Blockchain Data Analytics For Dummies

Chapter 7

Building Basic Blockchain Analysis Models

IN THIS CHAPTER

Finding how data items relate to one another

Discovering interesting patterns in data

Predicting what comes next

Examining data across time periods

In previous chapters you learn about blockchain data, how it’s stored, and how to get your hands on it. Of course, you need to understand your data before you can start to make sense of it. After you know how to identify and get access to the data you need, the next logical step is to figure out what secrets it may hold. That’s the whole idea behind data analytics.

You can look at data in lots of ways. You just need to decide what method you want to employ and then build a model to carry out your selected method. Sounds simple, right? If you approach the problem deliberately, it can be pretty simple.

Knowing your objectives for data analytics drives your decisions when selecting the right models. Remember Alice’s dilemma from Lewis Carroll’s book, Alice’s Adventures in Wonderland, as she talks to the Cat:

“Would you tell me, please, which way I ought to go from here?” ...