Bitcoin and other crytocurrencies have drawn a lot of attention of companies, public organizations and individuals. While many use cases exists there is still a long road ahead to make them part of everybody’s life.
The recently released first version of the open source hadoopycryptoledger library is a first attempt to make this happen. It currently allows analyzing the Bitcoin blockchain together with any data using Hadoop ecosystem tools. The Bitcoin blockchain is a distributed ledger containing all transactions executed over the Bitcoin network.
Hence, virtually all use cases related to analysis of the Bitcoin blockchain are possible. Some examples:
- Predict Bitcoin exchange prices by analysing the Blockchain together with pricing information from Bitcoin exchanges
- Explore relationships between counterparties in the blockchain
- Explore impact of Bitcoin miners on the Bitcoin ecosystem
- Trace Bitcoin money flows around the network
- Link news events with Bitcoin blockchain data
- Link economic data with Blockchain transactions
Currently the library provides a Hadoop File Format to analyze the Blockchain with any Hadoop application. For example, one can develop a Hadoop MapReduce, Spark or TEZ josb.
There are several enhancements planned for the library over the coming weeks, such as
- Provide an example how to use Spark with the hadoopcryptoledger library
- Integration of Blockchain data into Hive to enable end users to use SQL queries to analyze the blockchain
- A flume source for receiving new Bitcoin blocks
- Adding support for more crypto ledgers, such as Ethereum