ItBit and TradeBlock: Blockchains and Big Data

The Bitcoin exchange itBit mentioned in its October market report that it would partner with the leading blockchain data provider TradeBlock. This organization analyzes the blockchain and enables entities to view its API, which broadcasts a wide array of analytical blockchain data and charts. ItBit will bring in more partnerships this year with some of the largest exchanges and financial tech accelerators in the industry.

Also read: BAFT: the Bitcoin and Blockchain Initiative

TradeBlock was founded in 2013 by Greg and Jeff Schvey, offering comprehensive blockchain and trading data analysis. Rebranded from the name Genesis Block, the company wants to provide streamlined access to bitcoin’s blockchain, economics, mining, regulation and trading inquiries. Clients are enabled to see breakdowns of trade executions, live charting, order books and more through TradeBlock’s international sources. The disruptive dissection of information has given companies who rely on data the edge against competitive organizations.

ItBit’s collaboration with TradeBlock will enable its clientele and the public to view its Over The Counter trading data, which will give more perspective and resolution to the exchanges OTC transactions. TradeBlock uses a charting engine built from the ground up and a tool set that mitigates each section of blockchain-related analysis. The mechanics of their system finds and collects data from a host of global exchanges including Kraken, Huobi, Bitfinex and more. The service also presents nine Litecoin exchanges on its platform and follows Ethereum as well.

VM Trace allows users the ability to watch the construction of an Ethereum smart contract. Contracts created on the platform are built upon a system called Ethereum Virtual Machine (EVM). VM Trace allows the transactions performed in EVM to be seen for increased levels of scrutiny over TradeBlock’s software.

Data and analytics are game changers when it comes to the financial industry, and blockchain inquiry is no different. Businesses like TradeBlock understand that this sector is promising, as big data and analytics are predicted to reach $125 Billion USD worldwide by the end of the year. Statistics and analytical tools offer a variety of models to the financial industry that provide security, prediction markets, preventative maintenance, and advantages over the competition. The Massachusetts-based International Data Corporation reveals that over the next five years, outsourced global data and analytics are poised to grow three times faster than in-house solutions.

This past July, TradeBlock partnered with FinTech Sandbox, which will provide its blockchain data to other financial institutions to help them grow in the FinTech environment. FinTech Sandbox is headquartered in Boston and helps enable various global startups. As a non-profit provider, the organization offers financial data and cloud hosting to its members. With TradeBlock, Sandbox users will be granted a time frame for utilizing the company’s premium toolkit and API. This will service those interested in blockchain and cryptocurrency trading data within the industry.

Investors are interested in bitcoin and blockchain data solution for their enterprises. The company has so far received $2.8 Million USD in venture capital seed funding from firms such as Andreessen Horowitz, Digital Currency Group and FinTech Collective. As itBit and other exchanges work with TradeBlock, they provide a landscape of open data for the entire world to remember and learn from. As blockchain studies grow, machines can gather useful information about the protocol, its economics and how it functions through society’s changes.

What do you think of blockchains and Big Data? Let us know in the comments below!

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