How to Integrate Blockchain Analytics into Your Business Intelligence Tools
The world has changed so far. And it is mostly because of technical development. The concept of blockchain has been rising with every passing day. And it is integrated with lots of modern tools out there. One such tool is the Business Intelligence tools.
These tools have eliminated several complexities in businesses. It enables a better data-driven approach. We have got your back, and in this article, you will learn everything related to blockchain integration in Business intelligence tools.
What is business intelligence (BI) and analytics?
Several specialized and large companies offer business intelligence software. Business strategy and business intelligence tools work harmoniously. To be more specific, the intelligence tools can also be considered as a business strategy’s part. This is because it turns instinctive decision-making towards a data-driven approach.
In the earlier times, many business processes were done on paper. But with enterprise blockchain in analytics, such processes can be done on decentralized ledgers. Besides financing and investment, blockchain tech is also by banking services and insurance agencies. Logistics companies make use of blockchain to handle wide-scale supply chains, document and electronic certificate verification services.
Blockchain and business analytics:
Business intelligence tools can be used by enterprises implementing blockchain to track metrics. Such visualizations can provide a deeper understanding of their business along with the blockchain tech. Better knowledge on the demand and supply of some digital tokens or the transactions on a fully permissioned consortium can be implemented in the business.
The benefits of a communicated and well-analyzed data of a company are massively obtained from blockchain solutions for business intelligence. And it can cause a rapid hike in business.
Purpose of business intelligence in a business:
Extraction-Transformation-Loading, a.k.a., ETL, is considered to be vital for every blockchain for business analytics and intelligence operation. There is the involvement of collecting and utilizing data from separate sources in a certain way that is different from their original location’s form. After the ETL process, you need to take care of OLAP.
Online Analytical Processing (OLAP) is a vital function that can be made possible through business intelligence tools. To be more specific, OLAP is an answer to all the queries of multi-dimensional analytics.
Visualizations and dashboarding are considered to be the most significant uses of business intelligence tools because they contribute to data presentation for both literate and illiterate people. Organizing large set data has also become easier.
These data can be organized into accessible and manageable forms through business intelligence tools. Several tools are available that offer sophisticated visualization options and can integrate and connect with multiple data sources.
Why is it difficult to work with blockchain data?
Adapting data analytics does not prove to be effortless and similar for every data sector. In the data from the blockchain, it is difficult to implement data analytics. And this form of data is gaining more importance. The importance of data interpretation from blockchain is also increasing.
Blockchain follows the principle of a public ledger, a decentralized network. Also, this records data in blocks. These blocks reference the previous block. Thus, this defines “blockchain’. Then, this data is stored superfluously over the nodes. Nodes are referred to all the computers participating in the network. The data is generally stored in the form of timestamps and transaction details, just like in Bitcoin.
Code emits an event when a smart code’s function is called in blockchain for business analytics. The smart contracts generate logs in this way. Logs can not only be used for returning values to the user interface but can also be used for triggering some actions that are required to be done by the contract. A tedious process of decoding is involved. Without any word labels, the data exists in hexadecimal forms.
It is a must to set up an archive node for reading time-series blockchain data on these smart contracts. Archive nodes are costly and difficult to maintain and operate.
Integration of business intelligence in blockchain data involves data conversion into a human-readable format. Some matching tools need to be used for this purpose to combine text labels, decoded values, and raw data.
Bridging the gap between blockchain data and business intelligence:
An advanced system can be used to bridge the gap between blockchain data and business data. This makes working with on-chain data easy. Also, blockchain development for business analytics can be put to use for this purpose.
There are several tools available that allow companies to use their existing business intelligence tools to work with blockchain data. These tools store the blockchain data, which business intelligence tools will then connect to as normal data. Moreover, aggregating, selecting, and visualizing the data becomes easier.
So far, we have discussed how to integrate blockchain analytics in business intelligence tools. Thus, by looking at the progress of blockchain development for BI applications, we can say that the future is very bright with this technology.