Last updated on July 6th, 2023 at 11:51 am
The blockchain realm has created job opportunities in different fields. People tend to think that only blockchain developers and community managers work in the blockchain space, but that is not the case. Data scientists view blockchain as a source of data that can be analyzed and utilized in solving both practical and theoretical issues through Statistics and Machine Learning.
A data scientist, like its name states, is a professional that collects, analyzes, and interprets data from a large pool to make coherent meaning. It has been linked to different fields like statistics, mathematics, and computer programming. To work effectively, data scientists utilize advanced analytics technologies.
Cassie Kozyrkov, a Chief Decision Intelligence Engineer at Google, defines data science in a short sentence. “Data science is the discipline of making data useful.”
Everything a data scientist does, from the gathering to the analyzing of data to create hypotheses or the process of making inferences, is dedicated to turning unsorted datasets into meaningful information. Their job is focused on detecting trends and relationships in trends and data.
As a source of raw data, blockchains can be used by data scientists as a data source to make inferences on aspects like consumer behaviour. The data scientist in a blockchain company mines big data to root out new revenue opportunities. They are also involved in deploying standards for the collection and interpretation of data in the organization. There has been a rise in the demand for data scientists in different industries, including the blockchain space because firms are seeing the need to exhume useful information from a large pool of datasets that they come across daily.
Importance of Data Scientists in Blockchain
Data scientists interact with data daily and have to analyze them in a broad form. Blockchain-based companies invest their time in developing innovations to possess a competitive advantage and amass a large share of the market. A data scientist in the aforementioned industry has a duty of offering intelligence surrounding the needs of clients to their company. The platform, in turn, uses structured information to improve its consumer interaction strategies.
The decentralized finance and NFT industry is highly competitive, as different ecosystems are trying to increase their clientele base with innovations. A data scientist is expected to help a company understand its clients and prospects, which improves the company’s goodwill and profitability. With data science, blockchain-based organizations can build their storytelling and show their clients the important aspects of the products. Data science, when used properly by companies, is designed to satisfy the needs of clients and imbibe in them a feeling of satisfaction.
Furthermore, a data scientist may help heighten the security of a platform. The process of data gathering and analysis makes the professional dig deep into the architecture and workings of the ecosystem, meaning that the possibility of finding out hidden issues is high.
How to Become a Data Scientist in Blockchain
The internet has made it easy for people to gain knowledge in new fields. With the clicks of the keyboard, anything can be learned online, and data science is one of them. Below are steps to take to become a data scientist.
-
University education
A myriad of universities is offering data science as a course, both at the undergraduate and graduate levels. Many schools that fall under this category offer the virtual learning option and the physical classroom method. Potential students that prefer in-class teaching can opt for the latter, while the needs of those that learn better with e-learning are satisfied.
-
YouTube
There is hardly a skill that has not been taught by a couple of tutors on YouTube. As a novice in the field, using YouTube could offer the appropriate resources and even platforms to use on the journey to being a data scientist in the blockchain space.
-
Online courses
Different online tech academies exist, and many of them offer data science as a course. The likes of Coursera, Khan Academy, and similar tech academies offer courses on different levels of data science.
-
Certifications
Data scientists may need to possess extra data scientist certifications to develop the right skills and make themselves marketable to potential employers such as Certified Analytics Professional (CAP). This certification is issued by INFORMS- Institute for Operations Research and the Management Sciences. Before a certificate is issued to data scientists, they must have displayed their understanding of the entire process like model building, data analysis, and so on.
What are the Skillsets of Data Scientists?
Blockchain-related data scientists are expected to possess some skills because it is paramount to their daily tasks.
-
Knowledge in programming
A data scientist has to understand some programming languages like Python. They may also need to understand the basics of blockchain-based languages like Rust and Solidity. Other programming languages that a data scientist should possess are Perl, SQL, and Scala. They need to use statistical computing languages like R in their daily activities.
-
Knowledge of big data platforms and tools
Generally, data scientists have to possess knowledge of big data platforms and tools like MapReduce, Spark, Hive, Pig, and Hadoop. These tools are used daily in mining, collating, cleaning, and analyzing data.
-
Research and analysis
Data scientists in the blockchain industry have to have an in-depth understanding of research and analysis, especially the way to use the tools. They will be involved in risk analysis, as well as statistical analysis of the big data.
-
Designing and using reporting dashboards
Blockchain-based platforms need to monitor key metrics surrounding their operations to get an insight into their performance in the market. A data scientist should be able to design and use these reporting dashboards to achieve this goal.
-
Data processing methodologies
As data scientists, it is expected that they possess knowledge of ways to mine data, clean data, and carry out data munging. Raw data is unstructured and incoherent, and it is the duty of a data scientist to not only mine it but structure it in a presentable manner.
-
Communication skills
A typical data scientist is a communicator because they translate raw unstructured data to a form that can be understood and used by their blockchain company. It is paramount that they possess good communication skills.
-
Understanding of blockchain
As a data scientist working in the blockchain space, the professional has to possess a deep understanding of the intricacies and architecture of blockchain. They have to understand how the technology works, the way data is transmitted, the different consensus mechanisms, and so on. Data scientists also need to know what users expect in the particular platform that they are utilizing, and what the data says concerning the functioning of the ecosystem. Blockchain platforms depend on data scientists to mine data, collate it, analyze it, interpret it and table it in a usable format for decision-makers.
-
Soft skills
Having a thorough knowledge of blockchain technology and programming languages may be great, but data scientists also need to nurse their soft skills if they are to perform their daily activities effectively. Employers have an expectation that their data scientists must meet, which is storytellers. As a storyteller, they are expected to transmit the findings to the right quarters within the organization. Curiosity and skepticism are two soft skills that every professional in this field must possess. Being a skeptic ensures that the data expert doubts everything unless there is sufficient evidence to back the claims.
What Companies Hire Data Scientists?
The bedrock of blockchain is data. Every platform operating on this technology needs to be fed with the right data in real-time to function effectively. A decentralized exchange depends on data to show the right ranges of the prices of cryptocurrencies listed in its ecosystem. Decentralized lending protocols can not work without oracles feeding them with data. Every blockchain-based platform needs a data scientist, meaning that there is a high demand for professionals in this field.
What is a Data Scientist’s Salary?
The salary of a data scientist is higher than what a data analyst receives annually. According to Glassdoor, the average data scientist’s salary is $117,212 annually. Similar roles like Big Data, Data Analyst, Data Scientist Intern, and Quantitative Analyst earn $107,007, $69,517, $122,778, and $112,116 respectively in the United States, according to Glassdoor.
In Conclusion,
- The skills of a data scientist are needed in the blockchain space.
- The core duty of a data scientist in the blockchain space is to mine, clean, collate, analyze, and present data in an understanding format to other employees.
- A data scientist is expected to show the trend noticed in the datasets.
- Communication is an important skill that should never be ignored by budding data skills.
- Data scientists are highly paid in the United States.
- Resources on how to be a data scientist abound online.
If you would like to read more articles like this, visit our Website. You can also follow DeFi Planet on Twitter, Facebook, Instagram, and LinkedIn.
