Blockchain Data Analytics For Dummies - Michael G. Solomon

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the trends or lessons in these blockchain transactions is the focus of this book. Blockchain Data Analytics For Dummies gives you the foundation of blockchain technology data storage and techniques to analyze blockchain-based data. You learn — in clear language — how to build analytics models and populate them with blockchain data.

      I don’t make many assumptions about your experience with blockchain technology, application programming, or cryptography, but I do assume the following:

       You have a computer and access to the Internet.

       You know the basics of using your computer and the Internet, as well as how to download and install programs.

       You know how to find files on your computer’s disk and how to create folders.

       You’re new to blockchain and you aren’t an experienced software developer.

       You’re new to building data analytics models.

      

The Tip icon marks tips (duh!) and shortcuts you can use to extract blockchain data and build analytics models.

      

Remember icons mark the information that’s especially important to know.

      

The Technical Stuff icon marks information of a highly technical nature that you can normally skip over.

      

The Warning icon tells you to watch out! It marks important information that may save you headaches when writing your own blockchain applications.

      In addition to the material in the print or e-book you’re reading right now, this product also comes with some access-anywhere goodies on the web. Check out the free cheat sheet for more on blockchain technology and data analytics at www.dummies.com/cheatsheet/blockchaindataanalyticsfd.

      In addition, if you’d rather download the code you see in this book instead of typing it, go to http://www.dummies.com/go/blockchaindataanalyticsfd. You can download zip files for each of the projects you’ll create to develop and test data access and analytics scripts.

      The Dummies series tells you what you need to know and how to do the things you need to do to get the results you want. Readers don’t have to read the entire book to just learn about some topics. For example, if you just want to learn about extracting blockchain data, you can jump right to Chapters 5 and 6. On the other hand, if you need to set up your own blockchain analytics lab, read Chapter 4, which tells you how to do that with clear, step-by-step instructions.

      Intro to Analytics and Blockchain

      Using data analytics to drive strategic decisions

      Exploring blockchain technology and popular use cases

      Examining blockchain data to identify data of value

      Building a blockchain analytics lab

      Populating a local blockchain with data to analyze

      Driving Business with Data and Analytics

      IN THIS CHAPTER

      

Discovering the value of data

      

Complying with regulations

      

Protecting customer privacy

      

Predicting expected actions with data

      

Changing plans to control outcome

      In the twenty-first century, personalization is king — and data makes personalization possible. A good friend can pick out a much more personal gift for you than a stranger because that friend knows what you like and dislike. Marketers have known for decades that establishing a connection with someone can dramatically increase the chances that the person will become a customer. Organizations’ desire to attract customers and increase sales drives the pursuit of meeting consumers’ needs.

      Consumers demand personal attention and have come to expect a high level of individualized customer service, online or when physically shopping in a bricks-and-mortar store. Due to advances in consumer interaction sophistication, the bar is high for all types of organizations. For example, it isn’t good enough for web searches to return a general list of responses. Consumers expect their searches to be personalized and filtered based on their preferences. Today’s search engines, and most shopping sites, suggest responses before you even finish typing. It’s almost as if the search function knows you and what you’re about to ask.

      In short, learning how to use your data helps you learn how to make your organization more profitable. In this chapter, you learn about ways that data can provide value to organizations.

      The increased trend toward personalized offerings both depends on data and exposes data’s importance to business operations. Data is no longer simply a consequence of engaging in transactions — data is necessary to increase the volume of transactions. Organizations are learning how valuable data is to their capability to conduct and expand operations. If you want to stay competitive in today’s economy, you’ll have to provide an experience that's responsive and personal. Data from previous transactions makes it possible to

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