System and method for on-demand unsupervised data analytics on blockchain
Disclosed herein is a system and method for performing on-demand data analytics directly on blockchain without the need to extract data from the blockchain to an external intermediary platform. The system and method disclosed herein enable unsupervised learning-based analysis directly on the blockchain, for data records stored on the blockchain. Furthermore, the system and methods disclosed herein allows a consumer to execute custom data analysis algorithms, in addition to standard data analytics, on data records to generate useful insights.
1. A system for performing data analytics on a blockchain communicably coupled to a server arrangement via one or more data communication network wherein the blockchain is configured to:
receive an analysis transaction wherein the analysis transaction is operable to implement at least data processing algorithm on a set of data records, wherein the analysis transaction comprises of a custom data processing algorithm, not previously present on an initial smart contract of the blockchain, and wherein a code script and one or more configuration parameters for the custom data processing algorithm are passed along-with the analysis transaction appended to the blockchain;
execute the analysis transaction wherein the execution of the analysis transaction comprises:
retrieving the set of data records from a data structure repository within the initial smart contract of the blockchain;
invoking at least one smart contract method wherein the smart contract method, when executed, implements the data processing algorithm on the set of data records;
return an output generated from implementation of the data processing algorithm on the set of data records.
2. The system of claim 1 wherein the initial smart contract comprises a plurality of smart contract methods for implementing one or more data processing algorithms on the set of data records in the data structure repository within the initial smart contract.
3. The system of claim 1 , wherein the analysis transaction is selected, by the consumer via the user interface, out of a set of available standard analysis transactions and wherein each of the standard analysis transaction corresponds to at least one data processing algorithm.
4. The system of claim 1 , wherein the set of data records are added by means of input transactions appended to the blockchain by one or more consumers.
5. The system of claim 1 , wherein the set of data records are stored in a data structure repository of within the initial smart contract of the blockchain.
6. The system of claim 5 , wherein the set of data records are stored along-with a class identifier.
7. The system of claim 1 , wherein the analysis transaction is configured to implement the data processing algorithm on a set of data records with same class identifiers.
8. A method for performing data analytics on a blockchain communicably coupled to a server arrangement via one or more data communication network, the method comprising:
receiving, on the blockchain, an analysis transaction wherein the analysis transaction is operable to implement at least data processing algorithm on a set of data records, wherein the analysis transaction comprises of a custom data processing algorithm, not previously present on an initial smart contract of the blockchain, and wherein a code script and one or more configuration parameters for the custom data processing algorithm are passed along-with the analysis transaction appended to the blockchain;
executing, the analysis transaction wherein the execution of the analysis transaction comprises:
retrieving the set of data records from a data structure repository within the initial smart contract of the blockchain;
invoking at least one smart contract method wherein the smart contract method, when executed, implements the data processing algorithm on the set of data records;
returning an output generated from implementation of the data processing algorithm on the set of data records.
9. The method of claim 8 wherein the initial smart contract comprises a plurality of smart contract methods for implementing one or more data processing algorithms on the set of data records in the data structure repository within the initial smart contract.
10. The method of claim 8 , wherein the analysis transaction is selected, by the consumer via the user interface, out of a set of available standard analysis transactions and wherein each of the standard analysis transaction corresponds to at least one data processing algorithm.
11. The method of claim 8 , wherein the set of data records are added by means of input transactions appended to the blockchain by one or more consumers.
12. The method of claim 8 , wherein the set of data records are stored in a data structure repository of within the initial smart contract of the blockchain.
13. The method of claim 12 , wherein the set of data records are stored along-with a class identifier.
14. The method of claim 8 , wherein the analysis transaction is configured to implement the data processing algorithm on a set of data records with same class identifiers.