Blockchain Data Problems

The data problem listed in this article is precisely what sets us apart at Parachute8. The missing key here is standardization. underneath our blockchain is historical data, allowed to be called when needed to the #blockchain. Real time analytics require historical data, as well as real time data. Not including will only multiply this problem. More importantly, not using the same set of rules will most definitely lead to misinformation. Blockchain is a wonderful technology, but for it to be effective basic data rules must be implemented. 

“Today I’ve learned that a lot of data sources are incorrectly reporting the total bitcoin supply. We haven’t actually hit 17 million BTC yet.”

Lopp’s contention was that, one of the most popular and highly-regarded sources for blockchain network data, among others, had not accounted for instances in which bitcoin miners, due to bugs and other causes, did not claim their full block reward.

Unfortunately, these discrepancies in the total bitcoin supply metric are not the exception, but part of a larger problem that stems from the “opaque” methodologies these blockchain data analysis providers use, according to Greg Cipolaro, the CEO of Digital Asset Research (DAR), a firm that provides blockchain analysis to clients.
— David Floyd