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Blockchain Technology

How is External Data Used in Blockchain Technology?

Blockchain technology stores data in blocks that are chained together and given a unique public ID. The content of the block is private but this ID is visible to anyone, which ensures that the data is secure: since the blocks are chained together, timestamped, reference all other nodes, and simultaneously recorded in many different locations around the globe, the chain becomes more secure as it grows.

As such, blockchain technology is used for all kinds of sensitive data. Most commonly, this means financial transactions—especially cryptocurrency—but may also include employee contracts, supply chain data, inventories, and medical records. Proponents of blockchain technology also argue that voting could be done quickly and securely with blockchain.

As blockchain technology matures, it becomes more secure, prompting more and more industries to adopt it. Governments have begun using this technology to plan innovation zones, aerospace engineers to design refueling stations, cybersecurity firms to revolutionize their entire industry, and on and on. The use cases follow the data itself in increasing exponentially.

How are Machine Learning Models Used in Blockchain Technology?

Many examples of machine learning programs based on or using blockchain technology exist. Smart contracts, for example, store contract data on a blockchain but then an ML program works to detect bugs or inconsistencies or to alert employees to attempted unauthorized access to contract data.

There are also machine learning programs that are based on blockchain technology. For example, automated navigation, or various parts of smart cities ecosystems, like smart meters. Essentially, the decentralized nature of the blockchain allows different sensors or network segments to record and communicate data; automated systems then take action based on that data.

Which Companies Lead the Way in Building Advanced Analytics and Machine Learning Products in this Field?

The first and, arguably, still the greatest application of blockchain technology. Bitcoin is the preeminent cryptocurrency and is nearly synonymous with blockchain technology itself. Anyone, anywhere in the world, can start using and trading in Bitcoin: all that’s needed is internet access.

One of the most trusted smart contract companies, Tenderly guides its clients in the development, analysis, and management of company contracts. Users from a wide range of industries build custom contracts and enjoy Tenderly’s error tracking and intruder detection services.

IBM Food Trust
IBM applies blockchain technology to food distribution. Every stage on the food supply chain is recorded: from farmer to processor to distributor to trucker to retailer to home. With this, IBM and its partners ensure food is safe and fresh.

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Stirista can also provide historical campaign data at all levels to help politicians plan effective political strategies.

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