Google Introduces New Analysis Tools for Crypto and Blockchain Industry

According to Google, the search giant has launched a new set of crypto and blockchain analysis tools. These tools aim to provide deep datasets for top cryptocurrencies and revolutionize the way people search blockchain on the internet.

Launches Six New Blockchain Data Sets

During the past year, Google Cloud has released a historical dataset on Bitcoin and Ethereum's blockchain transactions. Yesterday, the company announced that they will release six additional datasets which includes a more in-depth query sets that “support multi-chain meta-analysis and are integrated with traditional financial record processing systems”.

These newly released six blockchain datasets are Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin and Zcash.

Google declared the reason why they chose BCH, LTC, DASH, ZEC and DOGE was because they share the same source code from Bitcoin. The sixth is ETC which is based on Ethereum blockchain. “All datasets will be updated every 24 hours via a common codebase, the Blockchain ETL (extract, transform, load) extraction framework, which will provide real-time streaming transactions for all blockchains by implementing a low-latency load solution.”

According to Forbes, Google cloud developer Allen Day said, “I’m very interested to quantify what’s happening so that we can see where the real legitimate use cases are for blockchain. So people can acknowledge that and then we can move to the next use case and develop out what these technologies are really appropriate for.”

Google's BigQuery data analytics platform has been using Bitcoin and Ethereum since last year. During the period of time, developers prepare to create the next six datasets by monitoring software usage. Meanwhile, Google has a machine learning (ML) tool which is used for searching for patterns in the transaction flow and to help provide basic information on how to use encrypted addresses.

In a so-called "unified schema," data is built in an accessible manner and is consistency maintained between datasets. This will provide data scientists and researchers with simpler and smarter blockchain data.

As competition intensified, Microsoft and Amazon also moved into cloud and blockchain industry last year. Google has been a leader in big data for many years and is also committed to leading the growing crypto industry.

Image: pexels.com

Author: Max Li

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