If you are a technocrat, you must have heard a lot about Blockchain and Data Science. Isn’t it? If you are juggling which one is better, in that case, this article is a one-stop solution.
To compare them better, let’s understand each of them briefly.
Table of Contents
- Understanding Blockchain Technology
- Understanding Data Science
- How Both Technologies Differ?
- Why are Data Scientists Enticed by Blockchain?
- Concluding Lines: Which is Better?
Understanding Blockchain Technology
Blockchain is a Peer-to-Peer, shared distributed ledger for recording transactions, tracking assets, and building trust between participating parties. Primarily used for Bitcoin, today, Blockchain is not only confined to its original cryptocurrency application. Rather, it has its applications in almost all domains, including supply chain, healthcare, logistic, identity management, etc.
Due to its decentralization nature, blockchain transactions are carried out with mutual user consensus and offer complete transparency and safety. At present, due to a lack of skilled professionals, demand for Blockchain developers and experts are soaring, leading to salary hikes like never before.
Understanding Data Science
Data Science is a concept that uses a mixture of various algorithms, tools, and ML algorithms to discover hidden patterns from raw data. Technology enables businesses and organizations to make better decisions and predictions by discovering hidden data patterns from unstructured data.
Data Science aims at improving the quality of data and helps in delivering preferred services and products based on customer trends and likings.
From personalized healthcare recommendations to optimizing shipping routes in real-time, Data Science has its implications in almost every industry. Just like Blockchain, Data Science offers highly paid career opportunities across various domains.
How Both Technologies Differ?
Now, as we have understood both these emerging technologies, let’s understand the differences between them.
In order to do so, it is important to note that these are two disparate technologies with different goals. Comparing these technologies is like comparing apples and pears.
While data science aims to construct the means for extracting business-focused insights from data, Blockchain, on the other hand, aims to allow digital information to be recorded and distributed immutably. In most simple words, you can say that data science enables data prediction, whereas Blockchain ensures data integrity.
If there is any relationship between Blockchain and Data Science, then the only way they are related to each other is that these technologies have data at the center.
Why are Data Scientists Enticed by Blockchain?
As both technologies are booming, technocrats and experts believe that Blockchain can enhance data science, and this is the reason why Blockchain entices data scientists.
Facilitates Data Traceability
Blockchain is known to facilitate peer to peer relationships. Its ledger’s transparent channels allow everyone to know and track data right from an entry point to exit. Distributed transparent ledger ensures that data is reliable for use, where it came from, where it is stored, and how it can be used in an ethical manner.
Due to Blockchain’s ability to enable real-time data analysis, banking institutions and fintech innovators have started exploring this technology. It facilitates real-time settlement of huge sums irrespective of geographic barriers within a few minutes. Organizations can observe changes in data in real-time, making it possible to make quick decisions almost instantly.
Blockchain offers complete decentralization and high computational power, enabling data scientists to use this computational power of thousands of computers connected on a blockchain network as a cloud-based service to perform extensive predictive analysis tasks and social outcomes that would not have been possible otherwise.
Ensures Easier Data Sharing and Data Quality
Records stored on the Blockchain network are cross-checked and analyzed at the entry point itself, which ensures stored data is tamper-proof, and quality is not hampered. Moreover, the other reason why data scientists are fascinated with Blockchain is that it makes it possible for multiple people to access data at the same time and in real-time.
Concluding Lines: Blockchain Vs. Data Science – Which is Better?
To state which technology is better won’t be right because both technologies have their own aim. Both of them are emerging technologies that have the potential to revamp how businesses operate. In terms of career opportunities, Blockchain Developers and Data Science both have a seemingly insatiable demand. Data Science is an ever-evolving field that will continue to evolve. Similarly, Blockchain, with its robust security and transparent record-keeping, can prove to be helpful to data scientists in achieving milestones that were previously considered impossible.
If you want to gain an in-depth understanding of Blockchain technologies and become a Certified Blockchain professional, we are here to help you out. Blockchain Council, a globally recognized online platform, can help you provide a thorough understanding of Blockchain technologies and how it can be implemented across various domains.