Sentiment analysis is one of the most powerful tools available today as social media facilitates every user to express their views and opinions on any given topic, online. The aggregation and analysis of such opinions paved way for big data sets to be managed and the real challenge started here. The availability of user sentiment data is ever expanding and the power and storage required to capture, analyze, compute and store such huge data became practically tedious and expensive.
Did you know? Sentiment analysis is a tedious task to perform using the traditional methods Apart from the real task of analyzing and computing huge sets of data, storing and maintaining processed information is more volatile than expensive. Delegating smaller group of companies to store and operate on the data would pose more threats than usual as the centralized servers are more vulnerable to cyber attacks. Also, the data processing is not done transparently, and may, therefore, be subject to manipulation.
Sentiment analysis platform is a Neo blockchain based solution to sharing and analyzing user sentiment data over a distributed and decentralized storage platform. It has an Open API for third party Apps and also utilizes its advanced AI Algorithms to capture real-time user opinions and business intelligence analytics to deduce the sentiment.
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[item title=”Why should we use Blockchain-based Sentiment Analysis and What are its Features?“]
- The decentralized approach reduces the risk of cyber attacks and also it cuts down the cost of running the platform because it is also distributed
- Data manipulation is impossible over this network of immutable ledgers, hence user opinions cannot be modified or modified
- Blockchain-based sentiment analysis platform provides an Open API to the developers to develop custom plugins and features
- The blockchain platform has its own utility token called the SENNO which can be used by users to purchase user sentiment data via various customized features
- By performing sentiment analysis using blockchain it allows distributing the computational power and storage required to manage the big data
[item title=”How does the Blockchain powered Sentiment Analysis Platform make money?“]
- Native currency or the tokens can be released to the node owners who provide their hardware for storage, computation and other actions performed to extract user sentiment data
- These platforms also incentivize the developers who develop custom features and plugins to strengthen the platform
- The users willing to submit their personal views on matters of concern too are incentivized by the platform. These user data transactions are all governed by smart contracts
- Users are also rewarded if they can provide access to their private data channels which are private data usually characterized by high-quality sentiment value and this help produce accurate analysis
- Even the affiliates who send referrals will also be rewarded or provided a commission
[item title=”What are the features of a Blockchain-based sentiment Analysis platform?“]
Analysis – It assists the blockchain algorithms to identify high-value data sources and grant them with higher internal scoring, this helps provide an accurate sentiment evaluation and also it optimizes the time and data normally required during the analysis
Segregation – Data obtained is diverse and with the help of dynamic listeners that are programmed to gather a specific type of data relieves the chaos involved in reducing or categorizing content
Security – The Sentiment results are always encrypted, stored in blockchain ledger and also digitally signed to assure data integrity and revalidation
Artificial Intelligence – Using the AI algorithms, trusted channels can be provided with a digital identity which makes it easy to identify and score each one of them based on its reputation
Frequently Asked Questions (FAQs)
[item title=”What is Blockchain?“]
The blockchain is a network of nodes (devices with an internet connection). It is a distributed and decentralized ledger technology which was re-introduced to support transactions of a digital asset called Bitcoin cryptocurrency. Now blockchain is used by many industries to implement their online businesses on a trust network like blockchain which keeps track of every single transaction and thus will eliminate redundancy, or duplication.
[item title=”What is Sentiment Analysis?“]
It is the process of understanding and categorizing user opinions based on the emotions they convey using a piece of text be it reviews, opinions or comments. Sentiment analysis is useful and powerful as shifts in sentiment on social media have been shown to correlate with shifts in the stock market. It provides us with an ability to quickly understand consumer attitudes and react accordingly to improvise campaigns and other media ventures that target the common public.
[item title=”What is NEO Blockchain?“]
NEO blockchain is similar to an Ethereum Blockchain (A Blockchain for digital assets governed by Smart Contracts). It uses blockchain technology and digital identity to digitize assets and then facilitate its management and movement on a distributed network like blockchain. Thus Smart Economy is Digitized Digital Assets based on Smart Contract Algorithms.