Now that payments companies and merchants are rapidly adopting digital currencies like Bitcoin, blockchain technology becomes even more important as a ledger for verifying and analyzing transactions.
MemSQL (www.memsql.com), the leader in real-time databases for transactions and analytics, has announced that Coinalytics, the real-time intelligence service for blockchain, has tapped MemSQL to more quickly and easily access data to turn blockchain into actionable insights. Blockchain is the tamper-resistant distributed technology underpinning digital currencies, and lets users instantaneously make and record transactions.
“Accessing data in the blockchain is no easy task, let alone understanding what the data means to companies looking to tap into this emerging market,” said Fabio Federici, co-founder and CEO, Coinalytics. “The Coinalytics platform allows anyone to access the blockchain and derive meaningful insights. By combining data from a variety of sources our customers can instantly assess the risk of a transaction and make the right decision. We are still in the early days of blockchain technology, with new applications and use cases set to appear. We are confident that MemSQL is the right database to take us forward.”
In an industry where the successful exchange of value requires fast and accurate transactional recording, blockchain offers speed, efficiency, and stringent security over every distributed record. As digital currencies become a mainstream payment method, blockchain will require intense computing power to verify the substantial increase in transactional requests.
Coinalytics is positioned at the intersection of big data, artificial intelligence and the blockchain. The company applies advanced machine learning and state-of-the-art distributed systems to cryptographic platforms, enabling enterprises to derive real-time business intelligence and risk assessment from the blockchain and decentralized applications. Using the Coinalytics platform, companies make better decisions and developers write smarter applications based on more accurate intelligence.
Using MemSQL, Coinalytics will facilitate the global shift in digital currency for its customers. Coinalytics reduces the friction in the user-adoption of Bitcoin by providing immediate compliance and risk assessment for leading wallet providers, payment services, and exchanges. MemSQL delivers the performance from its in-memory rowstore and SSD-based columnstore, and easily scales to accommodate new applications and platforms built on top of blockchain that require real-time access to data.
First offerings from Coinalytics include simple APIs and visual interfaces that reduce the complexity of Bitcoin use. With more flexible SQL-like queries using MemSQL, users also have more control over the tasks they can perform.
“There's growing interest in using blockchain as a settlement layer across many industries to prove digital document ownership, ensure the legitimacy of transactional requirements, and manage the exchange of assets all along the supply chain,” said Eric Frenkiel, co-founder and CEO, MemSQL. “To move the needle, companies need broad access to real-time intelligence to serve up actionable insights. As traditional industries start opening up to Bitcoin, and blockchain, we see Coinalytics as well positioned to engage with this emerging ecosystem.”
MemSQL ingests streams of data in real time, processes transactions, and performs analytics — simultaneously in a single database. In industries such as financial services, MemSQL is perfectly suited to power analytics and serve up insights on constantly changing datasets, enabling businesses to process market data as it arrives, detect anomalies like fraud, and aggregate data from numerous sources for centralized risk and compliance management.
Read more about how Coinalytics is using MemSQL here: http://blog.memsql.com/coinalytics-blockchain-analytics.