Google Launches Crypto and Blockchain Analytical Tools
February 8, 2019 12:26 pm
Google recently launched crypto and blockchain analytical tools, which allow users to access in-depth data for the top cryptocurrencies. The search giant aims to revolutionize the search approach for blockchain the same it did for information on the internet.
Six New Blockchain Datasets Included
Google cloud has released blockchain transaction history data sets for Bitcoin and Ethereum over the past year. Apart from a broader set of queries that allow multi-chain meta-analyses and integration with the traditional financial record processing system, the company has released six more datasets.
As informed by Google cloud developer, Allan Day, the new blockchain datasets include Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash.
“I’m very interested to quantify what’s happening so that we can see where the real legitimate use cases are for blockchain. So people can acknowledge that and then we can move to the next use case and develop out what these technologies are really appropriate for.” Day said to Forbes.
Further, there are five of these crypto assets (BCH, LTC, DASH, ZEC, and DOGE), that have been chosen ‘because they all have similar implementations, i.e., their source code is derived from Bitcoin’s.’ Whereas the sixth one, ETC is based on Ethereum, which is the original Ethereum Blockchain.
All the datasets will update in every 24 hours through a common codebase, the blockchain ETL (extract, transform, load) ingestion framework. The codebase enables real-time streaming transactions for all blockchains by implementing a low-latency loading solution.
Google’s BigQuery data analytics platform initiated with Bitcoin and Ethereum last year. The creation of six new datasets followed a year-long of software usage monitoring. The search giant has also deployed machine learning (ML) tool which detects patterns in transactions flows to provide necessary information on how a crypto address is used.
The data is built in an easy to access method, maintaining consistency across datasets, and earning the title “unified schema.” Such a technique will allow hassle-free blockchain data comparisons for data experts and researchers.
According to the report, the first terabyte for these datasets will be free every month, with charges applying per byte on heavy users. Tech competitors with the likes of Amazon and Microsoft have also entered into the cloud and blockchain space last year.
As it has been quite apparent for many years, Google is the leader in big data, and it aims to achieve the same position in the crypto industry. Allan Day further adds:
“This is not same kind of dependency on government agency reporting. We have all the data, and we can pull metrics and look at them and reason about them over time.”