Why 99% of Blockchain Data Is Unverifiable

Introduction

Decentralization is set to become the norm in the tech industry, and understanding what decentralization truly means is crucial for both newcomers and established players. As the founder and co-CEO of Fluidefi, Lisa Loud, emphasizes the importance of getting up to date with decentralized technologies to prepare for the future.

In a recent interview, Lisa highlighted Fluidefi's mission to provide verifiable data and analytics for on-chain blockchain data. She emphasized that while many may believe blockchain data is readily accessible, the reality is that deriving complete and accurate data is fraught with challenges.

The Challenge of Blockchain Data

Many assume that blockchain data is inherently verifiable simply because it is on-chain. However, this perspective ignores the complexities of validating that data. In practice, users often need to cross-reference multiple nodes to confirm the information's accuracy. Fluidefi has developed a patented method that achieves 99% confidence in the completeness of transaction data by utilizing AI to provide verifiable insights.

Moreover, Lisa pointed out the fundamental difference between 'accuracy' and 'verifiable accuracy.' In a landscape flooded with unverified data, the importance of having reliable, verifiable data, especially in critical applications like audits, cannot be overstated.

Verifiable Data: A Critical Need

Using the analogy of audits, Lisa explained how the verification process works. When conducting audits for clients with cryptocurrency assets, three sources of information are needed: the initial data provided by the client, Fluidefi’s database, and a link to a public explorer like Etherscan for third-party verification. This rigorous process assures auditors that they have gathered comprehensive data from multiple reliable sources.

In an exciting announcement, Lisa revealed a contract with the Royal Canadian Mounted Police (RCMP) to develop an application for field agents. This application will help agents track transactions that occur without physical evidence, thus enabling them to provide a clearer picture of financial activities in the field.

Insights from Blockchain Data

Despite not following trends as some analytics companies do, Fluidefi’s approach allows for granular analysis of transactions. Lisa shared insights on the types of scams and hacks that occur in the crypto space. By analyzing transaction pathways, users can determine how certain attacks happen and develop countermeasures to protect their assets.

The adventure into the world of crypto is filled with opportunities, and Lisa believes that the future lies in a world where decentralization becomes so common that it loses its novelty. Blockchain technology will become a standard part of various applications, just as HTML is in web development today.

Conclusion

Lisa encapsulates her vision for the future, urging anyone interested in crypto and blockchain to dive in now to prepare for what will undoubtedly become a pervasive aspect of technology. Decentralization won’t remain a niche topic—it will be integrated seamlessly into everyday applications.

Keywords

Blockchain
Decentralization
Verifiable Data
Fluidefi
Audits
AI
Royal Canadian Mounted Police (RCMP)
Scams
Hacking
Transaction Analysis

FAQ

Q1: What is Fluidefi?
A1: Fluidefi is a company that focuses on providing verifiable data and analytics for on-chain blockchain data, ensuring high confidence in data accuracy.

Q2: What is the difference between accurate data and verifiable data?
A2: Accurate data is simply correct information, while verifiable data can be confirmed through multiple reliable sources, providing a stronger basis for trust.

Q3: Why is verifying blockchain data important?
A3: Verifying blockchain data is crucial for various applications, such as audits, legal investigations, and ensuring the integrity of transactions.

Q4: How does Fluidefi ensure that its data is 99% verifiable?
A4: Fluidefi uses AI and a patented method to analyze and confirm that they have all necessary transactions in a blockchain block with a high level of confidence.

Q5: What kind of partnerships has Fluidefi established?
A5: Fluidefi has signed a contract with the Royal Canadian Mounted Police (RCMP) to develop an application for field agents to track on-chain transactions that lack physical evidence.