Data Analytics — The Next Breakout Area of the Crypto Space

In 2021, Bitcoin began to rise in price very rapidly. The crypto industry is constantly evolving, but after the events associated with the strong growth of Bitcoin, it received a lot of attention. New projects began to appear, DeFi developed strongly, and the world began to get deeper into the crypto space. The entire blockchain is a notebook with the balances of the participants, and as you understand, there is nowhere without data analytics. In addition to the need for their storage, there is also a need for their grouping, analysis and processing. Thanks to the decentralized algorithm and cryptography, the blockchain is gaining trust in this niche, because it ensures the security and confidentiality of all data, as well as ensures data integrity by establishing the origin of data through its connected chains.

For example, how can an ordinary user find out who, when, to whom and how much is sending funds? And for large companies, the issue is even more acute, because information is the most valuable resource in our time — specialists rely on large amounts of data to accurately determine the results of social events, such as customer preferences, price dynamics or indicators of outflow of funds in various businesses.It is necessary to find the best way to analyze all the information stored in the blockchain, it is desirable that it be available even to an ordinary user, and since there is such a need and competition, of course this method will be found. The main problem that modern companies face is the lack of good specialists in this field, because such specialists are very expensive, and the demand for them is high.

But there are projects, such as Covalent, for example, which remove a lot of problems in programming, since they have a no-code solution. There is also a problem related to data analytics of multi-blockchains, but in this matter, Covalent does everything for you: their server stores the data of most blockchains, which is updated every 30 seconds.

Thanks to such projects, a breakthrough in data analytics is a matter of time — NFT, balances, transactions can already be viewed with the click of a button. And very soon we will see new heights reached in the data analytics of the modern crypto world.