, among others. The platform also stated that blockchain can be a benefactor for data science associated with industries and business mechanisms.

As per an article by Forbes Technology Council, a professional networking community, blockchain can help with data around artists rights management, decentralised finance (DeFi), supply chain management, electronic health documents, among others. Reportedly, the platform has recognised 13 applications for blockchain-backed data science. I think data scientists can use non-fungible tokens to incorporate their findings on blockchain. This can enable us to get information based on fundamentals, on which the findings are based. Blockchain can ensure accountability for research organisations who issue reports, forecasts, among others, Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, concluded.

In terms of cryptocurrencies, blockchain-backed data science can help identify investment patterns. Tata Consultancy Services, an information technology company, mentioned that data science can help cryptocurrency users get hold of new investment prospects, along with scrutiny of investment risks and anticipation of future developments. For example, Google Cloud, a cloud computing platform, supplies transaction histories for Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Ethereum Classic, Litecoin, and Zcash. Models around blockchain datasets include Elliptic Data Set, whichs a Bitcoin-based subgraph comprising 203,769 transactions and 234,355 directed payment flows. The dataset aims to create a sustainable cryptocurrency-based financial structure.

Data from Statista, a market research platform, highlighted that blockchain solution-based expenditure will reach $19 billion by 2024. Analytics Vidhya, a data science community, stated that by 2025, data analytics market will clock $21.5 billion, at a 24.5% compound annual growth rate (CAGR). Its been estimated that introduction of central bank digital currencies (CBDCs) will be crucial for data sciences future. As per Factspan Analytics, a business intelligence company, future usage of blockchain-backed data science will help deal with real-time fraud detection, data verification, encoded transactions, and distributed cloud storage. As industries and businesses adopt blockchain, we expect to see new use cases and applications emerge. Additionally, the integration of blockchain with other emerging technologies such as AI and IoT could lead to innovative solutions, Sumit Ghosh, co-founder and CEO, Chingari, a Web3.0 short video application, concluded.

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Is blockchain the answer to data sciences global evolution - The Financial Express