Blockchain application providers need business analytics tools

By
Blaise from Nyctale

In our current hyper-competitive data-driven economy, companies need analytics to run efficiently their business. When considering digital technologies, data are generated at all different layers of a given value chain: by your own activity, by your business partners, by your customers, and also by your competitors.

Since a few years, successful companies have mainly been those able to value their data landscape to optimize their business processes and strategic decisions. Analytics bring you insights that generate performance through automation. This is how companies are generating profits in our digital economy.

As blockchain technologies are bringing business processes’ digitalization to a new level, they are also creating a new powerful data generation system. All different actions of every entities are recorded on a standardized ledger with insights on every possible questions you might have: When did this happen? What was the purpose? How much value has been exchanged? Who is concerned? etc.

What if you were able to interpret these new type of data sets?

  • You would deeply analyze your own ecosystem, having strategic information on your competitors’ product adoption and being able to study the behavior of your targeted customers.
  • If looking to establish a new partnership, you would also evaluate objectively the one that will generate the best synergies with your activity, thanks to a deep understanding of the overall interactions within your value chain.
  • You will also assess the impact and the efficiency of your ongoing development, be it about your marketing and communication strategy or linked to the new product feature you just released.

All these insights are hidden in the distributed ledger that you are using to run your product. Missing this opportunity will naturally make you lost the competitive game which has never been more intense since application providers are using open source technologies, as highlighted by Skale Labs in a recent blog post.

So, what are you still waiting for? Advanced business blockchain analytics tools are already a reality at Nyctale. We provide to application providers insights to run efficiently their business, thanks to a state-of-the-art’s data science approach specifically design to efficiently study blockchain transactional data. Don’t be left behind and contact us at contact@nyctale.io !