Blockchain technology encompasses a wide range of applications. One of which is its application in digital currencies – Bitcoin, Ethereum, etc.
This particular application of blockchain technology has caught the fancy of many financiers, technologists, and economists today.
The early days of 2018 saw the adoption of public analysis for the Bitcoin dataset, a step that has stretched into the Ethereum community. The analysis of Ethereum dataset is now publicly available in Google’s big data analytics platform – BigQuery.
Although it is designed pretty much as its predecessor, Bitcoin, the Ethereum has got its unique features that differentiate it from other cryptocurrencies.
Unlike Bitcoin, its main crypto-economic unit value is Ether, which can easily be transferred between parties.
One Ethereum feature which works even better than the Bitcoin tech is aiding and storing of smart contracts, which controls the transfer of value across the Ethereum Blockchain.
This feature received a boost recently when Google integrated its technology with BigQuery, making the analysis of its dataset available to the general public.
Without much ado, let’s take a look at the reasons for this integration, shall we?
Why Integrate the Ethereum Blockchain Data with Google Cloud?
The primary function of both Bitcoin and Ethereum Blockchain is to record unalterable transactions. These records are stored in their database. They both operate the on-line transaction processing (OLTP) database and give little to no room for on-line Analytical Processing (OLAP) functionality.
Both platforms are architecturally designed in such a way that they depend on an additional API to perform commonly used random-access functions such as looking up wallet-transaction associations, checking wallet balances, and checking transaction status.
Sadly, this does not produce a 100% effectiveness as the API endpoints do not allow for easy access to the entire data stored on-chain neither does it allow users to view the Blockchain data aggregate.
BigQuery on the other hand is equipped with an effective OLAP functionality, which is needed in performing the above functions and even more without relying on an addition API. Hence the need to integrate the Ethereum platform with that of the big data analytic machine (BigQuery).
This software has been equipped with the ability to synchronize the Ethereum Blockchain to any computer which is running Parity in Google Cloud and to extract data from the Ethereum Blockchain ledger on a daily basis. Of course, this includes records of smart contract transactions such as token transfers.
The software also provides users with an easy and cost-effective exploration by de-normalizing and storing date-partitioned data on BigQuery.