November 2, 2018
New Alchemy gets keen insights by integrating disparate analytics sources
Blockchain technology is taking off. As it does, so does the need for financial advice for companies looking to take advantage of the technology to create a decentralized public ledger. That’s what Seattle-based blockchain advisory services company New Alchemy aims to do: help corporations, entrepreneurs, and other visionaries navigate the complicated world of blockchains, cryptocurrencies, and other cutting-edge distributed durable ledgers.
Because blockchain is still an emerging marketplace, there are few established go-to-market playbooks for blockchain-based services—and no best practices, metrics, or benchmarks for success.
Looking to expand New Alchemy’s expertise in the world of cryptocurrencies, Ken Everett, director of engineering at New Alchemy, saw an opportunity to make intelligent use of data. As the company helps with launching new cryptocurrencies (ICOs), he sought to leverage extensive data to establish relevant metrics and benchmarks. These would serve to help the team predict expected ICO success or failure, and leverage these learnings to help steer the business. To that end, they wanted to create a data analytics platform that could acquire, ingest, analyze, and display vast amounts of data from multiple social and analytics channels, internal project tracking data, and other data streams.
Competitive advantage through analytics
New Alchemy recognized the competitive advantage of an advanced data analytics platform. It would enable the team to deliver accurate, data-driven insights based on analytics and big data sets well beyond what competitors offer. New Alchemy also wanted the data analytics platform to:
- Be 100% services/cloud based
- Support industry-standard data warehousing practices
- Be data lake-enabled for data science
- Have a best-in-class DevOps environment and code management
“We selected Attunix because its team offered insights about how they would go about the project, and what approach they recommended, right from the initial meetings,” explained Ken Everett, director of engineering at New Alchemy. “Attunix brought to the table the best guiding principles, and we knew we’d learn the most from them.”
Working with Attunix, they mapped out the needs for the project, which required a high level of expertise in synthesizing data. “What we’d sought to do was leverage data science in a new way,” said Everett.
New Alchemy cloud-based data analytics platform
The cloud-based data analytics platform integrates all of the disparate data sources needed to drive accurate, predictive insights including: multiple social media and analytics channels, internal project tracking, and other data streams. The platform has four major components:
- Acquisition and data discovery
- Ingestion – building and populating a data lake
- Analysis – connecting all of the pieces and data sources together
- Presentation – building the data sets and dashboards for the end users
The platform uses these Google Cloud Platform services:
- AppEngine – building and connecting the services that integrate the disparate data sources
- Cloud Composer – orchestrating the end-to-end process flow
- Data analytics and storage – building and managing the data lake
- BigQuery – data modeling and presentation
Accelerating data processing to create insights
Attunix data scientists, data engineers, and data architects consulted directly with New Alchemy product and delivery teams to gather data on how they worked, as well as their data sources and data usage. This enabled them to get a complete picture of New Alchemy’s mathematical models and operational data flow to factor into the platform design. Attunix also worked closely with New Alchemy’s in-house development team to transfer the necessary platform knowledge and migrate the team to DevOps, so that New Alchemy’s team could ultimately innovate and operate on their own.
Running DevOps on Google Cloud Platform with application development tools like App Engine, Kubernetes, and serverless allows New Alchemy to iterate quickly and add innovative features, reports, and data visualizations faster than ever before.
Identifying the path to success for every client
The completed platform is capable of ingesting and analyzing data from two social media channels, Google Analytics, along with other sources, and provides a baseline to measure the progress of ICO activities. This can help New Alchemy drive desirable results for ongoing projects, projects in development, and future projects globally. New Alchemy can now gauge if a project is following the pattern of successful previous projects, if a project needs help in specific areas, or if a client with a future project is a good candidate to go to market and successfully acquire customers.
Through this cloud-based data analytics platform, New Alchemy is capable of providing a real-time pulse of existing projects, predictive analytics, and a new business development channel. A solution like that can enable an organization to intelligently acquire new customers and guide them to successful outcomes.
“The project was a big success, giving us a better understanding how to approach this type of data science,” said Everett. “Everyone at Attunix was high caliber. We would definitely leverage the Attunix team again for future projects.”
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