Unified schema - How Google's Latest Assessment in Crypto and Blokchain will Shape Dynamics of Industry?

• February 9, 2019
• Praveen Kumar
• Cryptocurrency

Over the past couple of years, demand for crypto and blockchain analytics tools has prevailed across the developed countries and further penetrating vividly into the global market. Modern cryptocurrencies are also able to exploit dispersed blockchains to record unchangeable as well as a public history of transactions and the further remainder metadata is majorly stored for varying and often undisclosed purposes. Thus, this upsurging need for crypto and blockchain analytics tools is seeking attraction of many fortune 500 grocers since the past few years.

As a result, on February 6th, 2019, Google has announced its entrance in crypto and blockchain business by launching analytics tools for blockchain and crypto. In the year 2018, Google has developed blockchain transaction history datasets for Ethereum and Bitcoin. Further on 7th February, the company has come up with six new datasets named Dash, Bitcoin Cash, Dogecoin, Ethereum Classic, Litecoin, and Zcash which will enable integration with traditional financial record processing systems and multi-chain meta-analyses. The company has also mentioned that all of these datasets will be updated with the help of unique source code every 24 hours. That will ultimately enable real-time transactions for all the available blockchains. In order to create these optimized datasets, the Ethereum and Bitcoin dataset developers have constantly monitored and analyzed usage of the software when it has launched datasets a year ago.

Google has further used “a unified schema” across all the datasets which have permitted smarter an easier blockchain data assessment for data researchers. According to the blog published by the company, the first terabyte purchased of datasets will be free every month with respect to the report charges applied per byte for major users. Thus, with growing demand for crypto and blockchain analysis tools, one of the biggest technology rivals and global giants like Amazon and Microsoft have also entered into the crypto and blockchain segments since the last couple of years which will ultimately generate healthy competition in the crypto and blockchain analytics tool developers in upcoming years.