Jul 07, 2022
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Service categories
Service Lines
Web Development
Domain focus
Banking & Financial Services
Challenge
The inefficient process of collecting and processing financial data hampers crypto provider’s decision-making
The client required numerous reports and analytics to process market data like cryptocurrency rates and interest rates showing fluctuations in cryptocurrencies rates. Armed with this analytical data, the client would get actionable insights to allow more rational decision making.
Data sourced from blockchain is highly technical and detailed, which makes gathering it manually a daunting task, prone to data loss. The Maker Foundation needed to set up an ETL (Extract, Transform, and Load) pipeline to gather data and keep sourced data records, but since they didn’t have enough data science expertise in-house, the client turned to Unicsoft.
The inefficient process of collecting and processing financial data hampers crypto provider’s decision-making
The client required numerous reports and analytics to process market data like cryptocurrency rates and interest rates showing fluctuations in cryptocurrencies rates. Armed with this analytical data, the client would get actionable insights to allow more rational decision making.
Data sourced from blockchain is highly technical and detailed, which makes gathering it manually a daunting task, prone to data loss. The Maker Foundation needed to set up an ETL (Extract, Transform, and Load) pipeline to gather data and keep sourced data records, but since they didn’t have enough data science expertise in-house, the client turned to Unicsoft.
Solution
On the part of the Unicsoft team, a highly-skilled data scientist was committed to working on this project. He made a great effort to create an automated ETL pipeline:
1.Developed a system that takes blockchain data, integrates and processes it, and creates data repositories that are used for fast financial reporting.
2. Integrated the pipeline’s scripts with data sources and transformed the data into the formats required for storage in the client’s central database.
3. Synchronized work on the Flask server and APScheduler to avoid data duplication, improved the client’s scripts, and wrote a new method for loading data to the Postgres database.
4. Once the scripts were sorted out, analysis became easy and the entire process rolled along with end-to-end automation.
On the part of the Unicsoft team, a highly-skilled data scientist was committed to working on this project. He made a great effort to create an automated ETL pipeline:
1.Developed a system that takes blockchain data, integrates and processes it, and creates data repositories that are used for fast financial reporting.
2. Integrated the pipeline’s scripts with data sources and transformed the data into the formats required for storage in the client’s central database.
3. Synchronized work on the Flask server and APScheduler to avoid data duplication, improved the client’s scripts, and wrote a new method for loading data to the Postgres database.
4. Once the scripts were sorted out, analysis became easy and the entire process rolled along with end-to-end automation.
Results
Complete and relevant DeFi analytics. We helped our client develop an automated process for gathering data from blockchain through an ETL pipelinea solution that helped extract data from different sources, transformed it into the required format, and loaded it into the clients database. Today, the entire process has become automated, requiring minimal support from the clients side. They can now get complete and relevant DeFi analytics faster than ever before.
Complete and relevant DeFi analytics. We helped our client develop an automated process for gathering data from blockchain through an ETL pipelinea solution that helped extract data from different sources, transformed it into the required format, and loaded it into the clients database. Today, the entire process has become automated, requiring minimal support from the clients side. They can now get complete and relevant DeFi analytics faster than ever before.