The 4 most valuable uses of real-time blockchain data

What if you could get real-time data on all those new coins? What if you could see how they’re performing in real time? And what if you could get that information from multiple sources?

Real-time blockchain data refers to information about transactions and other events that occur on a blockchain network and is immediately available to users as it happens. This can include information such as the latest transfers processed, the number of active users on the network, the current state of the network’s consensus mechanism, and the current balance of specific addresses.

Real-time blockchain data can also be accessed through APIs which allows developers to access and interact with the blockchain data in real-time. These APIs can be used to build decentralized applications (dApps) that rely on real-time data from the blockchain, such as smart contracts that automatically execute trades on a cryptocurrency exchange based on certain market conditions.

Real-time blockchain data: 4 valuable uses

  • Tracking and verifying transactions on the blockchain

Real-time blockchain data can be used to track and verify transactions on a blockchain network by providing an easily accessible and tamper-proof record of all transactions that occur on the network. Bitquery is a blockchain data company that provides APIs to access to real-time data streaming from multiple blockchains, allowing users to monitor and analyze data as it happens.

For example, if you are interested in analyzing the trade activity on a decentralized exchange, you could use smart contract filters to retrieve all swap transactions that have occurred on the exchange’s smart contract.

  • Monitoring the health and activity of the network

Monitoring the health and activity of a blockchain network is an important task for blockchain developers, miners, and users. It can be done by analyzing real-time blockchain data to get transaction data of the latest transactions. By getting transaction status and other related information, such as block size, gas fees, etc., it is possible to gain insights into how the network is functioning.

Bitquery’s APIs support 30+ blockchains, including Bitcoin, Ethereum,Solana and many more, allowing users to monitor and analyze data from a wide range of blockchain networks.

  • Performing real-time analysis of blockchain data for research or investment purposes

Real-time analysis of blockchain data can be used for research or investment purposes, as it allows for the identification of patterns and trends in the data, which can be used to make informed decisions.

Additionally, by fetching real-time data on the trading activities, such as the details of buyer, seller, currency, contract and price etc, investors can gain insights into the underlying demand and supply dynamics of the particular currency.

This can help them to identify trends and patterns in the market, and make informed decisions about when to buy or sell a coin. Bitquery’s APIs provide data visualization tools that allow users to easily view and analyze data, making it easy to identify patterns and trends.

  • Building decentralized applications that rely on real-time data from the blockchain

Building decentralized applications that rely on real-time data from the blockchain can be done by using blockchain data as an input to smart contracts or other decentralized applications. Suppose you are developing a decentralized application based on real-time data from the blockchain.

You might need real-time updates on the current market prices of various currencies to automatically execute trades on a cryptocurrency exchange based on certain market conditions. Bitquery’s APIs can be easily integrated into existing systems and can be used to build a variety of decentralized applications, such as smart contracts, trading platforms, and more. Sign up for a developer account for free.