Blockchain Technologies in Data Science: Challenges and Benefits
Patrick Kipkorir Laboso, Ali Martin, P. Thiyagarajan · 2023
The rapid expansion of data in the modern era is primarily due to the emergence of social networks and information. Because of the number and diversity of data available, researchers are more likely to employ big data analysis to make business judgments. Additionally, this has contributed to the data science sector’s explosive growth. Many problems still need to be resolved, notably those involving data security and privacy. Concerns for data security and confidentiality arise at every stage of the data science sector, ranging from data extraction, gathering, preparation, and dissemination. The underlying reasons for risk are closely intertwined. Because of its distributed structure, privacy, protection, and other features, blockchain technology is highly regarded and acknowledged. This could alter the way the information is obtained and distributed. Even though experts think blockchain technology will assist data science in advancing and conquering some of its current obstacles, there may be some unintended consequences. Therefore, it is essential to investigate how blockchain technology and data science are related. Then examine blockchain technology challenges and its benefits that will be of great importance to data science. This discussion and its drawbacks will open up the future research direction in blockchain technology when it merges with data science.