Connect with us

Big Data

Data Governance vs. Blockchain

Published

on

Data Governance is the hot topic in today’s security- and privacy-concerned digital ecosystem. Blockchain technology offers data-centered security to sensitive, transactional systems that require tamper-resistant, fully auditable tracking mechanisms. Thus, blockchain and Data Governance (DG) complement each other in many ways, while maintaining distinct operational philosophies and application turfs. Blockchain is today’s preferred technology for many systems governed by stringent regulatory compliance. Gartner confronts the Top 3 Blockchain and Data Management Myths for the wider audience. 

A Bit of History Behind Blockchain

According to Blockchain Demystified: The Next Database Management Evolution, investments in blockchain startups surpassed $1.4 billion as the blockchain fever began to rise among the global industries—from insurance to healthcare. Even some governments attempted this novel technology for online voting purposes.

So, what are the biggest benefits of this technology? Time savings, operational efficiency, and fast authentication. The uniqueness about blockchain is that it gains momentum from widespread use; in other words, the wider the blockchain network, the better its performance.

Blockchain, the driver of bitcoin, thrives on a distributed network of databases linked through time stamps. The Swedish telecom giant Ericsson commercialized its blockchain platform through a partnership with GE. Many other companies including HP brought their own blockchain solutions to the market. Data Center Knowledge traces the history of commercial blockchain solutions.

Blockchain for Data Governance

The fundamental assumption in blockchain is that a centralized data monitoring or validation is not required among a network of distributed databases, because some pre-agreement about data validation has been conducted. The concept of “data integration” among widely disparate and uncontrolled data sources is in itself contradictory, and management and interoperability of disparate data have posed the biggest challenges to setting standards and protocols in blockchain networks.

This Linkedin Pulse post points out that although blockchain offers opportunities for data integration, it will cause the greatest disruption in Data Governance, data compliance, and data integrity.

Blockchain As Data Governance Accelerator

As the global financial services, insurance, and investments industries continue to adopt technologies like blockchain, they realize that tech innovations not only offer cost-competitive, operational models but also accelerate and enhance the risk-management functions of the businesses.

Blockchain Can Also Hinder Data Governance

As Data Governance is a core part of overall Data Management practices in an organization, any technology implementation that hinders Data Management will also hinder Data Governance. The following are some negative impacts of blockchain on Data Management or Data Governance practices:

  • As blockchain promotes data validation between blocks of data, there is a high probability of more data silos emerging.
  • If the data block does not match the stringent requirements of blockchain, the data block will be rejected.
  • Master Data Management can be a challenge. This article points out that MDM and blockchain can reap benefits from mutual integration. MDM can utilize blockchain for data distribution and DG, while blockchain can clearly utilize the great master data.

Data Governance and Blockchain as Complementary Technologies

A New IDC Research Report on Data Management states:

“Just as blockchain and distributed ledger technologies are disintermediating financial transactions and disrupting financial services, they also have the potential to disintermediate and disrupt Data Management, integration, and governance processes and technologies, thereby making data trusted, available, secure, and compliant for everyone.”

As
global businesses of all shapes and sizes adopt digital technologies to reduce
costs and increase operational efficiency, technology infrastructures will have
to go through rigorous “standards and protocols” strength tests to ensure the
technology implementations are devoid of faults. That includes Data Governance
standards and protocols, which are critical for the survival of specific
industry sectors like the insurance and financial services.

Blockchain
is frequently used to deliver data-governed solutions in product offerings. In
that sense, DG and blockchain are working in tandem to offer insurance
customers more secure products. For example, Coinbase, a large Bitcoin wallet,
provides insurance against employee theft and hacking.

Review the Payment Processing Industry

To see blockchain in action, review the payment-processing industry. About three billion people who do not have access to online financial services will be inducted into digital payment systems in the near future. That is transformative financial services. Blockchain will help to mitigate the risks, and reduce transactional frauds in such systems, such as in the insurance or investments businesses.

This publication describes how blockchain is handling risk management in real time. This technology is rapidly becoming a positive, competitive differentiator among high-risk businesses. The cloud-based insurance service providers are using big data-enriched insights to predict natural calamities or dubious investors before determining policies.

Insurers, Traditionally Slow in Tech Adoption, Welcome Blockchain

The global insurance industry is overwhelmed with data breach incidents, fraudulent claims, dubious investors engaged in money laundering, and the possibility of natural disasters and man-made accidents at any time. Blockchain has suddenly surfaced as a panacea for their problemswith a host of capabilities and benefits that enhance Data Governance and increase trust:

  • A trusted ecosystem offering many business benefits
  • Improved Data Governance, third-party controls, and
    enhanced risk management
  • Decentralized ledger systems with full auditing features
  • Timely alerts and notifications informing
    changes

Image used under license from
Shutterstock.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dataversity.net/data-governance-vs-blockchain/

Big Data

Analytics Engineering Everywhere

Published

on

Analytics Engineering Everywhere

Many new roles have appeared in the data world ever since the rise of the Data Scientist took the spotlight several years ago. Now, there is a new core player ready to take center stage, and we may see in five years, nearly every organization will have an Analytics Engineering team.


By Jason Ganz, a senior data analyst at GoCanvas.

Analytics Engineering — An Introduction

There’s a quiet revolution happening in the world of data. For years we have been blasted with nonstop articles about “The Sexiest Job of the 21st Century” — a data scientist. A data scientist, we have been taught, is a figure of almost otherworldly intelligence who uses quasi-mystical arts to perform feats of data wizardly. But these days, if you talk to the people who watch the data space most closely — there’s a different data role that has them even more excited.

To be clear, there are some very real and very cool applications of data science that can allow organizations to do things with data that can completely transform how their organization operates. But for many orgs, particularly smaller organizations without millions of dollars to invest, data science initiatives tend to fall flat because of the lack of a solid data infrastructure to support them.

While everyone was focused on the rise of data science, another discipline has been quietly taking shape, driven not by glitzy articles in Harvard Business Review but by the people working in the trenches in data-intensive roles. They call it the analytics engineer.

An analytics engineer is someone who brings together the data-savvy and domain knowledge of an analyst with software engineering tooling and best practices. Day to day, that means spending in a suite of tools that is becoming known as “The Modern Data Stack” and particularly dbt. These tools allow analytics engineers to centralize data and then model it for analysis in a way that is remarkably cheap and easy compared to how the ETL of traditional Business Intelligence teams of the past operated.

While data scientists are seen by some as wizardry, the attitude of the analytics engineer is a little different. You’ll hear them refer to themselves as everything from “humble data plumbers’’ to “just a pissed off data analyst.” The work of an Analytics Engineer seems easy to understand, almost banal. They combine data sources, apply logic, make sure there are clean and well-modeled materializations to analyze.

It turns out analytics engineering is a goddamn superpower. Anyone that has worked in, well, basically any organization knows that a tremendous amount of effort goes into standardizing data points that feel like they should be a no-brainer to pull, while more complex questions just sit unanswered for years. Analytics Engineering allows you to have data systems that just work.

A good analytics engineer is hugely impactful for an org, with each analytics engineer being able to help build a truly data-driven culture in ways that would be challenging for a team of people using legacy tools. While in the past there was tremendous repetitive work to do any simple analysis, Analytics Engineers can build complex data models using tools like dbt and have analysis-ready data tables built on any schedule. While before it was impossible to get anyone to agree on standard definitions of metrics, Analytics Engineers can simply build them into their codebase. And in the past, people struggled with incomplete and messy data, and Analytics Engineers… still struggle with incomplete and messy data. But at least we can have a suite of tests on our analytics systems to know when something has gone wrong!

The Rise of Analytics Engineering

You might think that this development would be scary for people working in data — if one analytics engineer is substantially more impactful than a data analyst, won’t our jobs be at risk? Could an org replace five data analysts with one Analytics Engineer and come out ahead?

But the fact of the matter is that no data analyst, anywhere, has ever come close to performing all of the analysis they think could be impactful at their organization — the opposite is far more likely to be the problem. Most data orgs are begging for additional headcount.

As analytics engineers increase the amount of insight organizations can find from data, it actually becomes more likely that these orgs will want to hire additional data talent (both analytics engineers and analysts). In his fantastic post The Reorganization of the Factory, Erik Bernhardsson makes the case that as the toolsets for software engineers has become ever more efficient, the demand for software engineers has counterintuitively grown — as there are more and more use cases where it now makes sense to build software rather than a manual process. This point not only holds for data, but I think it actually is more true for data.

While every organization needs software, not every organization needs software engineers. But every organization needs to learn from their data, and since the ways in which the data needs to be understood will be unique at every organization, they will all need analytics engineers. Software is commonly said to be eating the world — analytics engineering will be embedded in the world. As the incremental value of each data hire rises, there are substantial new areas where data insights and learnings could be applied that they aren’t today. And even if you aren’t interested in becoming an analytics engineer, having well modeled and accurate data makes data analysts and data scientists more effective. It’s a win across the board.

That does not necessarily mean that every analytics engineering role will be doing good for the world. Having more powerful data operations allows you to question, seek insights, and look for new strategies. It can also allow an organization new ways to monitor their employees, surveil, or discriminate. One needs only look at the myriad of public issues in the tech and data science industries right now to see the ways that powerful tech can be misused. It is important to recognize the potential dangers as well as the new opportunities.

If it feels like we’re at a real inflection point for Analytics Engineering — it’s because we are. What was very recently the domain of a few adventurous data teams is quickly becoming industry standard for tech organizations — and there’s every reason to think that other types of organizations will be following along shortly. The impact is just too high.

We’re about to see a huge expansion in the number of and types of places where you can find employment as an analytics engineer. The coming boom in opportunities for analytics engineers will take place across three rough domains, with each having different challenges and opportunities.

  • More and more large enterprises, both tech and non-tech organizations, are going to adapt to the modern data stack. As analytics engineering is brought into the most complex legacy data systems, we’ll begin to see what patterns develop to support analytics engineering at scale. If you are interested in really figuring out what the large-scale data systems of the future look like, this will be the place to go.
  • Just about every new company is going to be searching for an analytics engineer to lead their data initiatives. This will give them a step up against any competition that isn’t investing in their core data. Being an early analytics engineer at a fast-growing company is tremendously fun and exciting, as you are able to build up a data organization from scratch and see firsthand how analytics engineering can change the trajectory of an organization.
  • Finally, many organizations outside the tech business world are going to begin seeing the impact that analytics engineering can bring. You might not have quite the same tech budget, and you might have to learn to advocate for yourself a little more but it might be the area where analytics engineering has the most potential to do good for the world. City governments will use analytics engineering to monitor programs and ensure that government resources are being used effectively. Academic institutions will use analytics engineering to create datasets, many of them public, that will aid in scientific and technological development. The possibility space is wide open.

Analytics engineering is fundamentally a discipline that’s about making sense of the world around us. It’s about allowing everyone in an organization to see a little bit further in their impact on the org and how their work connects to it. Right now, analytics engineering is still a new discipline — pretty soon, it will be everywhere.

Original. Reposted with permission.

Related:

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.kdnuggets.com/2021/06/analytics-engineering-everywhere.html

Continue Reading

Big Data

Text detection from images using EasyOCR: Hands-on guide

Published

on



EasyOCR | Text detection from images using EasyOCR: Hands-on guide





















Learn everything about Analytics


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.analyticsvidhya.com/blog/2021/06/text-detection-from-images-using-easyocr-hands-on-guide/

Continue Reading

Big Data

Why and how to use BERT for NLP Text Classification?

Published

on



Why and how to use BERT for NLP Text Classification? – Analytics Vidhya





















Learn everything about Analytics


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.analyticsvidhya.com/blog/2021/06/why-and-how-to-use-bert-for-nlp-text-classification/

Continue Reading

Big Data

As Venezuela’s economy regresses, crypto fills the gaps

Published

on

By Brian Ellsworth

CARACAS (Reuters) – Venezuelan food delivery driver Pablo Toro has no stake in cryptocurrency or blockchain, but indirectly uses digital tokens every time he sends money to his family.

Toro, who emigrated to Colombia in 2019, uses an app called Valiu to receive Colombian pesos from working on Bogota’s streets and deposit the corresponding bolivars into a Venezuelan bank account.

In Venezuela’s economy, mired by hyperinflation and hemmed in by sanctions, the operation is not so straightforward.

Valiu uses pesos to buy cryptocurrency that it then sells on LocalBitcoins, a global peer-to-peer site for trading tokens in local currencies.

For Toro, the platform is more reliable than informal money changers, the main channel for Venezuelan migrants to send money home. And he need not buy traditional money orders in person.

“When the power is out in Venezuela, when internet service is down, it has a huge impact on how long it takes to send a remittance to one’s family,” said Toro, who quit working as a university security guard because his monthly salary could not even pay for a day’s groceries.

“(Now) I don’t have to worry about whether the cell signal dropped in Venezuela, or if cell service drops here.”

As hyperinflation and U.S. sanctions disrupt Venezuela’s economy, cryptocurrency is emerging as a way to provide services handled elsewhere by the traditional banking system.

It has become a tool to send remittances, protect wages from inflation and help businesses manage cash flow in a quickly depreciating currency, according to interviews with crypto users and experts.

Cryptocurrency in Latin America got renewed attention in June after El Salvador adopted bitcoin as legal tender. It has grown in popularity in Argentina as inflation resurged.

Chainalysis, a startup that researches blockchain transactions, in a 2020 report ranked Venezuela third on its Global Crypto Adoption Index, largely due to the high volume of bolivar transactions.

Mining cryptocurrency – using high-powered computers to solve complex math problems – is an attractive way to make extra income thanks to Venezuela’s ultra-low power prices, but the average citizen cannot afford the equipment.

In Venezuela, crypto is mainly used to hedge against inflation that causes bank deposits to sharply depreciate in weeks or even days.

“Valiu buys and sells bitcoin instead of directly exchanging pesos to bolivars because of the lack of availability of that currency in regulated marketplaces,” said Alejandro Machado, Valiu’s head of pilot programs.

Bolivar transactions on LocalBitcoins are the largest by value among Latin American currencies, according to LocalBitcoins data analyzed by blockchain advisor UsefulTulips.

LocalBitcoins did not respond to a request for comment.

Cryptocurrency traders and experts say volumes on the site have slipped amid the rising popularity of Binance, one of the world’s largest cryptocurrency exchanges, which offers trading of a variety of tokens.

These include so-called “stablecoins” whose values remain steady against specific assets such as the U.S. dollar, avoiding the volatility of many cryptocurrencies.

Bolivar operations on Binance’s peer-to-peer platform have risen by 75% since May, making Venezuela the only Latin American country whose trading volumes have risen since bitcoin prices tumbled at the start of May, a Binance spokesperson said.

Venezuelan President Nicolas Maduro in 2017 announced the creation of the state-backed petro cryptocurrency, but it has little practical application. The government used it in 2019 to make small payments to retirees, and often uses it as a unit of value to price services or fines that are ultimately paid in bolivars.

The United States in 2019 imposed broad Venezuela sanctions that block U.S. citizens from dealing with Maduro’s government. While banks can still deal with private businesses or individuals, many avoid doing so due to perceived regulatory risk.

The country’s information ministry did not respond to a request for comment.

Fast food chains Pizza Hut and Church’s Chicken as well as some supermarkets are accepting tokens such as bitcoin and dash as payment, fueling excitement and filling malls and businesses with logos for well-known cryptocurrencies.

But a major part of Venezuela’s crypto operations involves businesses swapping out of bolivars to beat inflation, said economist and finance expert Aaron Olmos.

“Crypto is being used as a palliative for the economic situation, but you see it mostly among businesses,” said Olmos.

“Nobody is going to tell you ‘every night when we do the books, we convert bolivars into bitcoin,’ but yes, this is happening.”

(Reporting by Brian Ellsworth; Editing by Richard Chang)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/as-venezuelas-economy-regresses-crypto-fills-gaps/15682

Continue Reading
Blockchain24 mins ago

Dogecoin Gets Hit the Hardest Among Top 10 Coins, Plunges Over 20%

CNBC28 mins ago

Several Anker charging gizmos hit record low prices for Prime Day

SaaS28 mins ago

How much to pay yourself as a SaaS founder

Cleantech34 mins ago

Undercutting Climate Goals, Biden Administration Greenlights Oil Drilling in Alaska

Techcrunch36 mins ago

Firm creates open framework to help VCs and founders address racial inequity

Cannabis43 mins ago

THCV: Your Guide to Tetrahydrocannabivarin

Crowdfunding60 mins ago

UK’s Open Banking Fintech TrueLayer Introduces New Approach to Account Ownership Checks with Verification API

Esports1 hour ago

LNG grab hard-fought victory over winless TT in 2021 LPL Summer Split

Blockchain1 hour ago

VanEck to Launch a Mutual Fund that Invests in BTC Futures

Fintech1 hour ago

Australian fintech Zeller lands $50M AUD led by Spark Capital at a $400M AUD valuation

Aviation1 hour ago

Royal Air Maroc Eyes Return Of The Boeing 737 MAX

Techcrunch1 hour ago

MAJORITY raises $19 million for its mobile banking service for migrants

Techcrunch1 hour ago

As venues reopen, Mixhalo announces new tech for in-person live event streaming

Big Data1 hour ago

Analytics Engineering Everywhere

IOT1 hour ago

Maximizing the Value of Industrial IoT with Private Mobile Networks

Startups1 hour ago

A rewards program for your rent payments? Meet Bilt

Aerospace1 hour ago

Solvay launches ‘breakthrough’ adhesive for aerospace industry

Aerospace1 hour ago

HP and 3dbpm partnership reveal key additive manufacturing role

Cleantech1 hour ago

Debunking Myths About Tesla’s Regulatory Credits, Profits, And Jerome Guillen’s Departure

CNBC1 hour ago

Peloton wants to take over your company’s fitness plan

CNBC2 hours ago

Roland’s new mobile mixer has better support for Android and headset mics

Aviation2 hours ago

Transavia Eyes Holiday Destinations This Summer

Techcrunch2 hours ago

If you love voice messaging, you’ll love Squad

Crowdfunding2 hours ago

illimity’s Strategic Plan Focuses on Loans, Predicts €60+ Net Profit for 2021

Coinpedia2 hours ago

Bitcoin Price Slips Below $30,000, Will The Price Lead Towards New Lows?

Techcrunch2 hours ago

Inspired by founder’s childhood asthma, NuvoAir raises $12M to tackle respiratory illnesses

Blockchain2 hours ago

Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Energy2 hours ago

Daqo New Energy’s subsidiary Xinjiang Daqo completes its IPO Registration with China Securities Regulatory Commission

Energy2 hours ago

Global Talc Markets Report 2021-2026 – Increasing Use of Talc In The Automotive Industry, Superior Properties of Talc, Rapid Industrialization In Emerging Economies, Growing Middle-Class Population

Gaming2 hours ago

SCCG Management and Kinectify bring Simplified KYC / AML Solution to US Gaming Industry

Trending