The Ethereum blockchain mainly holds transaction data which does not offer much capacity for analytics. It provides different ways to track wallet balances, transaction statuses and many other things, but does not offer an API for aggregated data. BigQuery will fill in the gaps in the Ethereum blockchain and provide a major platform for cryptoanalysis.
Exchanges and aggregators such as YoBit, CoinMarketCap and Bittrex offer their own API’s that people can use to reclaim market data. Even if these sites examine a greater number of cryptocurrencies than Google does, they still offer reasonably limited market data.
Google has also utilised BigQuery’s Ethernet data to develop an analysis which was deployed to analyse the volume of exchanges and trading network. BigQuery can be used to determine the operability of closed-source smart contracts by relating them with open-sourced smart contracts.
Google’s announcement stated, “Fortunately, many smart contracts’ source code is freely available to use (open source). We can use this to gain some knowledge about what other contracts do from the name of the function, even for those of which we don’t have the source code because common function names will share a common signature.”
Earlier this year, Google’s ad policies had put limitations on crypto ads. Most recently, Google’s play store had banned all the mining apps. Google is firm on protecting the users against malicious attacks; it is eager to tap the massive technological potential of the blockchain.
However, this is not the first crypto dataset that Google added to BigQuery. Earlier this year, it had brought its first crypto dataset on board. According to the Google announcement, more blockchains may be accessible in the future. It further stated that “We welcome more contributors and more blockchains.”