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Data Quality: Blockchain Smart Contracts
“Poor data quality is enemy number one to the widespread profitable use of
machine learning,” is one of the conclusions of a Trifacta report. The report finds that only 26 percent of businesses have confidence in the accuracy of their data.
Data quality is typically achieved after extensive scrubbing and cleaning. Data analysts often report that their time is often focused more on cleaning data rather than on actual data analysis.
Is their a better way to achieve good data quality? Gartner thinks that blockchain may be one tool that can help, especially for data related to contracts.
Lydia Clougherty Jones, senior research director at Gartner, said that “when an organization adopts blockchain smart contracts — whether externally imposed or voluntarily adopted — they benefit from the associated increase in data quality, which will increase by 50% by 2023… Blockchain smart contracts are immutable and irrevocable through nonmodifiable code, which enforces a binding commitment to do or not do something in the future.”
Gartner says that blockchain applied to data related to contracts will be especially useful in streamlining and improving data quality in the fields of banking and finance, real estate, insurance, utilities, and entertainment.
