Blockchain Data Analysis 2018

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Blockchain Data Analytics - 2018

Data streaming into an organization's information warehouses is increasing at an exponential pace and is predicted to develop by as much as 50 zettabytes by 2020. A zettabyte is over 931 million gigabytes! Each and every action we do online leaves a digital hint. Every single motion we make when we go online reminiscent of online shopping, chatting with friends through social media, or utilizing GPS outfitted smartphones generates data that businesses mine for information. We mainly go away from digital footprints with each action we take digitally involving the use of the web. The amount of information generated is growing quickly and this requires using superior know-how and instruments particularly designed for the evaluation and interpretation of this monumental quantity of information. That is where data analytics comes to the rescue. The thorough and in-depth analysis of this "Big Data" requires the usage of data analytics software programs such as Python, SAS, R, and Hadoop which were developed particularly for handling Big Data.

Data Analysis

Many applications, ranging from cryptocurrencies to food supply chain management, drive consumer and industrial adoption of Blockchain technologies. As these applications proliferate, so does the complexity and volume of data stored by Blockchains. Analyzing this data has emerged as an important research topic, already leading to methodological advancements in the information sciences. In this invited paper, we provide a brief overview of Blockchain Data Analytics, focusing both on the emerging research challenges and on the novel applications – from Bitcoin price prediction to e-crime detection.

Report (In Progress)

Public blockchains can be broadly categorized as unspent

transaction output (UTXO) based (e.g., Bitcoin, Litecoin),

In account based blockchains, an address can spend a

fraction of its coins and keep the remaining balance. In these

blockchains, a transaction has exactly one input and one output

address. Although address creation is free, mostly a single

address is used to receive and send coins multiple times.

Created in 2015, Ethereum [10] is currently the most valu-

able account based blockchain. Similar to Bitcoin, Ethereum

has a currency: Ether. However, the Ethereum project’s main

goal is to store data and software code on a Blockchain. The

code (a smart contract) is written in the proprietary coding

language Solidity, which is compiled to bytecode and executed

on the Ethereum Virtual Machine. Smart Contracts are self-

executing Turing complete contracts which contain code and

agreements. An analogy is the MYSQL snippets stored on a

database. However, Smart Contracts also ensure unstoppable,

deterministic code execution that can be verified publicly