SDS 621: Blockchains and Cryptocurrencies: Analytics and Data Applications — with Philip Gradwell

Data Pipelines

Philip Gradwell, Chief Economist at Chainalysis, explains the intricate process of capturing and processing blockchain data. He emphasizes the need to run a full node to capture the complete history of transactions, which can amount to terabytes of data 1. This data is then mapped into a common schema for analysis, allowing for the addition of metadata and the application of algorithms to enrich the data 1. Gradwell highlights the challenges of scaling blockchain data analysis, noting that even tech giants like Google and Meta face difficulties with large graph queries 2.

Running queries over very large graphs is something that's still hard for Google and Meta.

--- Philip Gradwell

The evolving nature of blockchain data requires constant innovation and adaptation in data processing techniques 2.

   

Data Products

Gradwell discusses how insights from blockchain data are transformed into practical products for users. Chainalysis specializes in creating data products that support investigations and compliance, such as tracking ransomware attacks and performing anti-money laundering checks 3. These products leverage on-chain data to provide actionable insights, similar to how energy futures are informed by physical energy infrastructure 3.

Crypto is an economy. It's a financial asset. And so surely all this on-chain data can help people understand that world.

--- Philip Gradwell

The development of these data products is crucial for understanding the complex world of cryptocurrency and blockchain 4.