Netizens, it is time to rejoice, now that Google has launched new tools under their banner, to widen its big data analytics spectrum and gives users tech to analyse the Ethereum blockchain.
This announcement about a new plugin which will enable users to analyze Ethereum’s platform, comes right at the heels of Google’s decision to include Bitcoin support for its BigQuery database tool.For those not aware of what BigQuery is, it is Google’s web service that allows for interactive analysis of large amounts of data-sets and is connected to Google Storage.
These moves are a clear indicator that the internet giant is integrating blockchain and cryptocurrency in its mainstream processing. The multimillion dollar company made this latest announcement on a blogpost last week. It read,
“Ethereum and other cryptocurrencies have captured the imagination of technologists, financiers, and economists. Digital currencies are only one application of the underlying blockchain technology. Earlier this year, we made the Bitcoin dataset publicly available for analysis in Google BigQuery. Today we’re making the Ethereum dataset available.”
They have also touched upon BigQuery in this post and informed their users that Ethereum blockchain data could now be conveniently viewed with BigQuery.
Chrome users now have a direct access line to all of the data that is stored in Ethereum’s blockchain platform. Google justified this move by saying,
“A visualization like this (and the underpinning database query) is useful for making business decisions, such as prioritizing improvements to the Ethereum architecture itself (is the system running close to capacity and due for an upgrade?) to balance sheet adjustments (how quickly can a wallet be rebalanced?).”
So how does this exactly work? The data from Ethereum’s blockchain will be extracted on a daily basis and delivered to computers which are running on the Google Cloud. This is done by a software that has been built into Google Cloud and syncs the Ethereum blockchain with the other computers. The kind of data that users will now be privy to are results of smart contract transactions, like token transfers.’
This data could be useful for market analysts and enthusiasts looking to keep track of the exact stats of the market. For example, they’ll be able to view the most popular smart contract by transaction count. Data like this could be useful for many experts in the industry.
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