Kerala IT Newsletters
Why is Blockchain Technology the Future?
Blockchain technology, described as the most promising technological innovation since the Internet’s creation, provides a meddle-proof and permanent data storage system, as well as clarity in digital applications. This new technology can disrupt industrial sectors by providing faster, more secure, and transparent transactions.
To build expertise in this confidential and secure technology, the government of Kerala started an initiative named Kerala Blockchain Academy that is managed by the Indian Institute of Information and Technology and Management – Kerala. They provide Blockchain developer programmes and Blockchain training in a variety of disciplines that aid professionals in reaching their goals.
This government-run initiative organized a two-day conclave, ‘BlockHashLive 2019’, in collaboration with Allianz Technology, India. They predicted in this conference that Kerala would create 20,000 blockchain professionals over the next two years, ushering in a tremendous change in India’s blockchain technology.
Blockchain is claimed to be the future because it offers security and smart data transfer, decreases the risk of hacking and data tampering, and provides many more benefits to various industries. Mentioned below are a few areas which will have the most effective use of Blockchain and Blockchain development in the future.
Banking processes like encashing a cheque or updating the statement, which generally takes several hours, will take less time if Blockchain technology is used.
The healthcare sector can utilize Blockchain to securely keep patient records like prescriptions, medication, etc. that will improve the security of the data.
Voting will see an increase in the accuracy of counting and a reduction in the possibility of misunderstanding if blockchain technology is used.
Another well-known use of Blockchain is its use in Bitcoin and other cryptocurrencies. There has been a huge surge in this field as several top companies started accepting cryptocurrencies.
Data security is crucial in a web server. Each block of a Blockchain acts as a node and participates in the request-response cycle of a web server.
Everything is safer with Blockchain, from money transfers to private storage of data. This makes Blockchain the technology of the future.
What are the most significant challenges faced by Data Analytics?
Effective data analytics techniques have become a very important deterministic factor to determine who will thrive in the business. Kerala Data analytics is being used by many companies to increase their profit margin and determine various patterns in sales. However, there are certain obstacles and challenges faced by data analysts. Data analysts in Kerala are working on determining the challenges and finding an effective solution. The most significant challenges faced by them are:
Data analysts not only need to work in the present but also have to think for the future in a very viable manner. Balancing these needs requires them not only to take ownership of the present but also to come up with a comprehensive strategy for the future. However, in many companies, data analytics and data fall under the same section as IT and do not get separate budgets. Due to this, data analysts aren’t able to invest more in tools and specialised skills.
As the amount of data an organization is collecting is increasing over time, data analytics might become an arduous process. Without the right strategy in place, this process of collaborating on projects, collecting relevant information, and generating regular reports can easily go awry.
Data is considered to be the lifeblood of an organization or business. Hence, if the data is not of high-quality, the decisions taken as per the data will be negatively affected. The access to vast amounts of data that comes from different sources often comes with different formats and quality and this is one of the major challenges faced by data analysts when it comes to streamlining analytics.
Overcoming these challenges might be a bit of a task and a little bit time consuming but the benefits of data analytics are tremendous and worth all the time spent over solving these challenges. You should focus on improving your organization today and consider it as a huge investment in a data analytic system.
Most Common Mistakes to avoid while performing Data Analysis
As the amount of data and facts generated each minute is increasing exponentially, businesses need to extract useful insights from them. Data analytics Kerala is in very high demand right now. Many professionals are trying to pave their career towards data science. Many skilled data analysts in Kerala are perfect at their work, however, these are the few most common mistakes they should avoid in any case:
It tends to happen a lot during the analysis process. The curve produced by the model might seem to be predictive, however, it is only because the data fits the model. The failure of the model might become apparent, but when the model is compared to future observations, they might not be so well-fitted.
- Sampling Bias
It occurs whenever a non-representative sample is used. This mistake should be avoided because it can weigh the analysis in one particular direction too far.
- Focusing only on the numbers
This can have arduous real-world consequences. There might be cases when the numbers might look clean and neat, however, the underlying biases could be economically and socially convulsive.
- Disclosing metrics
It can create problems like in the education field, teaching what is on the standardized tests. It is common because a metric is of no use once the subject knows its value.
- Chart overload and chart junk
This occurs usually while building a dashboard or even a simple analysis. You need to make sure that everything which is displayed on the screen has a clear purpose and there is no extra stuff to distract or lose focus.
Other common mistakes include cherry-picking, solution buyers, communicating poorly, etc. Data analytics is a very interesting field of study. When you do the process in the right way without making any mistakes, you and the company you are working for will experience huge benefits. You will get great advantages in terms of leads, sales, costs saved, and traffic.