How Blockchain Solutions Enable Better Decision Making Through Blockchain Analytics

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Since the founding of computers, data scientists have been able to engineer devices that increase individuals’ opportunities to communicate with each other. In the 1990s, the internet took over with many people not understanding its utility. Flash forward 30 years, and we cannot live without our connection to the internet. The internet of information is what we called early adopters with individuals posting blogs for others to read, this was known as Web 1.0. As we progress, platforms became social allowing individuals in different areas to communicate and engage with each other, this was known as Web 2.0. As Dr. Mary Lacity put in her Blockchain for Business textbook, we are shifting towards the ‘Internet of Value’ with blockchain’s emergence (Lacity, 2020). Blockchain solution enabling true ownership of data is a major force in the push for Web 3.0. As individuals take back more power, it is important to ensure proper analysis of current and future situations. This is conducted through data analysis, but we now have an emerging technology that can record large amounts of information and provide quick insight. We can also ensure the data is clean through its native open-source architecture that prevents duplication of data points. The most complete and exact results can be found in a blockchain network where inputted data is automatically organized and scrubbed. Data grows exponentially, it is important to find ways to store this data while also ensuring it is complete.