The blockchain is the new hot technology. Experts say the blockchain will cause a revolution similar to what Internet provoked.

Blockchain is a way to store information across a network of personal computers. Once something on the blockchain is recorded, it’s stored there forever. Information can change on the blockchain, but the full history is always open and available. Once a blockchain transaction has received a sufficient level of validation, some cryptography ensures that it can never be replaced or reversed (it is immutable).

The blockchain concept relies on two other ideas: decentralization and distribution.

Smart Contracts

Blockchain can also execute programs. Other blockchains allow for more sophisticated contracts. In Ethereum for instance, each contract carries a mini-database, and exposes methods to modify the data. Each time a user calls a method on the contract and therefore updates the underlying data, this command is replicated and replayed by the entire network.

Applications relying on smart contracts are called Decentralized Apps, or DApps.

Applications

Imagine blockchain technology in IIOT area.  Blockchain can push predictive maintenance to the next level. Computer not only determines when its parts might fail but can also schedule and pay for that maintenance automatically.

The automatic nature of blockchain could enable even smarter machines. Imagine a smart refrigerator that can keep a history of its own stock, compare the prices of new milk from multiple vendors, and pay for the delivery of the milk on its own.

Blockchain + Data Science

All blockchain technology is very much connected to data science. Data scientists will get plenty of work helping companies figure out how best to use the data that is growing on the blockchain. That is why Qualia Data Sciences have research team dedicated to creation and understanding of Smart Contracts on the Ethereum blockchain. There will be a growing need for people to understand their blockchain data. As more and more companies enter the blockchain industry, their businesses are going to rely on blockchain transactions and how people are using them. They’ll start asking smart questions. In order to answer those questions we have to pull data from the blockchain, manipulate it and present it to your business so that you can make sense of what’s happening.

Why Qualia Data Sciences?

We are also developers of data visualization software BusinessQ. Your Smart Contract’s data will be visualized in the best possible way.

Blockchain, with all of its controversies, has barely scraped the surface of its possible use. As blockchain begins to enter into new verticals and industries, we may see a huge improvement in the world we are living in.