Bitcoin and Open-Source Business Intelligence - How are they shaping the future?

Bitcoin and Open-Source Business Intelligence - How are they shaping the future?

Writer - Vjosa Cakiqi. Tech-Savvy Linguist Turning Tech Topics into Compelling Stories

Bitcoin is our first decentralized cryptocurrency. But what does decentralized mean? Decentralized is a term that refers to the process of sending money from one user to another directly, without the need for a mediator in the middle. That means, in our traditional payment where we use currencies, there is always a bank or some sort of financial institution that serves as the bridge between these two parties, however, not in the bitcoin industry and that is why it is called decentralized currency.

In contrast to traditional payment, in crypto there is not only one control of the transactions that are being made. Instead, there are multiple computers, and the transactions are controlled through this network of computers which immediately makes this process more transparent and difficult to manipulate.

That being said, bitcoin is definitely changing the whole payment experience but also how we think of money and transactions in general. But did you know that bitcoin could also significantly impact open-source business intelligence? Open-source business intelligence (BI) is a term that refers to all the BI free tools online which are used to analyze data and that are free of charge to be used by anyone. In this article we will show you how that is done, but first let’s have a look at these two terms, namely bitcoin and open-source BI.

Bitcoin and Blockchain Tech

Bitcoin, as previously stated, is a decentralized digital currency. The first time it came out to the public was 2008 when it was introduced through a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. This paper was written by a group of people who went by the pseudonym “Satoshi Nakamoto” and to this day, we still don’t really know who these people actually were. The first bitcoin transaction after being introduced to the public was done in January of 2009.

Bitcoin operates in something that we call “blockchain technology”. The best thing about this technology is that it eliminates the need to have a financial institution in between, which consequently means that the transactions can be done fast and securely. Apart from that, the blockchain doesn’t charge the usual fixed fees set by a central authority to be paid for transactions in or out of the country. In short, bitcoin has many benefits and advantages when compared to traditional payments.

An overview of Open-Source Business Intelligence

Business Intelligence (BI) is a software tool which is well known among people, particularly business and company owners. In simple terms, this tool is used to visualize raw data. Basically said, you can upload a set of raw data to the tool, and it will manufacture it, aka it will analyze it into an appealing dashboard or report which is easily presentable. The tool, as said, can be used by smaller or bigger institutions but also by individuals for their own purposes and needs.

Some of the most famous solutions of BI tools include Apache Superset, Metabase, BIRT (Business Intelligence and Reporting Tools), Google Studio and so forth. The goal for all of these tools is to analyze the data and give a general overview of the data, so that the users can make data-driven decisions based on the results.

The Connection between Bitcoin and Open-Source BI

The most important information we have when it comes to bitcoin and open-source BI is that they both share a common goal. And what is that common goal? Well, these two are all about making complex processes more accessible and affordable. In a nutshell, here is how they are doing it:

  • They are both secure, so they offer security to the user. Blockchain on one hand makes sure that nothing is manipulated when it comes to transaction, while BI on the other hand might be managing sensitive and confidential information that needs to be kept safe.
  • They are both transparent. In blockchain you are able to see the transaction that is generated by the network of computers, while in BI you can always see and verify how the data entered is processed.
  • They are both cost-saving. Blockchain eliminates the need for a financial institution in the middle that you would have to pay for the services, while open-source BI makes it possible to have data reports and dashboards free of charge without having to pay the expensive software licenses.

A Potential Futuristic Application

Let’s imagine a scenario where both bitcoin and open-source BI could be used in the future. Let’s say we have a small business who wants to track sales and customer data and they have bitcoin as a form of payment service which means they cut off the unnecessary fees but also attract tech-savvy customers who use bitcoin. This business can get the data of the transactions from the blockchain technology, analyze them into open-source BI and then get insights into customer behavior and improve services.