Blockchains Could Be Every Data Scientist’s Dream

Bitcoin is currently trading at over $1250 and if you are someone who invested a grand in bitcoins back in 2011, your investments are potentially worth over $600K. The most valuable contribution of the bitcoin community is not in the financial returns itself, but in the introduction of blockchain technology.

Blockchain is a distributed database system that serves as an “open ledger” to record and manage transactions. Each record in the database is called a block and contains details like the transaction timestamp as well as a link to the previous block. This makes it impossible to alter information about the records retrospectively. Also, since the same transaction is recorded over multiple, distributed database systems, the technology is secure by design.

Author: Christopher Low

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