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Blockchain has become another fully digital data layer of our existence, and to know what happens there, we can’t use real-world senses like noses or touches. We need applications and solutions that help us see and feel what’s going on in the network, act properly, and reach our goals.
Blockchain monitoring is exactly about being with eyes widely open inside blockchain networks. As the early adoption stage is over, even Web3 newcomers understand that without data about their network and connected projects, they risk everything they have. So buckle up, and let’s look closely at multifaceted node monitoring.
The most general and simple definition is right here.
Blockchain monitoring is the process of collecting, analyzing, and visualizing blockchain data.
As data is the walls, ceiling, light, and air of the blockchain house, monitoring can concentrate on different aspects of it. Thus, the variety of applications created shades of meaning of the main definition that we should also explain.
The structure consists of the following layers:
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In the core, node tracking is still the same as in any business or marketing sphere—you have to carefully collect data, make it appropriate to analyze, process it, and present the results to the human in the best way possible to make decisions and take action.
Prevention of security threats. The tracking system can prevent a crisis by launching the appropriate scenario that minimizes the possible harm.
Adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Your tracking helps you flag and report suspicious activity that might be linked to financial crimes.
Inefficient scaling. With the help of monitoring, predictive autoscaling tools like PredictKube can scale in advance to ensure efficient operations and smooth functioning of blockchain-based apps based on on-chain and off-chain data.
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High digital trading competition. One man’s trash is another man’s treasure—and one of the main purposes of monitoring is to find those gemstones of opportunities for maximizing profits.
Data integrity problem: In a trustless environment, monitoring can be the best way to verify on-chain data, building trust and confidence in the entire blockchain ecosystem.
Making the whole boiling soup of blockchain data ordered and possible to understand is one of the key goals of monitoring. As a part of the necessary governance, the tracking system serves and participates in the management of the network according to all events and details it mentions. It’s a way participants are involved in the network—if my activity reflects in monitoring, then I’m a part of the system, and we’re all together doing well. And on the other hand, if something goes off, then monitoring is a guardian that should spot it.
You may feel a little dizzy about all the tracking peculiarities, but another way to make things through is to meet the representatives of each type of tracking. Discover offers of these guys to dive deeper into the context of blockchain analysis and tracking.
We also invite you to take a closer look at our cases, as Dysnix sets up custom tracking for almost every project we’re involved in. Nansen is one of the brightest examples of our work in this sphere.
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For more talks, meet us here, in our Web3 chatting lounge, or just drop us a line. We’re always glad to help.
And thank you for reading 🙂
