The Impact of Blockchain on Business Analytics

Blockchain is having far more impact, over the long term, than the much-hyped Bitcoin. For example, blockchain is being implemented in recordkeeping and asset tracking systems by financial institutions that still won’t accept Bitcoin for payment, while it is being used by institutions to track educational credentials that still don’t think Bitcoin should be taught except as a case in point for understanding bubbles. Let’s look at the impact of blockchain on business analytics.

Faster Access to Critical Information

Blockchain enables far faster transactions than traditional financial systems, since it is already ultra-secure. One benefit of this is the ability to process transactions immediately while eliminating the possibility of double-spending, someone committing the same money to two or more purchases. Now you get the ability to track spending in real-time, gaining accurate reporting on consumer financial behaviour, useful for marketing as well as potential security concerns. If someone is buying a series of items associated with illegal activity, you’ll be able to see that far sooner than with conventional financial reporting systems.

More Information Coming Online for Analysis

One benefit of Blockchain is the ability to track financial transactions and asset ownership while maintaining owner privacy. One application we’re already seeing is tracking of prescriptions and medication purchases.

We’re likely to see tracking of medication purchases by location and medication compliance by patients while still protecting the privacy of patients with various conditions. This will allow law enforcement to identify those abusing prescription drugs by seeking prescriptions from various providers and to flag potential over-prescription by facilities. This will lead to more information becoming available for data analysis and research. You would learn about this as a part of Villanova University online master of science. Villanova University is one of the many institutions that are moving towards including Blockchain technology as part of their curriculum.

More Ways to Monetize Data

One benefit of Blockchain’s rollout is that we’re going to see everyone using the same financial reporting systems and sharing the same financial transaction methodologies. Now everyone is using the same datasets, the same financial transfer methodologies and the same identifiers. We could see more ways to monetize data because of this standardization of data collection and analysis. You could also see more ways to monetize data open up because it is easier to validate that someone authorizes monetization of their data.

That’s especially true when you realize that the EU is requiring businesses to track whether or not someone authorizes use of their personal information and tracking how someone’s information is used. Conversely, companies selling personal data for data mining by marketers and third-party services to market to them may need to shift to Blockchain simply to be allowed to continue doing what they are already doing.

Blockchain is set to have a huge impact on business analytics. Blockchain is going to allow businesses faster access to critical information, more information will become available for analysis via Blockchain ledgers and the Blockchain will allow businesses to develop new ways to monetize data.