How To Query Blockchain Data?

Querying blockchain data is an essential tool for those reliant on blockchain systems for investments. They allow all those within the system to access transactional information and learn more about processes. To do this, you need an effective query system in place. You need to know that you can access adequate stored data from a reliable source without transparency, data quality, or security issues. So, what should you do?

How To Query Blockchain Data

There are different ways that we can do this. One option is to go through nodes within the system and query the data they hold. Or, you may see the potential in starting up your node and querying that directly. The alternative is to take advantage of an API within a well-managed centralized or decentralized system. But, this then brings up questions about the best type of system.

There is a lot to consider. You could come away adamantly in favor of one style over another. So, we need to start at the beginning. Let’s go other the arguments for and against those centralized and decentralized systems. Then we can look at the potential of running your node for data queries against using an effective API.

The Argument Over Decentralized Vs. Centralized Systems

There are two ways to handle blockchains and the data within. You can have a decentralized system, where data passes freely through the chain to the back-end applications and partners. Or, you can use a centralized system with a central collection point. Some people prefer the former while others see the benefits in the latter. So, let’s go over some of those pros and cons.

The Pros And Cons Of A Decentralized System

Many that use blockchain for investments love the decentralized approach because it differs from traditional finance. It was seen as the industry’s future and has since become the go-to method.

A benefit is the freedom of information between the back-end application and partners without the middleman of the centralized system. You can get a more efficient approach with fewer working parts. In turn, a less complex system should mean fewer risks of weak points and failure.

Of course, this doesn’t mean that weak points and risks don’t occur. These systems are still open to attacks and often more volatile than their centralized equivalents. There are also storage issues. A centralized system is adaptable to handle growing demand, while smaller nodes on a decentralized system may reach their limit.

The Pros And Cons Of A Centralized System

Many involved in blockchain say that the centralized approach is actually preferable. This is because the system stores all the essential data in a designated, easy-to-reach location. Everyone who wants to know about the transactions, and the details of everything across the chain, can head to this location.

A centralized approach with a single destination also means more transparency and consistency in the data offered and the language of the data request. There is also the potential for faster delivery. Although, there are advanced APIs in decentralized systems can fix that problem. Then there is the scalability factor mentioned before.

Still, the biggest hurdle for blockchain users here is the fear of everything crashing and becoming inaccessible. With a decentralized approach, you can query the nodes and bounce information between users without that reliance on a central hub. If one member of the chain goes down, there is still the chance of gaining that information elsewhere.

That isn’t the case with the centralized approach. Here, if there is a problem with the system, it becomes more challenging to obtain that data. You will have to wait until the emergency is over. That emergency could be a power outage, server malfunction, or a fire or flood at the facility. It could be anything from inconvenient to catastrophic – and you don’t really have the time to waste either.

With so many pros and cons to both approaches, it is easy to see why investors are torn on how to handle their data. Is it better to stick with the transparency and possible reliability of the centralized model or to go with the more streamlined option without those security risks? Those that favor the decentralized solution may prefer to query data from nodes in the chain, knowing those partners are accessible and secure.

Querying Data From Nodes On Your Chain

These nodes hold complete copies of the distributed ledger, allowing for reliable stored data that anyone within the chain should be able to access. They allow an efficient decentralized approach to saving time and easy data exchange.

However, another potential solution you may consider is to build your node and run it yourself. This can sound like the ideal option for some technically-minded investors. As the old saying goes, if you want something done right, do it yourself. But does that hold true in the reality of DIY blockchain data collection?

The Pros And Cons In Running And Querying Your Own Node

Obviously, one of the main benefits of running everything through your node is that you are the one in control. You aren’t left worrying about what other people are up to with their data collection and security. You also aren’t left dependent on those other nodes in the chain for data essential to your operation. Those responsible for those nodes might have a great set-up, but there are always those what-ifs.

Even with a decentralized approach without the same security risks as the centralized form, that single essential node provider could still encounter issues. Any node creator could fall victim to power outages, software issues, or other emergencies. They are also individuals with personal affairs that could get in the way of running an effective system. So, by going it alone, you remove the responsibility from their shoulders and put greater trust in yourself.

However, you can’t overlook the fact that the same external influences and security risks could come around to bite you too. Are you sure you have the capacity and security in place to keep the node running and available to those that need it?

Also, you might feel empowered and secure enough right now to build and run a reliable node. But what about in a month? Running your node requires a level of commitment and work you might not be ready for. Setting up the node and dealing with the initial costs is the start. You need to develop and maintain your node, so it is a well-oiled cog in this giant machine. You have to handle the requests and the data quickly, keep up with all the codes and fix any potential flaws. It’s not easy, and it’s not for everyone.

Looking at these pros and cons of the DIY approach to querying blockchain data, you might wonder why people go to that effort. That’s a fair analysis, especially when APIs and programs are ready to make things much more manageable.

Blockchain Data Collection Through Decentralized APIs

Because there are so many downsides to this independent approach to blockchain data collection, it is advisable to work with node providers and reliable APIs. The right solutions can save you time and effort while providing the data you need in an efficient and trustworthy manner. Solid decentralized APIs with a dependable system in place will allow for this. That is where PARSIQ Network can help.

Using PARSIQ’s Tsunami API

PARSIQ has helped users handle blockchain data and applications with high-end tech for a while now. The efficiency of those solutions has evolved with the launch of the Tsunami API in July 2022 to significantly reduce the time taken to access information in data queries. What once took days to collect and weeks to restructure is now available within seconds.

As the Tsumani API does the searching and indexing, users don’t need to access the blockchain itself directly. Instead, they can access PARSIQ’s indexed databases to retrieve information. With PARSIQ’s Web3 Data Lakes, users can access structured Web3 data tailored to their individual needs.

This fast-acting tool will make life much easier for investors in a blockchain, reducing the need for planning and stress. 

How To Query Blockchain Data

To summarize, while it is admirable to want to take the challenging route and set up your node for data collection, it might not be worth your time and effort. Instead, let other people take care of the legwork and handle your data queries efficiently. You could do this through another node in a decentralized system or take advantage of a high-end API for faster results.

In the end, the most critical factors for effective data querying are the data source’s reliability and security and the request’s efficiency. When you have a system that provides this time after time, there should be no concerns over data mining and stress-free investments.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.