What should you know about blockchain data analytics?

The cryptocurrency market has gained tremendous prominence in the recent years and today it is one of the biggest financial sectors in the market. If you are new to cryptocurrency then you would be unaware of the different terms and fundamentals associated with the crypto market. One of the common terms and factors that is closely associated with the crypto technology is blockchain. The blockchain is an important part of the cryptocurrency market operation and the blockchain data analytics helps the traders to understand the performance of the different cryptocurrencies in the market. Before we delve into the data analytics, we will have a brief look at blockchain and what does it mean.

What should you know about blockchain data analytics?
blockchain data analytics

Understanding the blockchain

The blockchain is essentially a record-keeping technology or a database that is fundamental to the operation of bitcoin network. The blockchains are similar to the databases however one key difference between the database and blockchain is the manner in which the data is structured. The blockchain gathers information together in the form of groups, which are called blocks, and these blocks hold sets of information that is critical to the operation of cryptocurrency.

The blocks have specific storage capabilities and when these blocks are filled they get chained into previously filled blocks thus forming the chain of data which is called blockchain. All the new information that is added to the blocks is then compiled into new blocks which gets added to chain when it is filled. The data in the blockchain is structured in the form of chunks or blocks and they are chained together. When the block gets filled in the blockchain it becomes permanent and part of the timeline. Each of the block within the chain is provided a precise timestamp of the time when it gets added to the chain.

The blockchain was initially designed for cryptocurrency assets such as Bitcoin as well as Ethereum however in the recent years it has expanded to other assets in the market. The computational power of blockchain is derived from multiple computers that are connected and it has the essential power for the definition of model which must be analyzed depending on a wide range of the datasets. The blend of blockchain technology and data analytics from different tools such as https://www.footprint.network/ is forecasted to grow further in the coming years.

Footprint provides advanced data analytics tool

The Footprint is one of the most sophisticated and power data analytics tool for visualizing and uncovering the blockchain data. The Footprint network prioritizes the user experience and provides effective solutions such as interactive data query and drag and drop interface for the different end users such as data scientists, teachers, students, analysts, or executives.

Developed by Vantastone Technology PTE Ltd., the Footprint aims to make technology more accessible plus provide the customers with decentralized solutions for analytics with the expansion of blockchain technologies.