Principles of blockchain analytics

2 min. reading
Big Data, Blockchain, New technologies / 7 July, 2022

Karla García Gil Journalist

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Blockchain is a technology based on a decentralized and public blockchain. It is a kind of infinite, shared and unalterable ledger that is written simultaneously by a large number of computers and facilitates the process of recording transactions and tracking assets in the market.

Such has been its penetration that, according to a report published by Markets and Markets this 2022, the global blockchain market would grow from $5 trillion in 2020 to almost $40 trillion in 2025. This represents an annual growth of 67% each year during that period.

Advantages and disadvantages of Blockchain

Advantages and disadvantages of Blockchain

Blockchain technology has been presented as a disruptive technology that offers, mainly, security levels never seen before, necessary, and desired not only by the IT or finance industry but, in general, for any type of Industry, which makes it an incredibly versatile technology.

How does it work?

1. Blockchain

The blockchain is made up of blocks, i.e. a set of transactions that include an alphanumeric code that will link to the previous and subsequent blocks.

2. Miners

Miners are devices that are in charge of verifying transactions. When someone completes a transaction or completes a block, they receive a reward in the form of Bitcoins.

3. Nodes

A node is a device whose job is to store and distribute an updated copy of the blockchain. Each new block is added to the chain and to the copy that each node stores.

Dune Analytics

Dune Analytics is part of the Blockchain Analytics metatrend and allows anyone to publish and access crypto dashboards powered by blockchain data for free. The barely three-year-old company in February raised $69.4 million in a Series B funding round.

Undoubtedly one of the most important pillars supporting Dune is its community. The dashboards created by its users track anything from trends in Ethereum to collections of non-fungible tokens (NFTs) purchased by major OpenSea merchants.

The platform currently hosts more than 18,000 user-built dashboards for decentralized finance (DeFi) alone and more than 11,000 NFT data dashboards.

Blockchain analytics startups

Here are some examples of blockchain analytics startups that are trending:

  1. Parsiq is a platform used to analyze, detect and prevent cryptocurrency fraud. The startup has raised $3 million in funding in two rounds.
  2. Elementus is a blockchain query engine.  It has raised $12 million led by Velvet Sea Ventures.
  3. AllianceBlock is an analytics platform that integrates decentralized finance with traditional finance.
  4. Hubx is a platform that tracks critical transaction and investor data. It has raised a total of $7.3 million in funding.
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