If not directly, search giant Google is still having a watch at the emerging cryptocurrency and blockchain industry. On Tuesday, February 5, Google unveiled six new data sets and analytic tools for top digital currencies.
The six cryptocurrency blockchain datasets released by Google include digital currencies like Bitcoin Cash, Dogecoin, Dash, Ethereum Classic, Litecoin, and ZCash. The official announcement was made by Google Cloud Developer, Allen Day, and author of Blockchain ETL, Evgeny Medvedev.
The authors wrote: “We are also including a set of queries and views that map all blockchain datasets to a double-entry book data structure that enables multi-chain meta-analyses, as well as integration with conventional financial record processing systems”.
While speaking to Forbes, 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.”
Reason Behind Choosing the Six New Crypto Assets
Google notes that five of the crypto assets (BCH, LTC, DASH, ZEC and DOGE) have very much similar implementation. It means that their source code is derived from that of Bitcoin’s. The sixth one ETC is based on the original Ethereum Blockchain network.
The company says that it will update all its datasets every 24 hours through a common codebase - the Blockchain ETL (extract, transform, load) ingestion framework. This will allow for real-time transactions for all blockchain networks while implementing a low-latency loading solution.
Google started its BigQuerry data analytics platform last year with Bitcoin and Ethereum. Google also makes use of Machine Learning tools which identifies patterns for transaction flows to provide basic information on how a cryptocurrency address is used.
Calling it as ‘unified schema’, the BigQuerry platform structures data in an easily accessible manner while ensuring consistency across all of its datasets. Thus data scientists and researchers can get a better look into smarter blockchain data comparisons.
Google will make available the first terabyte worth of data free each month, however, will charge for heavy users on per byte basis after this specified capacity. When it comes to big data, Google has been the leader in this space for several years.
However, competitors like Microsoft and Amazon have also ventured into the cloud and blockchain space last year.