A growing number of organisations across multiple industries have expressed interest in adopting blockchain technology in their operations. This increasing desire is driven by the will to leverage the benefits of this technology that have been increasingly publicised. Blockchains can help organisations improve efficiency, streamline operations, enhance speed, and cut costs among other benefits.
The concerted efforts to raise awareness about the importance of blockchain technology and mounting interest from organisations have, however, failed to materialise into widespread adoption. Businesses are finding the adoption and integration of decentralised technology in operations to be rather difficult. The technical nature and sheer complexity of this novel technology is becoming a major bottleneck hindering its widespread adoption.
However, this should not be a problem for much longer.
The blockchain community is determined to develop solutions for such challenges to ease the technology’s adoption and its seamless integration in business operations.
Covalent is at the forefront of this battle, leading the charge by organizing blockchain data into useful insights.
What is Covalent?
Covalent is a company headquartered in Vancouver, BC, and began operations in 2018 with the vision of becoming the leading provider of blockchain transaction data and crypto research.
The company is focused on building solutions for a large infrastructure problem that is hindering the mass adoption of blockchain technology. Currently, the company is focused on building solutions for the Ethereum blockchain.
To achieve this goal, Covalent has assembled a super talented team of financial analysts, data scientists, blockchain and database engineers that are dedicated to making blockchain technology accessible to businesses and consumers. Their passion is embodied in the fast turnaround for the company’s proprietary technology enabling Covalent to scrape data from 7 different blockchain development platforms.
This is a major achievement that enables Covalent to access over 500 million smart contract transactions from which they can generate traction and adoption data. More importantly, this revolutionary technology places Covalent in the driver’s seat in the blockchain data conversion to the business information sector.
Covalent project offerings
Covalent is an organisation with the future in mind and one that understands organisations have limited resources. As such, most organisations are incapable of allocating personnel and equipment to analysing blockchains. Yet, they need reliable information to aid accelerate business, scale operations, and boost profitability among other goals.
Covalent is offering businesses tools they can deploy to easily access synthesized blockchain data for insights and decision making. This helps organisations save on costs and time needed to sift through billions of blockchain transaction data. It also saves tons of storage space that would be needed for keeping the entire blockchain history. Covalent takes up the responsibility of structuring the disorganized data on Ethereum blockchain and analysing it through their proprietary technology to deliver specific answers for each institution. As such, businesses can allocate their resources more efficiently to boost productivity and accelerate growth through actionable insights.
Covalent offers solutions through the following:
- Full suite API’s
- Research reports
Covalent full suite API’s
The full suite APIs are a gateway for enterprises and consumers to access all the data gathered from the Ethereum blockchain by the Covalent team. The company understands that information needs for various businesses and users differ depending on their demands and prevailing conditions. As such, Covalent has structured the Ethereum data into a single hub and provided alternative routes for accessing that information. The full suite APIs functionalities differ with each customised to grant users access to their specific data needs on the Covalent platform. As such, users can easily integrate the data into their projects through simple steps from any device. Covalent thus serves as a one-stop shop where developers can perform any of the following functions quickly:
- Get token balances
- Get event logs
- Get Uniswap LP ROI
- Get Kyber exchange rates
The Covalent team also recently launched a Decentralised Finance (DeFi) Software Development Kit (SDK) that enables users to value their virtual asset holdings with only five lines of code. This newly launched tool is quite revolutionary as it solves one of the longstanding problems for blockchains. Extracting data from blockchains has been quite problematic even for experienced engineers as it is clunky, disorganized and a time-consuming affair. The SDK will enable users to obtain data from the Ethereum blockchain in an inexpensive, fast, and reliable manner thus helping them to easily track their portfolio.
Research reports
Covalent produces research reports detailing information generated from their robust infrastructure. The reports are quite insightful as they paint a clear picture of the subject under review. This is quite helpful in decision making as it helps users make sense of their platforms, virtual assets, and product offerings.
So far, Covalent has released a number of research reports, available on their blog, focusing on different topics including DeFi, Uniswap, CryptoKitties, Cloud computing, and decentralised file sharing among others.
The reports present the findings in a simple language that is easy to understand for most people, which is a nice break away from all the crypto jargon we are accustomed to.
Furthermore, they offer a detailed breakdown of the technology, programming tools used, and complex models to deliver a more understandable content. These reports play a big role in breaking down the barriers to widespread blockchain adoption as they help the readers make sense of this complicated space.
Conclusion
Covalent has taken up quite a daunting task and is so far handling it with great composure and confidence as evidenced in its delivery of much-needed solutions for widespread blockchain adoption. The manner in which they have simplified the processes of obtaining data from the disorganised Ethereum network and convert it into credible actionable insights is a positive sign for the sector.
Covalent embodies the spirit of decentralisation and carries the promise of blockchain technology mass adoption. The company is going to play a huge part in this transition thanks to its forward-thinking approach to solving problems ailing the sector.
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